Bankruptcy


#1

BNZ have issued a bankruptcy notice against me.
A court hearing date has now been set by the High Court.


#2

I’m sorry to hear that ford but I do have to ask, why are you posting this for everyone to see?


#3

Bankruptcy is a public event so once the courts declare me bankrupt it will be made public whether I wish it to be or not. In fact, any member of the public can attend High Court hearings for bankruptcies.

Bankruptcy is a serious permanent life changing event. Even after bankrutpcy ends the footprint stays with you for life. You can’t ever walk away from it.

I don’t want others to end up like I have. My situation was completely avoidable.
I learned too late. Its too late for me.

Maybe someone who is facing debt and court action by banks and creditors, will know there are others who understand really what they are going through. That is why I posted this.

My message to them is to please take control of your finances before its too late.
There is a point of no return.

I am lucky in some ways though, I do have support from some people, and to them I thank them tremendously. I probably couldn’t have survived without their support. But its not the same if they haven’t gone through the process themselves.


#4

This post doesn’t make sense in light of your recent claim to have obtained additional BNZ service(s) [1], but then, banks are large organisations and the right hand may well not know what the left hand is doing. Or maybe the BNZ thought there might be some funds deposited which they could then ‘offset’ against your debt… Just speculation on my part.

Anyway, here is my two cents:
Beat them to it and file for a debtor’s initiated bankruptcy at:
Welcome to the Insolvency and Trustee Service

  1. https://community.bnz.co.nz/t/escrow-account/4820

#5

Hi,
Yes none of it makes sense.
In fact the whole matter is - so far out of africa…

The only thing that is real is the actions before me.
And that is a bankruptcy notice.
To which I submitted an application and an affidavit in support of that to have the notice set aside.
The bank will likely oppose it, but it says to the courts I have no intention, ever, of filing for a formal insolvency procedure.


#6

The only thing which is “so far out of africa” about this is your opinion about where this is heading.

It’s quite simple. You ran up a bunch of debt which you couldn’t pay. If you had taken action on the suggestions myself and your professional advisor both told you - you would have been almost extricated from the situation at this point at which time you could start again and live within your means for 7 years.

Instead you chose to go on some wild tangent, play silly buggers and even more perplexing hold yourself up as some sort of financial guru by way of offering seminars to other, equally deluded individuals.

Unsurprisingly, that didn’t work out because your target customer base has next to no money and they won’t pay it to you. Business 101 there.

It did achieve one thing though and that was to wave a red rag at a bull and entice the bank to take the path they have, which I warned you would happen.

Even in your post above (under your most recent user account) you are clearly equating people who help you with those who maintain your distorted ideas. You are also trying to make out your situation is unique when it’s far from it. This happens many times a day every day. A bunch of us understand quite well and you have been repeatedly offered sound info here, by email and in the other group (which no longer exists).

There is no higher crusade here. Deal with the cards.

Either deal with it yourself or you will lose all control of the process.


#7

You are right about the control thing.
But that was lost when I first started to fall behind.
It starts with the first missed pay and spirals.
I think if people knew the truth about debt they wouldn’t end up in such a state.
People don’t deliberately go out of their way to get into strife.

The banks would have taken the same path regardless of how I approached it.
They returned the cheques I sent them. And the money that was paid to them they have no record of.
Whats the point of the FMA and banking codes of conduct if the banks don’t follow them.

They acted illegally and unlawfully. They are probably saying the same about me getting into financial strife.
Certainly the court system treats debtors like they are criminals.
Two wrongs don’t make right.

The way the system is, means I can’t make good regardless of how anyone “plays it”

If I file for bankrupcy or the NAP, then no one gets paid.
I would likely lose my business, which means customers suffer.
The OA have already confirmed that I may have to even give up being a sole trader. In the bankruptcy waiver I put nothing in there for myself.
So when the judge makes the decision he won’t have to consider any advantage for me.

How interesting you say that my situation is not unique. That means there is even more reason to speak out about how the debt collection industry works (from my point of view). Which is the view I take at my seminars.
I do have a disclaimer and I let people know I’m not a “financial guru” as you call it.

I can say that having to listened to people who call themselves financial gurus have helped to contribute to my indebtedness.
Look at Donald Trump and his scam universities. Encouraging people to max out their credit cards to buy property.
And people are voting for him to be president. His companies have been bankrupted 4 times.
And he’s what people call a financial guru! What did I miss?

What I can say is that the way debt is sold and securitised onto the debt markets is not unique.
The world financial markets have a tremendous impact on why people continue to stay in debt.
And drives the behaviour of the industry.

If staying out of debt was easy for people everyone would do it.
And we would all be living the lives we wanted for ourselves.


#8

Some of the people who have helped you (incl. myself) have been in the **** in the past and have found a way through.

The problem here is you are so damn determined to find an almighty conspiracy and a esoteric way out that you don’t listen to the simple advice freely given.


#9

Here’s what BNZ’s private analyst says about the Donald:-

“Donald Trump, becoming the president of the world’s largest economy is making investors nervous, …given his unconventional views and lack of clear policy direction…”


#10

Which has nothing to do with you or the matter at hand.

The quicker you work out the world doesn’t give a **** and seize as much control of the outcome as you can, the easier things will be for you. Geez, you quote Donald Trump as an example but seem to fail to grasp the biggest lesson to take out of his example.

There’s some free advice. Shame it will probably take you awhile to understand what myself (and others) have said all means.


#11

That’s not speculation. That’s what I figured they were doing when they froze the account.
The banks do have the right of setoff. Thats why they try and get people to do all their entire banking with the one bank.

I was able to withdraw the cash because I had not signed the account opening authority.


#12

What lesson did you learn from the Donald?


#13

The main reason they do this is simply profit

It’s a lot easier to make a profit when customers spend more.

High on the list is insight. Certain services (for example merchant services) require not only a clear credit check but also previous good account operation. Banks also want as full picture as possible for marketing purposes.

The ability to hold customers to ransom is probably on the list but I’d think it’s not a primary consideration.


#14

I have spoken to a handful of people who are bankrupt.
While it affects them all individually there were some common threads and that is that they did not know what to expect.

Even with having defaults listed on my credit report without any formal insolvency procedure, I have been refused a bank account.
Another bank said they would take away some banking facilities like internet banking if I become bankrupt, that’s because its their policy.

I call that discrimination.
Discrimination as to financial status.
Funny how it is not illegal to discriminate against people because of financial status.

I’ve also moved away from another bank I was using because I will be discriminated against in the future. That fact, no lawyer or accountant was able to advise me of.
The “selling point” offered to me is similar to what you and others have said. A fresh start, easier life, no more harrassment. Well, that price comes at a huge cost.
Nobody talks about the negative life long consequences that one could endure.

If I filed, I can tell you that not one person will come to me and say congratulations Ford you did the right thing.

Once items fall off my credit score after 5 years the points lost are never retained entirely.
That will always be a red flag of past wrongs. The unregulated credit scoring system sees to that.

There are a lot of areas you can’t work in, ever, if you have a formal insolvency procedure against you.
On some employment applications you have to declare if you have ever been bankrupt.

There is no clean slate to put right past wrongs.
Sure, you can live in other ways but the direction and quality of your life changes dramatically and permanently.
The system treats people in financial hardship like criminals.

Even the IRD can clean out your entire bank account without notice.
In 2012 I attempted to put right my wrongs. I went to them to discuss my options.
Within days, my entire accounts were emptied and I had to go to WINZ for rent.

The only way to put right debt is to pay it back in cash and close the account, and don’t live the same way again.


#15

I understand that much and it’s why I posted a question for you in the other forum and posted people’s responses (so they could remain anonymous).

But the point is you clearly like the echo chamber of your own rhetoric.

So? Keep looking. Did you try Kiwibank?

Bull****


#16

I can live with that.

Ford :slight_smile:


#17

Yes I do have a bank account with Kiwibank.
I haven’t yet spoken to the Kiwibank manager in terms of their policies.

I was previously a customer of theirs some years ago and they didn’t require a credit check.


#18

Example.
If a debtor has a financial assessment hearing against them, if they don’t appear at the hearing they can be arrested.
Also debt can become a crime and the penalty is community service.

(Below is my next post but I reached the maximum number of posts and have to wait 7 hours, so I ammended a previous one).

Certainly my opinions are opinions.
They could even be proven wrong.

As part of my research I will see if I can write to people who are bankrupted and see if they will complete a survey.


#19

Cases like yours are a dime-a-dozen.

The Official Assignee will go stamp, stamp, stamp, yawn, next…

Unless there is something you aren’t telling us…

You’ve already been given relevant and useful responses in the other forum.

You don’t have the time, finances or credibility to do research. Stop being a jack*** about it.


#20

I would like to say a lot more but I’m limited to what I can post on this message board.
I’ve tried to be as transparent as I can.

I could have painted some harrowing doom and gloom story, or a victorious outcome, but it wouldn’t be the truth.

I guess me and the banks are even.
Credibility and integrities have been lost.

Regarding finances.
Currently that’s true but as John Kirby in his book - Nevertheless, (Christians Against Poverty operating in Chch) says
"Don’t let the lack of money deter you from your goals".

While I don’t deem myself to be a christian we have had the same types of criticisms said about us.
He also faced bankruptcy and was able to avoid it.

Just goes to show how little control we really do have of our lives.
If the mere stamping of a document can change the course of it.
What hope do we have.

** ACCOUNT BLOCKED - NEW POST**
Sorry I can’t make any more new posts. So I’m posting this here.
I have listened but I must do what is legally in best interest of all creditors.

Its not a red flag, is a plea to the bank to change its collection policies.

I can never be credit worthy again.
I’ve already had discrimination from some banks.

The very first day I took on debt, was the day I lost.
I can’t change that.
What has happened to me can’t be put right.
There is no clean slate.
NAP and Bankruptcy are for life.
Everything is finished.

They are bankrupting me in court.
I will be defending it the best I can.
That is me taking action.

If the bank takes other cases to the disputes tribunal, the same thing will happen to others.

International debt collectors with class action lawsuits previously against them are coming into NZ because our debt collection industry is not regulated.