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.

What lesson did you learn from the Donald?

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.

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.

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?


I can live with that.

Ford :slight_smile:

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.

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.

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.

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.

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.

I personally hold no prejudices against you for getting in the ****. Been there myself in the past.

What I can’t fathom is rather then listen to the advice you have been freely offered by myself and others - namely to make use of the legal avenue you have available to renege on paying your debts and start afresh - you are following some weird course.

Even worse, you are waiving a red flag at the bank basically forcing them to bankrupt you.

The smartest thing you could do right now is take the No Asset Procedure option for a year and do the further 5 (or 7?) years in the credit worthiness sin bin. After this and assuming no further f***ups on your part, the record will fall off and you will become worthy again.

The bank will have already written off the money because they know they won’t be getting s*** from you, which I add, is 9/10’s of the reason they are not interested in talking to you.

They f***ed up in loaning you the money and they lose. You f***ed up in borrowing the money and you lose.

Forget your career aspirations in the financial industry. That’s finished regardless of anything else purely on the basis of your credit check showing defaults.

What will happen if you don’t take action yourself is they will bankrupt you in court. Unless you have over $40k in debt or a student loan, there is no benefit to you in going bankrupt. Better to take the ‘light’ option I reckon.

I offer as an epilogue to this thread the O.P. was declared bankrupt (creditor’s petition) in the High Court at Christchurch on 6th of April, 2017.

Gee Michael, that made for cheery reading NOT. No need to kick the dude in the guts.Its not the end of the world unless you cant live without credit. Many people do without credit, I do.Seriously though Ford is right. No one wants to lend to a former bankrupt or NAP do they? My sister is a bankrupt, and basically she has been told her credit worthiness is stuffed for life. The transition to cash only has been difficult for her, but she doesnt have a choice. I’m surprised that many human beings have their self worth aligned to assets bought with credit.There are other ways which require a changed mindset, discipline and time.

The poster is not a dude and secondly they have been permanently banned
from here. So your outrage counts for naught.

Really? So he is a she, and she is banned? And oh dear you think my comments mean outrage? That’s hilarious. What a cheery disposition you have there Michael. Are you the forum whipping boy? Grief, no wonder this community doesn’t have a lot of activity. You probably scare people off!

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I am one of the most badged members here because I contribute and this has
been recognized by other forum members including BNZ staff. I see you have
only been here 5 minutes before you started trolling so I expect your time
here will be rather short lived.

A badged member? Wow! I see, so is this where you wield power and authority that you dont get in the real world? Pal youre an online bully. I joined up to get insights and ideas for my finances like everyone else. In that regard we are all trolls. I dont give a hoot about badges, or recognition. Yawn.I care that if I take the time to be here, I wont be set upon by dictatorial bullies. You obviously have issues that have nothing to do with me or Ford. I read your contributions as you call it, and most are delivered with contempt and disdain. You need to quit being a bully. Go ahead, get me banned. Just laughable, hardly anyone participates anyway.

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Ford came here seeking help and received a lot of if from myself and others
both in public in response to her many posts under various names and in
private by email. Unfortunately she chose to ignore the advice provided by
us, her accountant friend and others, and burned a bunch of bridges.
Furthermore, when she didn’t get the answers she demanded to hear she
responded with threats and long winded nonsense emails and posts. As a
result she was permanently banned, the only person I have ever seen this
happen to here. So whether you are one of her sock puppets or a friend of
hers, your posts serve no other purpose here then to highlight the perils
of helping people who are in a bad spot mentally and financially.

Hi everyone, I’m going to close out this thread because things are getting a little heated - let’s keep it positive, as per our community guidelines :slight_smile: