Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi all! We have been experiencing an issue on site where threads have been missing the latest postings. The platform host Vanilla are working on this issue. A workaround that has been used by some is to navigate back from 1 to 10+ pages to re-sync the thread and this will then show the latest posts. Thanks, Mike.
Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

Now Ye're Talking - to a Bankrupt Student

2»

Comments

  • #52
    Wanderer78
    Registered Users, Registered Users 2 Posts: 29,903 ✭✭✭✭Wanderer78


    I'm a bankrupt student, AMA wrote:
    That is an interesting view, but I am not blaming others. At the time, after working 10 years in the place, I knew the business inside out. The business did not change, the country did. It was fueled by aggressive lending by a bank called BOSI, when the crash happened EVERYONE got burned. BOSI fell on the sword.


    I'd highly recommend blacks work, he's very well respected in the industry, hes also a former banking regulator, he helped Iceland with their banking issues, and was also invited to own banking enquiry, snippets can be found on YouTube. there's something fundamentally wrong with the links between the financial sector and our political institutions, this is potentially very dangerous for us all, banks are actually creating the majority of our money in the form of loans, freely at will, this is dangerous. This can lead to situations such as yourself getting badly burned in a down turn. We actually need people such as yourself, taking chances, within reason of course, creating employment and business, but you need protection for when things go bad, are our current systems good enough, are business owners protected?


  • #53
    PaddyBomb
    Registered Users Posts: 954 ✭✭✭PaddyBomb


    What area did you decide to go into in college and why did you pick this area?

    I presume you must have studied business or something before? Have you moved into engineering or science?


  • #54
    draiochtanois
    Registered Users, Registered Users 2 Posts: 2,655 ✭✭✭draiochtanois


    This post has been deleted.


  • #55
    Sabre0001
    Registered Users, Registered Users 2 Posts: 7,499 ✭✭✭Sabre0001


    Thanks for doing this AMA and best of luck with both your return to education and life after schooling!

    How long had you been considering / researching the declaration of bankruptcy?

    Do you think the penalties for doing so are fair or harsh?

    Aside from not being able to earn over a certain amount, have there been other things that you've run into so far as a result of declaring yourself bankrupt?

    And to end on a positive note, what were the positives of running your own business and being self-employed?

    🤪



  • #56
    I'm a bankrupt student, AMA
    Company Representative Posts: 32 Verified rep ✭I'm a bankrupt student, AMA


    Bob Harris wrote: »
    Do you think you could have changed the business in any way to have coped with the downturn or was it simply a case of people not spending and whatever you could have done wouldn't have been enough?
    Not really. The area went from a vibrant bustling area, to a cost town. I could sit on my window sill and look around. There would be no body around.
    PaddyBomb wrote: »
    What area did you decide to go into in college and why did you pick this area?

    I presume you must have studied business or something before? Have you moved into engineering or science?

    I was rudderless for a year, not knowing what to do. Social welfare told me my head wasn't there so perhaps I should go onto disability. They then wanted me to do a course for people who had been through the mill. My wife eventually dragged me to a college open night. It was daunting. I was the oldest person in the place. I spoke to a lecturer and he caught my interest in electronics. Didn't really look at anything else. I went home and on their website I saw a link to mature students. I emailed for an appointment and got a phone call minutes later. They spoke to me in detail over the phone and he went off, spoke to the Head of engineering and got me a place! The courses were closed already but I was told to apply via SUSI when the courses reopened at 2pm. They were waiting for my application!

    It has been tough going but I have the motivation. I am so far achieving around a 2.1 in electronic engineering.

    draiochtanois wrote: »
    This post has been deleted.

    No idea.


  • #57
    I'm a bankrupt student, AMA
    Company Representative Posts: 32 Verified rep ✭I'm a bankrupt student, AMA


    PaddyBomb wrote: »
    What area did you decide to go into in college and why did you pick this area?

    I presume you must have studied business or something before? Have you moved into engineering or science?

    Electronic engineering. It caught my attention.


    Nope!


  • #58
    Ginger83
    Registered Users Posts: 3,544 ✭✭✭Ginger83


    Do you have any regrets?

    Do you find you can relax and enjoy simple things now like a family day out without worrying about the phone ringing?

    Best of luck for the future.


  • #59
    I'm a bankrupt student, AMA
    Company Representative Posts: 32 Verified rep ✭I'm a bankrupt student, AMA


    Deleted User wrote: »
    Made redundant myself in 2013 and did a conversion hdip and completely changed career.

    It's hard but worth it, well done lad. You're taking back control of your life (as is your wife). This is what social welfare is meant to be for.

    One thing, if it's possible. The honours degree (or any level 8) opens doors that bit easier

    On the subject of opening doors, a major multinational household name has been in my college twice this year asking for level 6 and 7 to apply to them. If I could get in there on 43k starting, I would be happy to stay there. But that is in the future I hope.


  • #60
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    I'm a bankrupt student, AMA wrote: »
    On the subject of opening doors, a major multinational household name has been in my college twice this year asking for level 6 and 7 to apply to them. If I could get in there on 43k starting, I would be happy to stay there. But that is in the future I hope.

    Hey if the door's already open, walk right on through.
    Best of luck


  • Advertisement
  • #61
    I'm a bankrupt student, AMA
    Company Representative Posts: 32 Verified rep ✭I'm a bankrupt student, AMA


    Ginger83 wrote: »
    Do you have any regrets?

    Do you find you can relax and enjoy simple things now like a family day out without worrying about the phone ringing?

    Best of luck for the future.

    Absolutely.

    We now do everything on the cheap. Adverts. Ie for deals, selling stuff we don't need etc etc. Family are helping us immensely, it helps keep our heads together.
    . We were away for Christmas, have family in middle East and they brought us out.
    I'm signing off now as I have to do work on the inlaws farm. She is taking us away soon for a break. I'm smashed. Got my social welfare today. 316 euro. 🙁


  • #62
    JimFin
    Registered Users Posts: 118 ✭✭JimFin


    Well done firstly on keeping focused and on having the courage to go back to college.

    What is family life like now, can you go for a family holiday? Any 'luxuries' at all?

    When things were going well back in the good days were you/your family used to a high standard of living?

    You said that Electronic Eng. caught your interest on the open night, do you still feel this was the course for you? Was it something you were always interested in?


    Best of luck - hope the future is good to you and that one day you can look back on it all while enjoying better fortune.


  • #63
    I'm a bankrupt student, AMA
    Company Representative Posts: 32 Verified rep ✭I'm a bankrupt student, AMA


    JimFin wrote: »
    Well done firstly on keeping focused and on having the courage to go back to college.

    What is family life like now, can you go for a family holiday? Any 'luxuries' at all?

    When things were going well back in the good days were you/your family used to a high standard of living?

    You said that Electronic Eng. caught your interest on the open night, do you still feel this was the course for you? Was it something you were always interested in?


    Best of luck - hope the future is good to you and that one day you can look back on it all while enjoying better fortune.

    No major luxuries. The wife spent her unfair dismissal money on a trip to florida with kids. That was before the crash. When the crash happened we cut back immensely. She's driving a 2010 car, it's hers so not in my assets, we live in a mid terrace house. Simple belongings. I'm glad though as it simplifies the asset search for me. I'm not Sean Dunne, I don't have assets all over the place with stuff to be accounted for.
    I was a shop manager who took over the business, not a high flying businessman.

    Now, off to do some work, back later


  • #64
    wyf437gn6btzue
    Closed Accounts Posts: 387 ✭✭wyf437gn6btzue


    Kudos to you for talking about it so openly, I have three questions.

    Do you think if you had of been harder with customers and paid yourself first you would of got a better outcome?

    Also has your attitude towards how you view money changed?

    What advice would you give a current business owner in regards avoiding going bust?


  • #65
    I'm a bankrupt student, AMA
    Company Representative Posts: 32 Verified rep ✭I'm a bankrupt student, AMA


    Mohammed Alive Elevator wrote: »
    Kudos to you for talking about it so openly, I have three questions.

    Do you think if you had of been harder with customers and paid yourself first you would of got a better outcome?

    Also has your attitude towards how you view money changed?

    What advice would you give a current business owner in regards avoiding going bust?


    1. Not really. The area I was in died, the council had traffic wardens running around and scaring people away. The place died. I was in a row of about 8 businesses. I was the second last one to close/change hands.
    Some of the businesses changed hands multiple times and I was practically last man standing.


    2. I hate money! I used to walk down the road with 20 grand stuck in my jacket. 5 grand stuck in my sock. Now I don't care about money. As long as I have what I need, I am happy.


    3. Dont over extend yourself. If business is bad, and advice is to close, then do it. I kept my place open as there were developments in the area that would have caused the place to go mental. Delays, recession, and objections buried it. Ultimately, I was left with nothing. I didnt stiff anyone, I called in my suppliers by arrangement and paid them. The only one left unpaid was the landlord (me) and ultimately the vulture fund.


    It was a release when they appointed a receiver. It forced me to do what I had to do.

    I got a text today, someone recognised me. !


  • #66
    [Deleted User]
    Posts: 8,856 ✭✭✭ [Deleted User]


    Hey OP. I truely admire your courage energy and positivity. This experience can’t have been easy on you and your family.

    Where do you get your resilience from?


  • Advertisement
  • #67
    I'm a bankrupt student, AMA
    Company Representative Posts: 32 Verified rep ✭I'm a bankrupt student, AMA


    Deleted User wrote: »
    Hey OP. I truely admire your courage energy and positivity. This experience can’t have been easy on you and your family.

    Where do you get your resilience from?

    I had no choice, I was trapped. Started taking no crap at the end. A guy came in and was abusive. I dropped him.

    I was tired. Mentally and physically. Out from 6am until 9pm. It did effect my family. Good riddance. For a long time after, I could not even go into a shop to buy something. The wife would say "let's go shopping". I would ask her did she really want me to go to a shop.....

    Now all I want is a quiet life. My health is not great, but I have to keep going.


  • #68
    neris
    Registered Users, Registered Users 2 Posts: 20,066 ✭✭✭✭neris


    From a business point of view do you think Ireland is a good place to do business and be a small business owner?


  • #69
    JoeyJJ
    Registered Users, Registered Users 2 Posts: 3,663 ✭✭✭JoeyJJ


    Very good post. It seems to be perfect time to upskill in this period as your earnings are seriously limited. I wouldn't bother playing lotto for a while. Best of luck with it all.


  • #70
    I'm a bankrupt student, AMA
    Company Representative Posts: 32 Verified rep ✭I'm a bankrupt student, AMA


    neris wrote: »
    From a business point of view do you think Ireland is a good place to do business and be a small business owner?
    No. Not unless you have a niche that is very much in demand.
    JoeyJJ wrote: »
    Very good post. It seems to be perfect time to upskill in this period as your earnings are seriously limited. I wouldn't bother playing lotto for a while. Best of luck with it all.

    The only people who will be unpaid are credit cards and the vulture fund. We are both retraining and while things are extremely tight, we do have an end game.

    If I got a big job offer tomorrow (some chance), that would increase my earnings above the threshold and trigger a payment plan lasting 3 years I believe.

    For me, and my families future, I need to stay in education, get properly qualified, and get back out there. 7 months is not a long time to wait to exit bankruptcy. If I qualify my course next June, I can then sit down and decide what to do next.

    The college I am attending is super. They told me they look warmly on mature students as they add some maturity to the group. It is true as well! The amount of times I have calmed someone down by using cop-on, knowing that that will not happen blah blah.

    I cannot praise the college enough


  • #71
    JoeyJJ
    Registered Users, Registered Users 2 Posts: 3,663 ✭✭✭JoeyJJ


    Good man, you went through the ****ter and worked hard, relax and best of luck upskilling.


  • Advertisement
  • #72
    job seeker
    Registered Users Posts: 5,116 ✭✭✭job seeker


    I have no question that hasn't been answered already.

    So, I just want to say, well done for getting through that difficult stage and best of luck in the future with the studies and new career. :)


  • #73
    Ubbquittious
    Registered Users, Registered Users 2 Posts: 6,256 ✭✭✭Ubbquittious


    Are you enjoying much of the college craic? Class parties, hanging out at classmate's houses with a big pizza box infront of you and a few cans? Did you join any societies?


  • #74
    Cupatae
    Banned (with Prison Access) Posts: 1,915 ✭✭✭Cupatae


    I'm a bankrupt student, AMA wrote: »
    Not a hope in hell! It affected my health, my family and my sanity.

    it sounds like a rough ordeal! fair play for coming thru that, since you realised going by the book wasnt working was there no other way other than bankruptcy ?

    Did you ever think about pulling pin, selling your house, gaining as much money as possible, bailing to another country and then going back declaring bankruptcy when the writing was on the wall? as to preserve as much money as possible?


  • #75
    I'm a bankrupt student, AMA
    Company Representative Posts: 32 Verified rep ✭I'm a bankrupt student, AMA


    Ubbquittious wrote: »
    Are you enjoying much of the college craic? Class parties, hanging out at classmate's houses with a big pizza box infront of you and a few cans? Did you join any societies?


    Not really. My college has a society for this and a society for that, but I still have a house to run at home. My wife, as mentioned above, is doing a degree but she is dyslexic, so when I get home, I have to assist her with her essays and typing. On the last day of exams, I did go on a bender with a couple of them. Wimps couldnt keep up! I am also a volunteer in an organisation, so sometimes I dont have five minutes to myself. Studying for me is getting up at 4am when the house is silent. Its a big juggling act. I am actually the man of two houses, the second being a widow relative. I have huge maintenance work to do in both places. Kinda hard when when you are smashed.

    Cupatae wrote: »
    it sounds like a rough ordeal! fair play for coming thru that, since you realised going by the book wasnt working was there no other way other than bankruptcy ?

    Did you ever think about pulling pin, selling your house, gaining as much money as possible, bailing to another country and then going back declaring bankruptcy when the writing was on the wall? as to preserve as much money as possible?


    I had to go the bankruptcy route. There was no other option. The family home is supposed to be protected and with it being in negative equity, it has a zero value at present. At present, my half of the family home is technically held by the Insolvency Service, if after three years it has equity, we have to buy it back. I understand if there is no equity, they offer it to my wife for a nominal sum of 5 grand perhaps.


    Things may be coming down the line in years to come, so I had to draw a line under this whole situation. Bailing the country is not an option. I was upped and moved countries when I was young and it is not a great idea for children.


  • #76
    Redser87
    Registered Users Posts: 610 ✭✭✭Redser87


    I don't have any questions OP but best of luck and fair play for doing this.


  • #77
    blue5000
    Moderators, Society & Culture Moderators Posts: 12,696 Mod ✭✭✭✭blue5000


    Do you find it easier to mix with fellow students than your wife does, or is there any difference?

    Thanks for doing the AMA.

    If the seat's wet, sit on yer hat, a cool head is better than a wet ar5e.



  • #78
    I'm a bankrupt student, AMA
    Company Representative Posts: 32 Verified rep ✭I'm a bankrupt student, AMA


    Redser87 wrote: »
    I don't have any questions OP but best of luck and fair play for doing this.

    Thanks, it has been tough.
    blue5000 wrote: »
    Do you find it easier to mix with fellow students than your wife does, or is there any difference?

    Thanks for doing the AMA.
    I'm a full time student while the wife is part time. She would do coffee and whatever "with the girls" while I am just to busy. I did have a guy stay over in mine during the big snow and we did do a big revision session and drinks after, but in general, not really.
    I like to think out of the box, and with my memory not being great, I may try and move someone in Monday to Friday as a study buddy. I have fellow students travelling 50 miles to college, so a free ensuite, 5 mins from college may be a good trade. Danger is, beers after the study. ��


  • #79
    Boards.ie: Niamh
    Boards.ie Employee Posts: 12,597 ✭✭✭✭✭Boards.ie: Niamh
    Boards.ie Community Manager


    Just want to say a big thank you to this guest for answering some great and maybe difficult questions. I'm going to wrap this one up now, thanks all :)

    How can I? User's guide to some features on the new site



This discussion has been closed.
Advertisement