Allow me to introduce myself, I am A.N. Other, the Mr Nice of the easy-credit era.
Like many people in Britain today, I was raised on a diet of debt. Right from my early student days, when overdrafts, loans and credit cards were first foisted upon me, indebtedness was a constant feature of my young adulthood.
In the ‘Buy Now, Pay Later’ culture of the easy credit era, the aggressive marketing of credit and the twisted psychology of debt represented a lethal force that combined so effectively to ensnare people in the debt trap. As a consequence, a whole generation of young Britons now find their lives blighted by indebtedness, and are now struggling with their liabilities.
I was one of these people. Young and foolish, I lived above my means and over-committed myself. What began as a modest liability quickly became a tight noose around my neck. With the demands of the minimum payment dragging me down, I was eventually forced to confront the size of my deficit.
Which way to turn?
I’d woken up to my situation and stopped spending, but what next?
Naturally I did my sums, calculating how many years it’d take to pay everything off. Facing a bleak future, one where my dreams and aspirations would have to be forsaken whilst I remained in servitude to the money lenders, I was consumed by the same debt angst that is familiar to so many. Endless days and sleepless nights were spent turning the debt conundrum over in my mind, desperately searching for a solution, hitting dead-end after dead-end. My predicament was made even more acute by the fact that I had reached a stage in my life where I had begun to think about how best to live, and what constituted a good life. I wanted to change the way I lived but debt was preventing me from doing so.
I encountered a lot of personal stories whilst searching for the answer. Most just accepted their fate and chose to struggle on, some elected to pack their backs and elope, leaving their lives behind to start anew in a foreign land. Unfortunately, there were a handful of who opted for a very final solution – choosing to leave a rucksack full of bills beside the train tracks.
Revolt
Faced with a choice between spending my best years in thrall to the banks, or regaining my freedom in a matter of months, I opted for an extreme solution. The streamlined insolvency laws in Britain meant that I would be free from bankruptcy in less than a year. With no assets, I realised I was an ideal candidate for Quick-Fix-Bankruptcy. I could wipe the slate clean and take my life back immediately.
As I stood in the line of soon to be bankrupt debtors at the courthouse, the thought of the banks having to write off my debts provided me with great comfort. There’s a lot more to this story, all of which I’ve documented elsewhere. Looking back on it now, having spent these last couple of years living what I consider to be a more authentic existence, I can hardly believe any of it happened at all.
This is not only my story, it is the reality for thousands of young Britons and Americans lured into the debt trap under the auspices of savage liberalism. Whatever you think about the morality of my tale and the wider debt issue, and it is certainly an engrossing debate, this disease we call debt is afflicting an entire generation.
A.N. Other
Enemy of the Profit Margin
11 comments
Comments feed for this article
January 16, 2010 at 7:55 pm
cock
YOU ARE A FUCKING LOW LIFE SCUMBAG
I FEEL SORRY FOR YOU NOT BEING ABLE TO BE A MAN AND PROVIDE FOR YOURSELF.
FUCK ME, IF YOU HAVE KIDS I PITTY THE POOR BASTARDS BEING BOUGHT UP BY A FEEBLE WEAK MINDED FOOL LIKE YOU.
February 7, 2010 at 9:29 pm
Bushido
So apt that the commenter named “cock” would name themselves so! Well done in that respect, “cock”!
Rather than “pitty” the blogger, as the vulgar commenter propounds, perhaps instead we ought to pity “cock’s” partner (unless their partner is, as I suspect, a conveniently located hand,) as surely “cock” must put as much effort into their lovemaking as they do their grammar, prose and sense of decency.
Indeed, the lady doth protest too much, methinks! I would be interested to see their own credit report, for it would be most telling as to the extent of their projection.
Keep up the good work Mr. A.N. Other, and the best of British to you!
April 15, 2010 at 10:48 pm
Tommy
Holy Shit. This is a pretty crazy site.
I had a deal where I added up all my bullshit to $125K, but fortunately had the resources to pay it so long as I lived like a monk for about 3 years. Totally sucked, but at least I had the opportunity that thousands never will.
It’s a tough choice to walk away. I was on the fence for a long time, so understand the sleepless nights.
I hope you’re doing better. I don’t think you’re a low-life shitbag (like “cock”), but I wish you had the means to pay it off. The bad debt write down gets transferred to the commons. You’re right in describing this as a trap. Good luck.
Tommy
http://freedomguerrilla.com
September 24, 2010 at 4:56 pm
annon
my friend is listed by you douch bag
February 23, 2011 at 12:24 am
Steve
Hi Buddy,
Love your perspective on bankruptcy, and your general worldview.
I’m “struggling with debt” and am on the lip of the precipice, gazing wistfully into the void. You are spot-on correct in saying that the perceived stigma of bankruptcy is no longer relevant. It’s as legitimate as getting divorced, which was also a big no-no not that long ago. It’s just that you are divorcing yourself from total servitude to a faceless and institutionally corrupt succubus (MBNA/Bank of America springs to mind..)
Furthermore, I have an active and vitriolic hatred bordering on the unhealthy when I reflect on the banks, the Credit Card companies and their relentless corporate and institutional greed. Default on debt is already factored into their profitability models, so you are actually fulfilling their projections anyway.
Such cynicism.
Bring on the Revolution, I say.
March 16, 2011 at 6:29 pm
Steve
I’d like to mention a few things here:
Speaking as a Financial Adviser this may seem contradictory, but I’m OK with that as I don’t particularly define myself by this role (just as well, as will become apparent)
Things have changed in the last few years, particularly with regard to sophisticated methods by Credit Institutions/Banks to increase profits, whether it’s by “creatively” leveraging capital or by utilising profitability models that factor in automatic default with little regard for consequences to the borrower. This is fairly manipulative and cynical, yet as responsible individuals we are still shackled to the concept of “paying one’s debts” almost as a matter of honour. We are not talking about failing to service agreements with honest creditors, be they Tradesmen, Suppliers, Employees etc…we are talking about relationships with greedy, mendacious, profit-driven, rapacious legalised Plunderers who view people as little more than profit-units, and who treat them with ruthless contempt if they fall on difficult times.
Point?…
The paradigm HAS shifted. Bankruptcy still has this dreary and depressing stigma attached to it which, in contemporary terms, is both irrelevant and redundant. It is a perfectly valid and acceptable response to the greed and subterfuge employed by the Banks and Credit Card Companies.
No-one should sacrifice themselves, nor diminish their lives to appease these institutions. Their sole concern is to get money from you TODAY. That is why their “Collection Departments” hound you endlessly, even if you have explained yourself, in words of one syllable, the day before. Banks have no eye beyond next week (as Mervyn King, Governer of B of England outlined) nor any agenda beyond squeezing you till you bleed from the eyeballs. They should be dealt with accordingly. They are Corporate Parasites. They have no other function, just as we have no other function other than feeding their greed.
And Yes it will HURT. But what the Hell! You WILL BE FREE.
June 15, 2011 at 9:12 am
aurorawood
I have been searching for a perspective like yours- which I share- for a while. I am from the US where we lack the safety nets of medical care and other public benefits so bankruptcy seems a bit riskier. Still, I cringe every month as more than a thousand dollars gets siphoned from my paychecks to my credit card companies. And still I charged things believing I’d pay it off eventually because I had a good salary. But two weeks ago I became another victim of the budget cuts. Bankruptcy in the relative near future seems like a reasonable choice. The reasons against it cited on most websites I’ve seen are psychological- shame/embarrassment/depression and the inability to borrow more money. Frankly, I could stand the discipline of not being able to borrow more- obviously I have a spending problem. And as for the downer effects on my psyche? What the fuck ever. Wall Street bankers can kiss my sweet ass– they have received far more of the pie than me, and for far less sacrifice to the greater good. My own martyrdom aside, I have probably paid off each of my purchases already in interest. I’ve been a good and loyal customer since I was a college kid, just like they wanted. Anyway, I appreciate your story and will continue to question my own predicament with a similar lens. I’d like to operate with greater integrity than the banks, but not if it compromises my smarts and survival… Any good American blogs out there on this subject by the way?
June 17, 2011 at 9:40 pm
iwentbankrupt
Thanks Aurora,
Here are some links:
Dr. Robert Manning’s http://www.creditcardnation.com/ Take a look at his Responsible Debt Relief program.
Also,: http://www.creditslips.org/creditslips/
And finally, http://getoutofdebt.org/
I will add more as I come across them.
Good luck!
November 23, 2011 at 2:55 pm
thom love
Debt is just a digital entry on a banks balance sheet, its as easy to delete an entry as it is to add one.
When we are told money doesn’t grow on trees we’re being misinformed because thats exactly where it comes from.
I don’t agree with borrowing without the intention of ever paying the debt back… thats fraud and criminal but the difference is…
If you borrow and make your payment installments (at least one payment) until you can’t and default this is a civil case and it is upto the lender to prove to a county court judge that they have pursued you to no avail and have will ask for a judgement against you. As you have paid your installments on time upto the point when you could not for what ever reason the judge cannot find that you have defrauded the lender and only that you have defaulted.
The lender will now take the judgement and use it as justification to write down the debt on their balance sheet.
your defaulted debt as well as others will be packaged up and bid on by collection agencies for pence on the pound.
They will pursue you as the banks already have they have no greater powers than the banks however they unscrupulous and will call at your work, home, your mothers etc. until they get a result.
If you migrate they have no powers in that country, however if they can locate where you are they will sell on again a qualified lead to a collection agency in that country, of course they may not be able enforce payment on a debt incurred in an other country but they will try their little hearts out.
statute of limitations begins when the lender first raises the issue of non payment and will end after 6 years provided you have not made a payment in that time and you have not admitted liability in which case it atarts all over again.
Dont feel guilty if you cannot… the reason the lender has lent to you is that they have carried out their due diligence and found you credit worthy enough to extend you a line of UNSECURED credit the interest rates they charge you represent your risk to them. as they package up your default they package up your loan with similar risk asssets and by insurance against you.
Due to fractional reserve banking where the principle is created and not the interest there will always be someone who defaults this is the way the system is designed to work ( a side effect believe it or not ) but the benefits to the banks far out weigh the risks so it continues another side effect of the system is unemployment due to the lack of money to go around everyone as its flowing back in interest.
this is the game we are playing .
November 29, 2011 at 2:18 pm
DC
Dear Mr Bankrupt,
First let me say that you are a legend!
I have been killing myself with debt for over 6 years and now I have read your book I am killing myself laughing. I no longer lay awake at night worrying because your words have shown me the true nature of debt. Thank you, thank you, THANK YOU!
Good luck with everything you choose to do. I will be watching.
DC
December 8, 2011 at 6:44 pm
Draken Korin
REPUDIATE YOUR DEBT.
The momentum grows: DEBTORS REVOLT – intentional *default-en-masse* to hasten the collapse of the predatory lending system and the plutocracy into which our country has morphed.
Join us. Simply refuse to play their game, and repudiate your debts – just walk away. The system, as it has transformed over the past 15 years, is simply rigged against you and offers you NO SEMBLANCE OF FAIR PLAY or mercy. So show no mercy in return; just default. Watch what happens – their power depends upon OUR cooperation, and our continued fear. Reset and rebuild from there.
And stop moralizing… those of you who do, don’t understand how the system has been captured in the last decade, the threat to our future, and are thinking in narrow terms that no longer apply to the current situation.
DEBTORS’ REVOLT — DEFAULT EN MASSE. The Founding Fathers revolted against England over far, far less.