Bankruptcy v IVA

Charco_2

I do think the banks need to take a serioulsy long hard look at themselves.

They're your new best friend giving you money hand over fist, you may think you can afford it but don't kid yourself into thinking you conned the banks into believing you could afford it! They knew you couldn't! But the banks didn't become massive money making machines for nothing! They don't turnover Billions or trillions of £s coz they're fools!

For Example: If your credit rating is clean, you're of no interest to credit card companies. You pay your card at the end of each month, no debts run up, you don't incur interst, you don't incur charges. As often as not, you would be rejected for a credit card. However if you are not a good payer, the offers will be piling up on your doormat every morning. Free balance transfers, No interest... etc etc. You will spend some of their money, and pay interest on it for months, you'll reach your limit and make the minimum payments - the less you pay the bigger the balance your becomes. Before you know it, you've bought a nice blouse in Primark 8 months ago and it's cost you over £120 in the long run.
In essence, you're careless with money and the banks you love you for it! (perhaps that's a little cynical, perhaps not!)

MicheH

I think you have it spot on! I am beginning to think like that now. I'll be very wary of giving banks etc my money from now on. I have worked out that 12 years of interest payments to my two creditors (very large banks) have near offset how much i'm apparently 'walking away from' That's incredible and totally blind sighted by me. I have realised that banks arn't my friend who are helping me out when times are tight. OMG, far from it and that's where I feel foolish. That's where I know i'm uneducated about how things work. I can't believe I have gone through my 20's an apparent well respected women believeing such twoddle.

So to go forth. I have a basic account with the Coop because I need it to live in the real world and never wish to ever owe any more money to any body, No one is getting anything out of me and i'll struggle to open an account with a bank for saving in because of the 'hatred' I feel for the whole system. You have to forgive my negativity about it all though, I may be over reacting, but its raw and i'm hurting.