A mate has gone bancrupt

Broken_hearted

I think it is too easy for some people to go bankrupt. Yes there are people whos lives fall apart and they do everything to try to avoid it. They are outweighed by the people who overspend on holidays and none essential items or go with sub prime lenders. I think the laws should be tightened back up, we are seeing people go bankrupt two sometimes three times. The world has gone mad.

Pobby

When they changed the bankruptcy laws the general idea was to encourage folks to go into business.The idea of lowering interest rates was to stimulate the economy.Sadly both,to some degree,have back fired.Low interest rates have resulted in hugely over inflated house prices excluding almost a whole generation from home ownership,the new bankruptcy laws have resulted in a lot of people saying what the heck let`s just borrow and wait and see.They can`t take my house `cause I ain`t got one!

I agree with with the poster above,sometimes life goew horribly wrong and folks are unable to keep up their commitments and that is really sad,however when my 18 year old nephew breezily announces that he has borrowed £15k for a new car``because it`s better than all his mates``,something is wrong.I think for someone to lend a kid that sort of money against a weekly wage of £200 is asking for trouble.