My Bankruptcy

Bestthingsinlifearefree

Mike_St_Helens wrote:

I am just talking personally, yes I asked for the money, but why on earth should a 'responsible lender' give anyone more money when they only have a modest income, have racked up all other credit cards and are 100k+ in debt... why ?

I agree, I asked for it... and ive fallen hard and heavy. The bank IS part of the blame. again, my opinion only i suppose.

I think the financial institutions are often like drug dealers they will keep giving credit junkies their fix until they have bled them dry.

Its a qu of responsibilty if you are on modest income then I guess you should not borrow more than you can afford.

I feel for you Mike, it sounds like tough times but just because some one will give me a bottle of vodka it is my choice to drink it and the hang over is my responsibilty.

I can't blame the pub for my hang over (if you know what I mean).

However we clearly need more financial education in this country warning against the dangers of debt.

Mike_St_Helens

Very true indeed.... I have the education and the awareness now, but did I at the start... possibly not or I wouldnt be in this situation...

I like the pub bit... Thats why im in this mess... but I dont regret a thing... Do I?

Pobby

A friend who has just gone into bky was amazed at how stress free the whole process was.In fact,the judge who made the bky muttered``sign of the times``Mike,I cannot emphasise that the actual process was similar to was-bankrupts.All parties were polite and non judgemental.In fact,for my friend,he doesn`t have to go to open his lose making shop every morning.

I agree with other posters,this is a time bomb waiting to go off.Sure you don`t have to borrow but many do``because they can``.We are in a period which is so very materialistic.My 18 year old nephew told us that he borrowed £15k to buy a car ``becuse it was better than all his mates.Even I,with all my moneysavingexpert training couldn`t talk him out of it----lol!

Bestthingsinlifearefree

Mike_St_Helens wrote:

Very true indeed.... I have the education and the awareness now, but did I at the start... possibly not or I wouldnt be in this situation...

I like the pub bit... Thats why im in this mess... but I dont regret a thing... Do I?

Just realised you use to run a pub (my analogy was entirely coincidental).

The problem is the banks / CC throw money at ppl with no real checks.

I hope the 100,000's of bankruptcies really hurt the banks financially and teach them to lend responsibly.

was_bankrupt

£15K at 18 years of age????

A colleague of mine said he sister has just finished her second year at uni and already has £20K of debt.

Are we mad????

was_bankrupt

£15K at 18 years of age????

A colleague of mine said he sister has just finished her second year at uni and already has £20K of debt.

Are we mad????

southernscouser

So good he posted it twice! :rolleyes: :rotfl:

Mike_St_Helens

Bestthingsinlifearefree wrote:

Just realised you use to run a pub (my analogy was entirely coincidental).

The problem is the banks / CC throw money at ppl with no real checks.

I hope the 100,000's of bankruptcies really hurt the banks financially and teach them to lend responsibly.

The irony is, I used to be a senior underwriter for one of my creditors !! (a big yankee bank)

They do check, I know we used to... however, if you haddnt hit your target, or increased your approval rate then woe betide your !!! !

Pobby

was_bankrupt wrote:

£15K at 18 years of age????

A colleague of mine said he sister has just finished her second year at uni and already has £20K of debt.

Are we mad????

Ah,indeed.We are teaching youngsters that debt is just part of life.It is horrific to see just how much debt people are leaving uni with.I really wonder just where our taxes go if we can`t give our kids free education.When i look at some other countries in Europe,Holland for example,great welfare state,good state pensions, I have this niave thought.We,as a nation,seem to want to be a world player,sort of half and half in Europe,``special relationship`` with the U.S.A.Blair is acting like a poodle to Bush and I don`t give there economy a lot of hope either!


Can we afford to play ball with the States?Imho no!

all_hours

was_bankrupt wrote:

£15K at 18 years of age????

A colleague of mine said he sister has just finished her second year at uni and already has £20K of debt.

Are we mad????

I think it's the introduction of student loans that has helped create this debt culture we now have. The attitude is - it's fine to owe £20k or £30k as it's cheap debt. More kids are going to uni - encouraged by the government and society. I wonder how valuable a degree will be in 5 or 10 years time?

Before the SLs were introduced most graduates might have a £1k-£2k overdraft - this would be converted into a graduate loan and paid off over the first year or two of work.

I think it is the individuals responsibility but the government are partly to blame.

I also think the boom in technology has contributed. Everyone wants more and having more is the norm.