Debt suicide. The banks' fault or the deceased? Blog Discussion

j-baby-scotland

Big thank you to Martin....

:T

earwig

its the banks fault my oh had given to him a 11000 credit card a 10000 loan (could of been 12000 but we felt the repayments was to high )and a 1500 overdraft all by one bank who have the man singing on them he only aplyed for the loan was given the card and overdraft when he appled for the loan


at the time we allready had 1000 overdraft with another bank 12000 credit card another with 4500 another with 3500 another with 5000 and another with 2300 our income is 18000 per year we never lied when appling for this cards and most of them was companys invitings us to appling for there low rates

we though the companys know what we earn if they didnt think we could aford it they wouldnt offer it and even the day after my oh bankrupcty there was still offers of loans we could of took( by the way not all the cards had reached there limit when oh went bust) wouldnt want you to think we spent it all didnt want to pay

so i think that the banks are to blame they keep chucking money at you and encouring you to get in to debt without checking if you can aford it or not i know we signed the paperwork but really it should of been turned down long before it got to that stage the banks are not to botherd about bad debt they have funds to cover bad debt like ours and accept that it the risk they take while making there millions

kinged_uk

Although my bank may be the "opposition" to some I keep them very firmly in their place - my bank manager knows very clearly when he steps out of line.

I will confess my Tesco card doesn't always get paid off in full every month, and neither does my bank credit card.

Given what banks make out of students after they graduate through the course of their lives it is a raw deal getting an iPod don't you think?

severussnape

hi everyone

no offence to anyone but as ss said we all have to take responsibility for our debt.

earwig no one at the bank personally came down and held a gun to your oh head unless he took the cc.

i do agree though that it is too easily available and the banks need to do something. when my oh went bankrupt last month two days later we had an email offering him an approved loan from egg. they were one of his creditors. as our OR said if more people go bankrupt then the banks might do something, not that i'm telling everyone to go bankrupt but it was the best decision for us.

ss we were also scared by Martin, don't want to meet him in a dark alley!

BASIL

this is the first prog i have watched and it was interesting - agreed martin looked really scary!
i cant really get over how people manage to hide their debts for so long from their OH
and yes i agree we should take responsibility for ourselves - but i donot think that enough is taught at schools about how easy it is to get into trouble...

littlestar1981

I agree, we have to take responsibility ourselves. But it would be nice for the banks to give us gentle nudges!!

For example, the ex and I bought a house in 2002 for £46k. We took out secured loans against it, and each time we applied someone had to come round first to value the house. By the time we split up, we had just taken out a secured loan bringing the total to £103k. The house was only worth £100k at most, but the bank had approved the loans as their system said the house value was £178k?!?!?!?

So an admin error.... but at the same time I didn't have to ask for the loan.

I think everyone would love 'a minute with Martin' (please don't take that the wrong way lol) just to say thanks, I think we have all been guilty of hiding behind our debt. It was awful to be totally honest with my parents about my debts. But, I know for me I almost certainly would have had an extra couple of k's added to my debt if I hadn't met the MSE site first. I think we need a link to MSE on every piece of marketing/leaflet/booklet/poster (you get the idea) to do with money!!!

southernscouser

I'm still in the closet so to speak!

earwig

severussnape wrote:

hi everyone

no offence to anyone but as ss said we all have to take responsibility for our debt.

earwig no one at the bank personally came down and held a gun to your oh head unless he took the cc.

i do agree though that it is too easily available and the banks need to do something. when my oh went bankrupt last month two days later we had an email offering him an approved loan from egg. they were one of his creditors. as our OR said if more people go bankrupt then the banks might do something, not that i'm telling everyone to go bankrupt but it was the best decision for us.

ss we were also scared by Martin, don't want to meet him in a dark alley!

no thats right no one did hold a gun to our head but someone did stongly offer all that credit to someone who could not afford it and we didnt know at the time that we couldnt afford it

if a leading high street bank offers you all that credit you tend to think they must think we can afford it so you go along with it even though we didnt get anywhere near the cc limit when oh had to go bankrupt

all i am saying is that if we wanted to we could of had alot of money what we couldnt aford to pay back and the banks must of known this and shouldnt of offered it to us and if we never intended to pay the debt we could of had one hell of a spend up but we was allways mindfull that we couldnt go near the credit limit

as we would never aford to pay for it and as i said we could of had a lot more credit if we had wanted it the banks are greedy and have to take there part of the blame as we had to when we went bankrupt quite simpley if they banks hadnt of allowed us to have so much credit then we wouldnt of had to go bankrupt as we wouldnt of got into the whole have now pay latter lifestyle

Pobby

Interestingly enough,on the day I watched this program{and wow,Martin loved ya expression when you took the bank guy to task} I get a phone call.Yes our dear friends from{fanfare}MNBA!An Asian guy ---Mr.----,you are a very valued customer{yea right},not used the card for years and ,yes I know,I should of got rid of it.Anyway I am asked if i would like to borrow £12k at a special rate because I am loverly and such a loyal customer.Do you know,those fantastic folks said I could use it for anything I wanted to buy!!!!!!!!!!!

Next thing i know he wants my bank details{I don`t fink so}.So back we go,very nice man from Asia telling me all the great things I can buy with this money,what a deal---only 35 quid set up charge and 1.9% interest for 6 whole months!Now we get to the point where the guy says ``please help me out,give me your bank sort code``.Told him I was not interested and thanked him for his time.And they wonder why people get in debt!

quantumleap

but surely it isn't up to the ban to decide whether or not anyone can afford something. You have to have an awareness of you're own finances, do you not. You have to have an appreciation of what you earn and what you're current financial committments are before you take on another load/cc or whatever.

In my view, speaking as someone who thankfully has no debt but is constantly offered staggering credit by various differents companies, it is too easy to blame the banks. Yes they have to take some repsonsibility but as Martin says, it is there job to make money and ours to understand that.