Let those with the debts pay the price, not the prudent and sensible.

homelessskilledworker

MrRee wrote: »

Homelessskilledworker - you do talk rubbish most of the time - BUT, you are spot-on with this one ... nice OP.

Are you really that insane?

Your first post on this subject to me on this thread and posting as Mr_prickleprat or whatever you call yourself rubbishes the O/P and now as MrRees you are in full support.

I have seen some damaged people in my time but you take the biscuit

MrRee_2

You have just gone back down into the gutter - you do yourself no favours ........ I only post as MrRee - accept that fact or forever be in turmoil and anguish.

Jimmy_31

MrRee wrote: »

You have just gone back down into the gutter - you do yourself no favours ........ I only post as MrRee - accept that fact or forever be in turmoil and anguish.

I am Jacks complete lack of surprise.

Norfolk_Jim

I have every sympathy OP. I'm often encoraged to default on my debts but I will make every effort to repay every penny I've borrowed. It is gauling when you see businesses going bankrupt then they seem to just carry on and leave their creditors to take the hit. Maybe better than job losses but really unfair. Theres always the horror stories of people who live a wild life and then just go bankrupt, sometimesmore than once. It isn't simple though - in some cases the lenders have been foolish, in others theres just no way they can repay due to some personal disaster. Something needs to change though. I get irritated at all the offers of credit I get - they must be mad to want to lend me more.

ILW

There seems to be little distinction with bankruptcy between those that are hit by circumstances and those that were reckless. Seems wrong to me.

yellowmonkey

ILW wrote: »

There seems to be little distinction with bankruptcy between those that are hit by circumstances and those that were reckless. Seems wrong to me.

Believe you me it is not a nice thing to go through

yellowmonkey

Carl31 wrote: »

I think Bankruptcy is a far too easy option for many nowadays, its like its a few years of inconvenience after living many years of enjoying yourself to the max

Not always

IronWolf

When companies go into bankrupcy it isn't the debt owners that take the biggest hit its the shareholders. When companies emerge from bankrupcy the debt holders have usually taken a haircut on loans but been given common stock in the deal so will benefit if that company goes on to become successful.

Shareholders get none of my sympathy when it comes to bad management or excessive debt. Holding shares is completely optional, and I do not hold shares of companies with medium/high debt or unsound management. You accept the risks of being a shareholder when you purchase, just as you do when you purchase a bond or grant a loan.

There are two sides to every deal, creditors should manage their loans well, if they dont they deserve to make losses. Thats capitalism.

ILW

IronWolf wrote: »

When companies go into bankrupcy it isn't the debt owners that take the biggest hit its the shareholders. When companies emerge from bankrupcy the debt holders have usually taken a haircut on loans but been given common stock in the deal so will benefit if that company goes on to become successful.

Shareholders get none of my sympathy when it comes to bad management or excessive debt. Holding shares is completely optional, and I do not hold shares of companies with medium/high debt or unsound management. You accept the risks of being a shareholder when you purchase, just as you do when you purchase a bond or grant a loan.

There are two sides to every deal, creditors should manage their loans well, if they dont they deserve to make losses. Thats capitalism.

The pros at the game tend to hold all the shares and have only ever put a few quid into the company. They will then pay themselves large remunerations as directors and just liquidate at the point when it all becomes insolvent, quite often destroying creditors businesses or taking customers deposits in the process. They nearly always get away scot free and will have another company up and running within days.

There are countless examples.

homelessskilledworker

Jimmy_31 wrote: »

I am Jacks complete lack of surprise.

Lol. love that film