Hi to everyone!I have been reading some of the posts and comments we are all in the same "Boat" regarding our financial circumstances?
I must agree that the Banks credit card companies were very neglegent towards there customers.they increased individual credit limits and gave out Credit Cards and Loans like confetty!
The Banks were bailed out by the Tax Payer and Debts wrote off.Sureley the goverment should have some consideration for the individuals who are in a financial mess and Right some of there Debts off??
Your thoughts would be welcome
Hi
I think banks have been guilty of reckless lending, especially automatic credit card limit increases with no means test. Equally though I think that the debtor should take responsibility for any debts incurred.
Regards
If you go bankrupt or enter into an IVA a portion of your debt is written off. I incurred the debt, whether it was applied for or offered, and accept my responsibility to pay back as much as possible. The banks also have to pay back some, if not all, of what we as tax payers have given them.
I agree Sensible77. The banks made is too easy, but at the end of the day I borrowed the money with the full intention of paying it back, which in the end I couldn't.
The majority of my debt was with Lloyds TSB and although they gave me lots of money in the form of loans and over drafts it was money I had asked for had I of not of asked I wouldnt of got myself in this mess. My credit card on the other hand had my limit increased each year to the extent that it was 3 x times my then annual salary of £8k knowing I was a part time worker single mum. I didnt ask for this but spent it all the same.
I do have an obligation to pay back as much as I can as I have spent it and the steep learning curve that is IVA living has shown me I could of lived very comfortably without the borrowing it was just my need to feel as if was providing my children with everything I did do before my marriage broke down was important.
Back to square one but what dunt kill you makes you stronger!!
Fully agree, only we are the cause of our own debt crisis,but why has credit become so easy to obtain, when i bought my first car i was only allowed to borrow for it over 2 years likewise our first mortgage was worked out at 3x salery with a 15% deposit, could it be that the relaxing of borrowing criteria has helped push up property prices and made us into a nation of "wanters". only now after 20 odd years of reckless borrowing and spending have i come to my senses,and can see what a crazy merry-go-round i had put myself in. on the other hand how could any sensible lender allow me to borrow to an extent that i had £100,000 of secured loans on a property worth £180,000 with a £110,000 mortgage and that is without my unsecured borrowing. MADNESS !!!
Maybe that is why the voted yes to my IVA Andy!!I think they must of taken everything into consideration like my tax credits, maintainace from ex and family allowance that is the only way I can see how they can remotly justify it.
They did reduce it when I asked them to and I still not sure where that sensiable side of me came from!!Even reduced it was still twice my salary once I had maxed it out.
Last edited by fingerscrossed on Wed Sep 23, 2009 2:00 pm, edited 1 time in total.
Back to square one but what dunt kill you makes you stronger!!
