Nobody wanta to see any SME shafted by people not paying their bills, and this is not why many of us consider bankruptcy. In facr it is the SME sector that is most exposed by the property crash. Most of us used property as a vehicle for a future pension.
The problem is the unwillinginess of banks and government to accept everybody is going to lose money due to the collapse of property prices, but only by a shared responsibility can we minimise the loss. The individual has already lost all of their money in failed property investments. The issue now is how much of the bank's money going to be lost.
On a personal level, the bank loaned me over 1 million when I was on a salary of 30K. In hindsight, I admit I borrowed recklessly but the bank and the regulator accept no responsibility for the current mess.
When I am ready to go bankrupt in the UK, I will contact the bank and offer to pay 100K over 5 years as a settlement to closure on the matter but I expect the bank will refuse this and force me to choose the UK bankruptch option.
Property assets have crashed by 50% to 80%, yet there has been no meaningful solutions proposed by banks and government. We are still in a state of denial and UK Bankruptcy is the only option at the moment.
The current mortgage crisis has caused more damage to famlies of this generation than clerical abuse has done to the last generation. Just like we now ask how could government and society turn a blind eye and let this happen, the next generation will ask why did the people behave like sheep? We seem to only know the difference between right and wrong with the benfit of hindsight, long after the damage has been done.
The problem is the unwillinginess of banks and government to accept everybody is going to lose money due to the collapse of property prices, but only by a shared responsibility can we minimise the loss. The individual has already lost all of their money in failed property investments. The issue now is how much of the bank's money going to be lost.
On a personal level, the bank loaned me over 1 million when I was on a salary of 30K. In hindsight, I admit I borrowed recklessly but the bank and the regulator accept no responsibility for the current mess.
When I am ready to go bankrupt in the UK, I will contact the bank and offer to pay 100K over 5 years as a settlement to closure on the matter but I expect the bank will refuse this and force me to choose the UK bankruptch option.
Property assets have crashed by 50% to 80%, yet there has been no meaningful solutions proposed by banks and government. We are still in a state of denial and UK Bankruptcy is the only option at the moment.
The current mortgage crisis has caused more damage to famlies of this generation than clerical abuse has done to the last generation. Just like we now ask how could government and society turn a blind eye and let this happen, the next generation will ask why did the people behave like sheep? We seem to only know the difference between right and wrong with the benfit of hindsight, long after the damage has been done.