The current mortgage crisis has caused more damage to famlies of this generation than clerical abuse has done to the last generation.
Somehow i feel i'd rather be shafted by a bank and that's not being glib about the situation
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.
On a personal level, the bank loaned me over 1 million when I was on a salary of 30K.
Is the seemingly bankrupcy on demand Uk System the type of setup we would like to aspire to?
On another thread perhaps.
Unless there were significant other assets not mentioned here backing the loan(s) then hindsight is not necessary to recognise this as reckless borrowing (and lending).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.
Unless there were significant other assets not mentioned here backing the loan(s) then hindsight is not necessary to recognise this as reckless borrowing (and lending).
I don't understand the "???" ... How can anybody think that borrowing €1M on an income of €30K is NOT reckless borrowing? Not saying that the lender is not at fault here as well but it takes two to tango.
Not glib, simply realitic. Have considered other options sonce 2009. Bankruptcy is a last resort.
However, if you have an alternative solution, tens of thousands of us would love to hear it.
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?