Saturday, Jun 20, 2009
21 year old blames media for £75,000 debt
BBC Newsbeat: Bankruptcy link to 'WAG-like' spending
Twenty-one-year-old Sean Smith from Stoke On Trent owes creditors and debt agencies more than £75,000. He's applying for bankruptcy. He said: "It all started when I was 16. I took out a loan on a motorbike for £12,000, then lost my job and couldn't afford to pay back the money I borrowed. Over the years I've also taken out loans on cars and used credit cards, mobile phone contracts and store cards. This has all added to the serious financial state I'm in. A big influence and one of the reasons why I'm in so much debt is down to magazines. I'd see things in them I'd want and buy them knowing I couldn't afford to pay for it."
Posted by drewster @ 12:57 PM (822 views) Add Comment
5 Comments
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1. Landedgentry said...
On yer bike.... oh thats gone... sorry couldn't resist.
2. Lord D'arcy Pew said...
"Stupid is, stupid does" Forest Gump.
3. enuii said...
I'd like to know what sort of motorbike a 16 year old buys for £12K, if memory serves me right 16 y/olds can only ride mopeds and 17 y/olds can only ride bikes up to 125cc even then you have to wait a further 2 years to legally ride any sized bike unless you are over 21.
I suspect rather a lot of journalistic embellishment has gone into this piece.
4. Seismicraptor said...
Can't believe he bought a £12k bike anywhere near 16 (50cc mopeds would be no more than £2-4k really). Once you've passed your test at 17 you can ride a restricted (33bhp) bike... £12k would be well above most of the sportsbikes, could have been a Harley Davidson or something like that? In any case it sounds rather crazy (but so does racking up £75k of debt in general)
5. novice pete said...
Must have been one hell of a moped!