sambino Posted September 13, 2007 Share Posted September 13, 2007 http://news.bbc.co.uk/1/hi/business/6992687.stm "I am rather ashamed to admit this, but I was so desperate to get money to pay off all my other debts, I lied to get a loan. When I received a letter from my bank saying I could apply for a £25,000 loan, I thought what the heck, I will give it a go. I never thought they would say yes! They asked me what my occupation was and how much I was making, to which I replied £23,000 a year - a lie. I am angry now that they let me take out that loan because if they had checked my bank statements they would see that I was on income support, and that my bank account at that time was well overdrawn. And I have been left to struggle to pay back £427 a month back! I am still on benefits and I hardly have any money left at all. Susan, London " No wonder the banks are now screwed with such lax lending!! Quote Link to comment Share on other sites More sharing options...
symo Posted September 13, 2007 Share Posted September 13, 2007 http://news.bbc.co.uk/1/hi/business/6992687.stm"I am rather ashamed to admit this, but I was so desperate to get money to pay off all my other debts, I lied to get a loan. When I received a letter from my bank saying I could apply for a £25,000 loan, I thought what the heck, I will give it a go. I never thought they would say yes! They asked me what my occupation was and how much I was making, to which I replied £23,000 a year - a lie. I am angry now that they let me take out that loan because if they had checked my bank statements they would see that I was on income support, and that my bank account at that time was well overdrawn. And I have been left to struggle to pay back £427 a month back! I am still on benefits and I hardly have any money left at all. Susan, London " No wonder the banks are now screwed with such lax lending!! Ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha So has anyone on this forum got sympathy for her or her bank because I haven't both as guilty as each other. Quote Link to comment Share on other sites More sharing options...
Levy process Posted September 13, 2007 Share Posted September 13, 2007 http://news.bbc.co.uk/1/hi/business/6992687.stm"I am rather ashamed to admit this, but I was so desperate to get money to pay off all my other debts, I lied to get a loan. When I received a letter from my bank saying I could apply for a £25,000 loan, I thought what the heck, I will give it a go. I never thought they would say yes! They asked me what my occupation was and how much I was making, to which I replied £23,000 a year - a lie. I am angry now that they let me take out that loan because if they had checked my bank statements they would see that I was on income support, and that my bank account at that time was well overdrawn. And I have been left to struggle to pay back £427 a month back! I am still on benefits and I hardly have any money left at all. Susan, London " No wonder the banks are now screwed with such lax lending!! Now, you see, I wonder why somebody like that is on income support? Could it possibly be because their powers of reasoning, and their character are so poor that nobody would want to employ them? This is the ultimate in blame culture. "I'm so bad and stupid but I'm angry and indignant that nobody stopped me from doing something bad and stupid - so now I don't consider it my fault". Really, I begin to have sympathy with the concept of debtor's prison when I read stuff like this. Quote Link to comment Share on other sites More sharing options...
sambino Posted September 13, 2007 Author Share Posted September 13, 2007 Now, you see, I wonder why somebody like that is on income support? Could it possibly be because their powers of reasoning, and their character are so poor that nobody would want to employ them? This is the ultimate in blame culture. "I'm so bad and stupid but I'm angry and indignant that nobody stopped me from doing something bad and stupid - so now I don't consider it my fault".Really, I begin to have sympathy with the concept of debtor's prison when I read stuff like this. It gets better "In June, I was forced to sell my home as I simply could not afford bills, credit card repayments etc. A loan was secured on my property which I had to clear upon completion, which left me with no equity. I am now living in rented accommodation and am still struggling. I have three credit cards which I simply cannot afford to repay, nor can I afford the minimum payments. Each creditor does not seem to care about my circumstances, just about being repaid. As I have been unable to repay any minimum payments, my credit rating has suffered and the chances of me obtaining a mortgage in the future are bleak. It is a day to day struggle financially and I constantly worry about debt. I have lost a home that I loved and am in debt, not a position I thought I would be in at 28 years old. Lisa Butler, Manchester I'm only 21 years old and already in more than £10,000 worth of debt. I even work for a bank! I just kept increasing my loans and overdrafts thinking that I could pay it back in the future, but now it has got to the point that I can't afford to have a social life. I'm even on anti-depressants now to help me with the stress. I am now having to go through a debt company. They will charge me monthly admin fees, but my repayments will be less as it is being stretched over a longer period of time. Anyone out there that is just turning 18 and can now get loans and credit cards - don't! If you haven't got it, don't spend it! Sarah, Southampton" Oh dear the creditors dont care that thay cannot pay and that they are on anti depressants but its not there fault the banks made them borrow the money which they could not afford to pay back Quote Link to comment Share on other sites More sharing options...
bobthe~ Posted September 13, 2007 Share Posted September 13, 2007 CCJs are the new ASBO. If you ain't got one, you is nobody, man, nobody. Quote Link to comment Share on other sites More sharing options...
symo Posted September 13, 2007 Share Posted September 13, 2007 Oh my word, I have now read all the comments at the end of the article. These people want to speak to that nice carole Voderman and get all the debts consolidated into one nice easy to pay monthy repayment FOR THE REST OF THEIR LIVES Quote Link to comment Share on other sites More sharing options...
Methinkshe Posted September 13, 2007 Share Posted September 13, 2007 Don't be too hard on these poeple who end up in debt. Not everyone is feckless, stupid or work-shy. Some people lose their jobs through no fault of their own and have to take a much reduced salary which doesn't cover a mortage taken out in times of plenty. That's often when the debt spiral begins as they pay the mortgage and council tax to keep the roof over their heads and then have to whack the credit card just to buy food. There's going to be a lot more genuine cases once unemployment starts to rise as it inevitably will in a recession. There but for the grace of God go I, is how I feel when I hear of such cases. Quote Link to comment Share on other sites More sharing options...
Wait & See Posted September 13, 2007 Share Posted September 13, 2007 but now it has got to the point that I can't afford to have a social life Yep, things have got really bad for her now. Whoops, can't borrow any more to pay the debt - gubbed. Quote Link to comment Share on other sites More sharing options...
Moo Posted September 13, 2007 Share Posted September 13, 2007 There's going to be a lot more genuine cases once unemployment starts to rise as it inevitably will in a recession. There but for the grace of God go I, is how I feel when I hear of such cases. Amen to that. When the tide goes out, some will be found to have been swimming naked, whereas others who've been wearing very sensible trunks all along will have them stolen. Sadly for the sensible trunk-wearers, the result is the same. Quote Link to comment Share on other sites More sharing options...
redgenieuk Posted September 13, 2007 Share Posted September 13, 2007 Ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha So has anyone on this forum got sympathy for her or her bank because I haven't both as guilty as each other. We need to build more jails. To put bitches who lie on load applications in. We could call them 'excess credit holding houses'. They will be better than most people get to live in when this is all over. Quote Link to comment Share on other sites More sharing options...
Moo Posted September 13, 2007 Share Posted September 13, 2007 No, but most of them are. When the job market is rosey, yes, it takes a certain mindset to commit proper long-term financial suicide. However, in a recession, with a stagnant job market, even relatively small debts can take on a highly dangerous character. It's not the absolute value of a debt that's scary, it's the value relative to the debtor's income. What may look paltry when you're on £50k looks a hell of a lot bigger when you're on the dole. A shrinking job market changes hold debt from a rational process into one not dissimilar to Russian Roulette. Quote Link to comment Share on other sites More sharing options...
Guest mSparks Posted September 13, 2007 Share Posted September 13, 2007 A shrinking job market changes hold debt from a rational process into one not dissimilar to Russian Roulette. So what you are saying is getting a loan as turned into: Point. click. Point. click. Point. click. Point. click. Point. click. Bang. Quote Link to comment Share on other sites More sharing options...
The Colour Posted September 13, 2007 Share Posted September 13, 2007 I was in a lot of debt 10 years ago. I was a single working parent who lost my job. My creditors put me through the mill, I lost my car, house and family. I am still paying the price now. Debt is not an easy option if you do not manage it well, or if you fall on hard times. It is still very much a stigma. I have never been able to get back on the housing ladder, despite the fact I am working hard and live within my means. The credit system needs reforming before it collapses.ES, West Yorkshire I'm still paying off my debts. I had Citizens Advice help some three years ago to get all the interest charges stopped and payment plans put in place. But at my current rate, I'll only be clear in some 15 years. The alternative was bankruptcy, but I wasn't too keen on that as it bars you from so many things and can make job-hunting far, far harder. Anonymous I'm 28, of course I'm in debt, I don't know a person my age who isn't. We own our own home, and have been affected by rate rises to the tune of £120 a month. We are getting married soon and would hope to start a family. However we feel it will become increasingly difficult to afford children, let alone a comfortable family home. We are working to clear loans, have no credit cards, and have 12 months on housing furniture credit. Our parents helped us out a lot, I pity those less fortunate! Dave, Northumberland It's too easy to get into debt. I now have defaults with one particular lender that isn't interested in working out payment by instalments. So I am having to contact the court before they do. I have to buy the cheapest of clothes and eat the 12p beans to live, but you can only learn from mistakes. Chris, Edinburgh At the age of 18, I was flooded with offers from student bank accounts, overdrafts, credit cards and store cards. Being young, naive and overwhelmed with the opportunity of all this cash, I took up almost every offer that was thrown my way - much to my deepest regret. I see now that I was extremely stupid, yet the way the interest-free overdrafts and "don't pay anything for 12 months" was sold to me, it was hard to resist. I finished university this year and I now have extreme amounts of debt. I let my overdrafts get overdrawn, and the charges have amounted to thousands. At the same time, my credit card charges have amounted to hundreds. And these are just a small example of the problem I am in. I am 22 and have been advised to declare bankruptcy. Devastated. Jessica, Liverpool Coming thick and fast Quote Link to comment Share on other sites More sharing options...
Methinkshe Posted September 13, 2007 Share Posted September 13, 2007 When the job market is rosey, yes, it takes a certain mindset to commit proper long-term financial suicide. However, in a recession, with a stagnant job market, even relatively small debts can take on a highly dangerous character. It's not the absolute value of a debt that's scary, it's the value relative to the debtor's income. What may look paltry when you're on £50k looks a hell of a lot bigger when you're on the dole. A shrinking job market changes hold debt from a rational process into one not dissimilar to Russian Roulette. Exactly so. Which is why best advice when a recession is looming has traditionally been to pay off as much debt as you possibly can. Quote Link to comment Share on other sites More sharing options...
stuckmojo Posted September 13, 2007 Share Posted September 13, 2007 I'm 28, of course I'm in debt, I don't know a person my age who isn't. Dave, Northumberland I am his age and not in debt, for example. But hey, he is right. He doesn't know me... Quote Link to comment Share on other sites More sharing options...
Guest tbatst2000 Posted September 13, 2007 Share Posted September 13, 2007 We need to build more jails.To put bitches who lie on load applications in. That's not such a great idea, if you lock someone up then the bank will never get its money back - I suspect that's why banks generally don't make complaints to the police about fraud since it would be cutting off their noses to spite their faces for the most part. Having said that, in the old days, when you couldn't pay you were put into a debtors prison and it was your family that had to pay back the money otherwise you stayed there, perhaps we should do the same now? Quote Link to comment Share on other sites More sharing options...
South Lorne Posted September 13, 2007 Share Posted September 13, 2007 We need to build more jails.To put bitches who lie on load applications in. We could call them 'excess credit holding houses'. They will be better than most people get to live in when this is all over. ...the lending officer signing off such a loan should be sacked.....it is up to the shareholders in Banks to lobby against weak lending which are losses for which the lending officer possibly received a bonus.....c'mon shareholders ..hit them hard....!....... Quote Link to comment Share on other sites More sharing options...
Sour Mash Posted September 13, 2007 Share Posted September 13, 2007 http://news.bbc.co.uk/1/hi/business/6992687.stm"I am rather ashamed to admit this, but I was so desperate to get money to pay off all my other debts, I lied to get a loan. When I received a letter from my bank saying I could apply for a £25,000 loan, I thought what the heck, I will give it a go. I never thought they would say yes! They asked me what my occupation was and how much I was making, to which I replied £23,000 a year - a lie. I am angry now that they let me take out that loan because if they had checked my bank statements they would see that I was on income support, and that my bank account at that time was well overdrawn. And I have been left to struggle to pay back £427 a month back! I am still on benefits and I hardly have any money left at all. Susan, London " No wonder the banks are now screwed with such lax lending!! So, basically she committed fraud in order to obtain a load of money and feels that it's not her fault as it was up to the bank to stop her obtaining pecuniary advantage by deception..... Frankly, I feel sorry for neither the fraudster nor the bank. They both deserve what they get. Quote Link to comment Share on other sites More sharing options...
Brian Potter Posted September 13, 2007 Share Posted September 13, 2007 Don't be too hard on these poeple who end up in debt. Not everyone is feckless, stupid or work-shy. Some people lose their jobs through no fault of their own and have to take a much reduced salary which doesn't cover a mortage taken out in times of plenty. That's often when the debt spiral begins as they pay the mortgage and council tax to keep the roof over their heads and then have to whack the credit card just to buy food. There's going to be a lot more genuine cases once unemployment starts to rise as it inevitably will in a recession. There but for the grace of God go I, is how I feel when I hear of such cases. As a casulaty of the early nineties recession I totally agree with this. Whilst I lived at home at the time, others were not so fortunate. Some people are plain stupid with money but some are just desperate. Quote Link to comment Share on other sites More sharing options...
stuckmojo Posted September 13, 2007 Share Posted September 13, 2007 As a casulaty of the early nineties recession I totally agree with this. Whilst I lived at home at the time, others were not so fortunate.Some people are plain stupid with money but some are just desperate. Makes sense, but if you look at the rosey picture Gordon Brown is describing all the time, then 95% of them are guilty and deserve no mercy. Quote Link to comment Share on other sites More sharing options...
Guest tbatst2000 Posted September 13, 2007 Share Posted September 13, 2007 Makes sense, but if you look at the rosey picture Gordon Brown is describing all the time, then 95% of them are guilty and deserve no mercy. Yep, that's right, hang a few (metaphorically that is) to encourage the others. Quote Link to comment Share on other sites More sharing options...
Guest An Bearin Bui Posted September 13, 2007 Share Posted September 13, 2007 Coming thick and fast This just goes to show how successful the banks have been at marketing cheap credit to people and convincing them that it's free money. They've gone out of their way to target young people too presumably to get them trapped on the hamster wheel before they know what's what. So many of these young people have obviously been told that "everyone has debt" and overdrafts are just the norm but, best of all, they're still sticking to the olde worlde notion that paying off your debts is a good thing and you should never opt for bankruptcy. A whole generation has been persuaded that "debt is good and normal and I should borrow as much as I can get but if I get into trouble I should sign up to 15 year payment deals rather than go bankrupt as bankruptcy is what bad people do" - sounds like a banker's wet dream! No wonder they're so keen to throw money at anyone with a pulse. Quote Link to comment Share on other sites More sharing options...
It is different this time Posted September 13, 2007 Share Posted September 13, 2007 We need to build more jails.To put bitches who lie on load applications in. Nope we need more jails to put muppets who authorized her loan in! Millions will be wiped out by the coming HPC financial meltdown. No wonder UK plc owes a third of entire Europe’s debt Quote Link to comment Share on other sites More sharing options...
CrashConnoisseur Posted September 13, 2007 Share Posted September 13, 2007 Theft Act. No wonder the banks are now screwed with such lax lending!! [symo] It's not "lax lending", the bank didn't know her true situation. If they did they wouldn't have lent the money. She's committed a criminal offence of obtaining money by deception. So has anyone on this forum got sympathy for her or her bank because I haven't both as guilty as each other. [symo] How on earth are they "both as guilty as each other"? She was dishonest. The bank assumed she was honest. She is 100% guilty. The bank are 100% innocent. My sympathies are with the other account holders and shareholders of the bank who will end up paying for this criminal. Do you not believe that people should act with honesty and integrity? Quote Link to comment Share on other sites More sharing options...
ParticleMan Posted September 13, 2007 Share Posted September 13, 2007 (edited) There but for the grace of God go I, is how I feel when I hear of such cases. How apt. I too feel like an imprisonned Protestant martyr in a newly Catholic nation, observing upon the passage of my reformist fellows toward the noose. Edited September 13, 2007 by ParticleMan Quote Link to comment Share on other sites More sharing options...
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