Saturday, Aug 26, 2006

Banks bolting the stable door - but where's the horse?

FT.com: Surge in bad debts forces lenders to tighten criteria

Banks and loan companies have been tightening up their lending criteria for unsecured loans as they become concerned about rising bad debts and the growing numbers of Individual Voluntary Arrangements (IVAs) that allow consumers to walk away from debt.

Posted by uncle chris @ 09:07 AM (487 views)
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1. Ticktock said...

...its trotted down to the local debt charity and set up an IVA like all the other Nags who have been lent more straw than they can ever possibly repay.. Gee-Gee will repay some of the cash he owes, before things get really ugly, and he is forced into bankruptcy anyway.

Going the 'IVA route' is much the same as paying the Banks insurance for them throughout the duration an un-secured loan.

Saturday, August 26, 2006 09:55AM Report Comment
 

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