Originally Posted by
Wee Weasley Welshman
No - I stand by the logic of using planned bankruptcy to fund your basic training.
You use the loans and credit to pay for your exams and flight training and THEN go bankrupt at the end when you are unfortunately unemployed and seeking work.
The period of bankruptcy lasts 2 years. After which all normal credit and mortgage products are open to you. You are not allowed to become a company director or to be an accountant. Big deal.
WWW
Borrowing money with the intent not to pay it back is a criminal matter. It is obtaining money by deception and comes under the Theft Act. In much the same way someone gets a job with lies on the CV. People are being prosecuted now.
Thats not a smart thing to do and I suspect that lenders will be less inclined to take a borrower going bankrupt on the chin if they have any suspicions that there was no intention of repayment.
So advocating that as a way forward is pretty stupid.
The other consequence of rampent bankruptcy is that those borrowers who choose not to go bankrupt end up paying for those who do in higher interest rates, in that sense WWW you advocate anti social behaviour. But then this is symptomatic of todays selfish culture where people must have what they want (including pilot training) because they do and hang the consequences. The shell suit society except these have gold bars on their shoulders.
It does not give you much faith in the ethical, moral or judgement capacity of people who swan around the sky at 500mph with 200-300 lives in their hands.