Although a planned method of bankruptcy to fund your training doesn't sit well with me.
Those that have signed up for courses in good faith and not had the breaks that some of us have. I really can see WWW's point of view.
Half the reaction of the financial service guys is I think a gut one. Its a bit like when you suggest that your not going to pay into a pension but instead pay the same money into your morgage and pay it off 15 years early. The give you a look and start talking technical speak. When the question is asked about the fact that by completing 15 years early you will save 80k in interest and your pension won't have even half of that in, it in the same time, you get a scowl. Thats 5% of service charges lost to the industry for good.
If everyone went for bankruptcy it would drag thier very comfy existence into doudt.
I know a couple of folk who have been zero'd by various methods. One had loans out from the natwest of over 60k unsecured. Strangly enough the natwest wrote off the amount due when the bankruptcy card was played. That was without being declared. As part of the "deal" a gagging order was applied. I think the banks don't want people to declare, the current system makes them lots of money for not alot of work. If there was a surge in people declaring it put pressure on the powers that be to regulate them in a manner that would effect profits.
I would agree with WWW and his pretend son. Only problem I could see is if and when you did get a job and a bonding loan is required you are knackard.
The up shot is that it dosn't effect the individual seriously from what I can tell. You may have to pay slighly more in the future for some services but nothing like what has been written off. The Banks are greedy swines and 3 years down the line and your on 40k a year and wanting a morgage they will sell you one. After a couple of years paying on time you will be able to transfer onto a better deal.
People that will be effected is the people who are 2 years behind them in training system. When the availabilty of money dry's up. Which to be honest would be no bad thing in my opinion.