Lucifer, WWW would of course claim that this is a responsibility of a different type - to willingly defraud the banks to ensure your future - I cannot see how that squares with theiving the dreams of others through increased rates and refusal to extent loans to other pilots wannabes in the future.
No I wouldn't claim that. What it is is getting a free CPL/IR via fraud using planned bankruptcy from the outset. I call a spade a flippin shovel me.
As for thieving the dreams of others - that is hyperbole. I don't think a couple of bad debts on unsecured personal finance by a few thousand young pilots is going to really impact on the bottom line of say HSBC's Bad Debt provision. And we are not talking about loans to other pilots in the future as all of this would be unsecured debt lent to a teenager to buy a car, fund his college study, blow on a credit card. The banks wouldn't know nor care where the funds have been spent. Every Wannabe in the land could do it in perpetuity and they would still form a tiny percentage of the number of personal bankruptcy cases filed every year.
The ONLY downside of it happening long term is that the authorities could change the bankruptcy laws in such a way as to allow them to deprive the bankrupt of the privildges and advantages accrued though monies spent on the credit cards in question. That is to say they could take your license off you.
But thats not any where near happening or even thought about.
In the meantime a planned bankruptcy is the perfect crime waiting to happen. And it has. And it will.
Cheers
WWW (someone who slogged and saved and funded his entire training from the age of 17)