No, what he means is that loads of CTC cadets and the like all were able to borrow £70k in loans despite being 21 and owning no house or any other collateral.
Once the credit crunch hit HSBC dropped out of that particular market and their replacement BBVA will only loan when there is something or someone of value underwriting the loan. Often Mum, Dad and the family home.
As I was talking about in 2007 - bankruptcy is the best option for those with massive unsecured loans and few commitments. Its over within 2 years and carries no stigma these days. For those who signed more recently on secured terms, well, the get-out-of-jail-card ain't so attractive.
Some FTO's and Banks are very very keen for Wannabes on unsecured loans NOT to go bankrupt and walk away from their £80k+ debt. For them its massively exciting that a couple of airlines are offering employment on rubbish terms. It means a Bankruptcy Court Judge can't be told - I can find no paid employment in my field. Something he needs to satisfy himself is true before extending the protection of his Court...
Wannabes are being screwed by hard hard men at both ends.
Its always the same.
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