BANKRUPTCY!! Pushed to the edge....
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Consider - you will NOT be able to get a mortgage, credit card (think overseas spending), mobile phone on contract. Huge numbers of careers that you may require as backup are out (as mentioned above), and if you don't have a parental home to move to, could ruin relationships with friends and partners who cannot support you.
I suggest that if WWW is to advocate this route, he gets to know a few bankrupted people first, and whether his assertion holds any water at all based upon their reality.
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WWW - can you not see that the consequence of you advocating such a route is completely reckless behaviour such as this?!
Essentially, our young friend here is now tempted to make a financial decision based upon a completely and utterly warped financial analysis that does nothing of ensuring sustainability of his/her financial decisions.
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Speed is irrelevant - person responsibility and clear understanding of the consequences, which are solely lacking in this thread, are the point.
Until he gets to the stage of the other posters, whereby he entered into a loan in good faith and found that he was unable to repay at a later stage, then, and only then, should bankruptcy ever be considered.
I reiterate, that to think otherwise is utterly, utterly stupid.
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.
So unless you plan on directing your own business or becoming an accountant then there is very little penalty beyond 2 years. Your biggest risk is the judge. You have to convince them that you spent the money in good faith fully expecting to be able to pay it back.
I contend that it is relatively simple and believable to stand in court and explain that you believed that open gaining a CPL/IR Frzn ATPL that you would be able to get a job.
* Exhibit A could be the marketing brochure from several large and well respected FTOs.
* Exhibit B could be a copy of Flight International from a few months back reporting a large and growing shortage of pilots.
* Exhibit C could be the PPJN or BALPA or IPA salary reports which suggest a junior First Officer could expect to earn above the national average wage in their first year of employment.
Any judge looking at that evidence and the evidently earnest young man in front of him will allow bankruptcy without batting an eyelid. It would take about 15 minutes and the nice clerk of the court would help you throughout.
An airline wouldn't give a stuff whether or not you've been bankrupt and they wouldn't ask as its not relevant to the job and asking non relevant questions is a big no no for recruiters.
Logically there is a massive upside of circa £90k by going bankrupt to the tune of £50k owed to various large banks and credit card companies for whom I cannot make my heart bleed.
At 22 you have no assets they can seize.
Its all discharged in two years (and in most cases 18 months).
There is no social stigma.
There is tiny and very manageable risk that the judge will spot your cunning plan.
And I know of three people who raised over £50k in unsecured loan and credit cards. It really isn't difficult. Enrol at the local college for some part time hairdressing course but don't bother attending much thus accessing 3 years of max student loans. Have a part time job and live at home whilst distance learning the ATPL course. With this job and income you can easily take an unsecured personal loan from a high street bank, plus an overdraft. A further unsecured loan from one of those dodgy daytime TV advertised loan companys and then get two credit cards with £10,000 limits on them after just 6 months of good behaviour - BINGO, £50k.
You have to plan it. You have to build a slight credit history and show some income and enrol as a student somewhere. My son could give me his credit cards and I could spend on them and give him the money to pay them off - no skin off my nose and his credit history become A1 in about 6 months.
It can be done and it HAS been done and it DOES work. No point pretending otherwise.
As for me as a Moderator encouraging discussion and analysis - that is what this forum is here for. Loads of people in flying schools and loads of flying instructors are well aware of the planned bankruptcy strategy. I would rather it be talked about here frankly and in detail than Wannabes rely on one sided hearsay in flying club bars.
Its legalised theft certainly. But logically its the correct thing to do.
For sure.
Cheers
WWW
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.
So unless you plan on directing your own business or becoming an accountant then there is very little penalty beyond 2 years. Your biggest risk is the judge. You have to convince them that you spent the money in good faith fully expecting to be able to pay it back.
I contend that it is relatively simple and believable to stand in court and explain that you believed that open gaining a CPL/IR Frzn ATPL that you would be able to get a job.
* Exhibit A could be the marketing brochure from several large and well respected FTOs.
* Exhibit B could be a copy of Flight International from a few months back reporting a large and growing shortage of pilots.
* Exhibit C could be the PPJN or BALPA or IPA salary reports which suggest a junior First Officer could expect to earn above the national average wage in their first year of employment.
Any judge looking at that evidence and the evidently earnest young man in front of him will allow bankruptcy without batting an eyelid. It would take about 15 minutes and the nice clerk of the court would help you throughout.
An airline wouldn't give a stuff whether or not you've been bankrupt and they wouldn't ask as its not relevant to the job and asking non relevant questions is a big no no for recruiters.
Logically there is a massive upside of circa £90k by going bankrupt to the tune of £50k owed to various large banks and credit card companies for whom I cannot make my heart bleed.
At 22 you have no assets they can seize.
Its all discharged in two years (and in most cases 18 months).
There is no social stigma.
There is tiny and very manageable risk that the judge will spot your cunning plan.
And I know of three people who raised over £50k in unsecured loan and credit cards. It really isn't difficult. Enrol at the local college for some part time hairdressing course but don't bother attending much thus accessing 3 years of max student loans. Have a part time job and live at home whilst distance learning the ATPL course. With this job and income you can easily take an unsecured personal loan from a high street bank, plus an overdraft. A further unsecured loan from one of those dodgy daytime TV advertised loan companys and then get two credit cards with £10,000 limits on them after just 6 months of good behaviour - BINGO, £50k.
You have to plan it. You have to build a slight credit history and show some income and enrol as a student somewhere. My son could give me his credit cards and I could spend on them and give him the money to pay them off - no skin off my nose and his credit history become A1 in about 6 months.
It can be done and it HAS been done and it DOES work. No point pretending otherwise.
As for me as a Moderator encouraging discussion and analysis - that is what this forum is here for. Loads of people in flying schools and loads of flying instructors are well aware of the planned bankruptcy strategy. I would rather it be talked about here frankly and in detail than Wannabes rely on one sided hearsay in flying club bars.
Its legalised theft certainly. But logically its the correct thing to do.
For sure.
Cheers
WWW
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Just read this for example:
http://www.debtcounsellors.co.uk/bankruptcy.html
Facts about Bankruptcy
Bankruptcy facts must not be taken lightly — It should not be considered if you have assets of any reasonable value and own your own home, even if there is little or no equity. Contrary to what might be said about the new Enterprise Act, which states that certain classifications of bankrupts could be discharged in twelve months, this will happen in relatively few cases, and it should be remembered that the stigma of bankruptcy will probably NEVER go away.
Even after being discharged, it can affect the ability to obtain a mortgage or get credit for many years to come. Being declared bankrupt is a very public matter, some of the effects are
Bankruptcy is always advertised: The bankruptcy application will be advertised in the London Gazette and the local press where you live.
Notification is made to everyone financially connected: Your bank, building society, creditors, landlord, etc will be informed immediately.
Bankrupts cannot run a business: Any business you own will be closed immediately.
Future assets will be lost: Any asset that might have been acquired during the term of the bankruptcy, such as inheritances, insurance payouts/maturities, equity in property, windfalls, etc., and possibly pension income.
All accounts closed: Bank accounts, credit cards will be closed. Anything that is being purchased by lease or HP, such as your car, will be immediately returned to its owner.
Previous Bankrupts: People that have been bankrupt before should be very careful about being made bankrupt again, as the minimum period of bankruptcy is 5 years, and could continue for up to 15 years before being discharged.
Professional & Business Status: Certain employment situations will be prejudiced by being declared bankrupt, and professional and business status will be lost. Membership of many associations and societies will also be lost.
The Bankruptcy Myths
'They will not take my house, it is in negative equity.' The Official Receiver will place a charge on the property, effectively preventing it's sale,and will wait, long after your bankruptcy has been discharged, to get his hands on any available equity that has come about due to increased property values.
'They won't take my home, I have a wife & young family.' They will, unless your partner can prove they have an interest in the property, in which case the Official Receiver will allow your partner to purchase your share of the equity. If they are unable to do this, then the Trustee in Bankruptcy will, after 12 months, have the right to obtain possession and subsequently issue an eviction order.
'I put my home into my partners name years ago.' They will take your home, unless you can prove that your partner paid the full value at the time of the transfer and has since paid the mortgage in full. You will also have to account for the funds.
'My new business is in my partners name, and all profits will be taken by my partner.' This is regarded as a criminal activity by The Trustees in Bankruptcy and any assets earned during the bankruptcy will be forfeit.
http://www.debtcounsellors.co.uk/bankruptcy.html
Facts about Bankruptcy
Bankruptcy facts must not be taken lightly — It should not be considered if you have assets of any reasonable value and own your own home, even if there is little or no equity. Contrary to what might be said about the new Enterprise Act, which states that certain classifications of bankrupts could be discharged in twelve months, this will happen in relatively few cases, and it should be remembered that the stigma of bankruptcy will probably NEVER go away.
Even after being discharged, it can affect the ability to obtain a mortgage or get credit for many years to come. Being declared bankrupt is a very public matter, some of the effects are
Bankruptcy is always advertised: The bankruptcy application will be advertised in the London Gazette and the local press where you live.
Notification is made to everyone financially connected: Your bank, building society, creditors, landlord, etc will be informed immediately.
Bankrupts cannot run a business: Any business you own will be closed immediately.
Future assets will be lost: Any asset that might have been acquired during the term of the bankruptcy, such as inheritances, insurance payouts/maturities, equity in property, windfalls, etc., and possibly pension income.
All accounts closed: Bank accounts, credit cards will be closed. Anything that is being purchased by lease or HP, such as your car, will be immediately returned to its owner.
Previous Bankrupts: People that have been bankrupt before should be very careful about being made bankrupt again, as the minimum period of bankruptcy is 5 years, and could continue for up to 15 years before being discharged.
Professional & Business Status: Certain employment situations will be prejudiced by being declared bankrupt, and professional and business status will be lost. Membership of many associations and societies will also be lost.
The Bankruptcy Myths
'They will not take my house, it is in negative equity.' The Official Receiver will place a charge on the property, effectively preventing it's sale,and will wait, long after your bankruptcy has been discharged, to get his hands on any available equity that has come about due to increased property values.
'They won't take my home, I have a wife & young family.' They will, unless your partner can prove they have an interest in the property, in which case the Official Receiver will allow your partner to purchase your share of the equity. If they are unable to do this, then the Trustee in Bankruptcy will, after 12 months, have the right to obtain possession and subsequently issue an eviction order.
'I put my home into my partners name years ago.' They will take your home, unless you can prove that your partner paid the full value at the time of the transfer and has since paid the mortgage in full. You will also have to account for the funds.
'My new business is in my partners name, and all profits will be taken by my partner.' This is regarded as a criminal activity by The Trustees in Bankruptcy and any assets earned during the bankruptcy will be forfeit.
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No - I stand by the logic of using planned bankruptcy to fund your basic training.
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.
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.
The behaviour you advocate is completely reckless and downright fraudulent. I do not expect a moderator on this board to espouse those views - you are not encouraging discussion with your post; you are advocating a course of action.
Your assertions are completely incorrect, dangerous and reckless, and simply add to the problem that we have in this country of young people making poor financial decisions to enter flying training with little of no prospect of future employment, not to mention the lack of formal selection that many of the aforementioned candidates will undertake.
Regards,
Re-Heat
Chartered Accountant
Again I must dispassionately disagree.
Its not a poor financial decision - it is a very good one from a purely financial point of view.
I don't have a son or daughter who wants to get into aviation but its an excellent hypothesis from which to explore the merits and demerits of planned bankruptcy. I'm very pleased with this thread so far as both sides are being argued thoroughly.
Lucifer, if I may address your points from the perspective of my mythical 22yr old son now clutching a CPL/IR from the CAA in his hand:
* He has no assets other than his trainers and mobile phone and they really won't take them.
* You say the stigma will never go away. Short of paedophilia I don't think ANYTHING carries stigma these days, certainly not bankruptcy. Some of our finest business leaders have been bankrupt at some point...
* Pulish the bankruptcy wherever you like, for saving £87k I'd have him parade throught the town with a sandwhich board proclaiming the fact.
* Everyone I know who went bankrupt actually had the banks chasing them for business after 18 months. My Mum works for Barclays and they'll give you a current account and mortgage and credit card the day after your bankruptcy is discharged.
* Well if granny dies during the bankruptcy we will have changed the will for 2 years to allow for this - I called it planned bankruptcy for a reason.
* Fine close the accounts.
* He would only be planning to go bankrupt once.
* OK - so in future if he wants to join the Association of British Accountants Dining Club he might have a problem. But the Masons will still have him.
* He doesn't have a home or business or any other asset other than a FREE CPL/IR Frzn ATPL which has no monetary value and cannot be seized.
Cheers
WWW
Its not a poor financial decision - it is a very good one from a purely financial point of view.
I don't have a son or daughter who wants to get into aviation but its an excellent hypothesis from which to explore the merits and demerits of planned bankruptcy. I'm very pleased with this thread so far as both sides are being argued thoroughly.
Lucifer, if I may address your points from the perspective of my mythical 22yr old son now clutching a CPL/IR from the CAA in his hand:
* He has no assets other than his trainers and mobile phone and they really won't take them.
* You say the stigma will never go away. Short of paedophilia I don't think ANYTHING carries stigma these days, certainly not bankruptcy. Some of our finest business leaders have been bankrupt at some point...
* Pulish the bankruptcy wherever you like, for saving £87k I'd have him parade throught the town with a sandwhich board proclaiming the fact.
* Everyone I know who went bankrupt actually had the banks chasing them for business after 18 months. My Mum works for Barclays and they'll give you a current account and mortgage and credit card the day after your bankruptcy is discharged.
* Well if granny dies during the bankruptcy we will have changed the will for 2 years to allow for this - I called it planned bankruptcy for a reason.
* Fine close the accounts.
* He would only be planning to go bankrupt once.
* OK - so in future if he wants to join the Association of British Accountants Dining Club he might have a problem. But the Masons will still have him.
* He doesn't have a home or business or any other asset other than a FREE CPL/IR Frzn ATPL which has no monetary value and cannot be seized.
Cheers
WWW
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Why go down the bankruptcy route when you can instead enter into a voluntary arrangement with your creditors and get finance at a substantial discount? An example would be this....
Wanabee X manages to raise the £50k or so he needs for his training via a mix of loans and credit cards. After they have their shiny new licences they then go to the creditor(s) and say I cannot repay the debt and will delcare myself bankrupt unless you take say 40p in the pound for the debt I owe. 40p is not actually a bad return for the bank/credit card company and a darn sight more than nought if you went bankrupt! Various legal discharge documents get signed and hey presto you just got your training for significantly less and don't have the worry of bankruptcy following you around. If you don't want to deal directly with the creditors then there are a host of financial organisations willing to take a cut of the pie and play hard ball on your behalf.
Wanabee X manages to raise the £50k or so he needs for his training via a mix of loans and credit cards. After they have their shiny new licences they then go to the creditor(s) and say I cannot repay the debt and will delcare myself bankrupt unless you take say 40p in the pound for the debt I owe. 40p is not actually a bad return for the bank/credit card company and a darn sight more than nought if you went bankrupt! Various legal discharge documents get signed and hey presto you just got your training for significantly less and don't have the worry of bankruptcy following you around. If you don't want to deal directly with the creditors then there are a host of financial organisations willing to take a cut of the pie and play hard ball on your behalf.
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Membership at the Lodge generally involves giving money for charitable works. Bit hard if you don't have any.
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WWW,
I only stumbled upon the last few posts here but "Planned Bankruptcy", please tell me I am mis-interpretting your impression on this one. I surely hope you are not encouraging Fraudulent intent. Entering into any contract you know you will not be able to honour is illegal.
Notwithstanding that I do not wish to fund someone elses (through higher insurance levies) career path having already done it legitamitely myself. If someone gets into financial strife due to unforseen circumstances, so be it. But to deliberately load up a financial debt you are never going to even contemplate paying, that is illegal, immoral and I would certainly be concerned having someone as devious as that on my employee list.
What would be the next step, 'Backstabbers base bidding', 'Secret handshake roster preference'.
I only stumbled upon the last few posts here but "Planned Bankruptcy", please tell me I am mis-interpretting your impression on this one. I surely hope you are not encouraging Fraudulent intent. Entering into any contract you know you will not be able to honour is illegal.
Notwithstanding that I do not wish to fund someone elses (through higher insurance levies) career path having already done it legitamitely myself. If someone gets into financial strife due to unforseen circumstances, so be it. But to deliberately load up a financial debt you are never going to even contemplate paying, that is illegal, immoral and I would certainly be concerned having someone as devious as that on my employee list.
What would be the next step, 'Backstabbers base bidding', 'Secret handshake roster preference'.
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Dont do it
Of course borrowing money that isnt paid back will result in other pilots being unable to borrow from that source as it becomes uneconomic for the provider
to repeat the lending to others
This will result in lost opportunity for others who have the ability to pay off the debt to secure funding. This is I know part of a me-now culture - fashionable I know but selfish.
Isnt "planning" to do this a tad dodgy smacks of intent - I would not advocate this. Ive filled in too many forms that say have you any CCJs
etc (no time limit)
If you get a criminal conviction which may happen if it was proved that you set out to defraud (may happen) then the conviction it will appear on a standard and enhanced disclosure in perpetuity - you wont get a job anyway!
Disclosure is becoming more common these days so beware.........
I would argue against this "advice"
to repeat the lending to others
This will result in lost opportunity for others who have the ability to pay off the debt to secure funding. This is I know part of a me-now culture - fashionable I know but selfish.
Isnt "planning" to do this a tad dodgy smacks of intent - I would not advocate this. Ive filled in too many forms that say have you any CCJs
etc (no time limit)
If you get a criminal conviction which may happen if it was proved that you set out to defraud (may happen) then the conviction it will appear on a standard and enhanced disclosure in perpetuity - you wont get a job anyway!
Disclosure is becoming more common these days so beware.........
I would argue against this "advice"
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"All accounts closed: Bank accounts, credit cards will be closed. Anything that is being purchased by lease or HP, such as your car, will be immediately returned to its owner. "
A bit off topic but how do you get paid if you don't have a bank account? Used tenners in a brown paper envelope at the end of each day?!?
A bit off topic but how do you get paid if you don't have a bank account? Used tenners in a brown paper envelope at the end of each day?!?
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"All accounts closed: Bank accounts, credit cards will be closed. Anything that is being purchased by lease or HP, such as your car, will be immediately returned to its owner. "
A bit off topic but how do you get paid if you don't have a bank account? Used tenners in a brown paper envelope at the end of each day?!?
A bit off topic but how do you get paid if you don't have a bank account? Used tenners in a brown paper envelope at the end of each day?!?
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How bizzare that a moderator should use this forum as a soapbox to promote such potentially damaging advice.
I am not sure if you considered this bit of my previous post ?
If a person has acted unlawfully or recklessly in accumulating their bankruptcy debts, they can be subjected to a Bankruptcy Restriction Order which extends the restrictions on credit and business activities for up to 15 years.
That is not to mention the fraudulent aspect of such "advice".
Whatever your mum suggests, any accounts, credit cards or mortgages that may be offered the day after a legal discharge from bankruptcy are likely to be basic (if at all) and then at rates that reflect the risk. You might also consider that Banks regularly turn down applicants for such products that have never been subject to a bankruptcy.
I hope the rest of your advice is not indicative of this particular piece of prose, since I fear you may seriously undermine its gravitas if it is ?
HSBC has recently ceased to offer products aimed at Pilot career training, is it any wonder why ? Maybe you should point the wannabee bankruptees towards your mums branch ?
I am not sure if you considered this bit of my previous post ?
If a person has acted unlawfully or recklessly in accumulating their bankruptcy debts, they can be subjected to a Bankruptcy Restriction Order which extends the restrictions on credit and business activities for up to 15 years.
That is not to mention the fraudulent aspect of such "advice".
Whatever your mum suggests, any accounts, credit cards or mortgages that may be offered the day after a legal discharge from bankruptcy are likely to be basic (if at all) and then at rates that reflect the risk. You might also consider that Banks regularly turn down applicants for such products that have never been subject to a bankruptcy.
I hope the rest of your advice is not indicative of this particular piece of prose, since I fear you may seriously undermine its gravitas if it is ?
HSBC has recently ceased to offer products aimed at Pilot career training, is it any wonder why ? Maybe you should point the wannabee bankruptees towards your mums branch ?
re lucifer
Quote:
Originally Posted by Kerosine
Something like this can sound very tempting especially for young people like me, looking forward to an enormous amount of debt at such a young age, knowing we don't actually need to hold onto it (if you're prepared for the consequences of bankruptcy).
You are utterly mad to plan to enter bankruptcy before you have even borrowed!
WWW - can you not see that the consequence of you advocating such a route is completely reckless behaviour such as this?!
Essentially, our young friend here is now tempted to make a financial decision based upon a completely and utterly warped financial analysis that does nothing of ensuring sustainability of his/her financial decisions
Originally Posted by Kerosine
Something like this can sound very tempting especially for young people like me, looking forward to an enormous amount of debt at such a young age, knowing we don't actually need to hold onto it (if you're prepared for the consequences of bankruptcy).
You are utterly mad to plan to enter bankruptcy before you have even borrowed!
WWW - can you not see that the consequence of you advocating such a route is completely reckless behaviour such as this?!
Essentially, our young friend here is now tempted to make a financial decision based upon a completely and utterly warped financial analysis that does nothing of ensuring sustainability of his/her financial decisions
Chill your beans lucy, I'm not off my tits.
Dave
WWW is a bad influence, yes, however he is welsh.
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I am quiet shocked by WWW comments. "I stand by the logic of using planned bankruptcy to fund your basic training."
Where have we gone, whatever happened to decency, honour and hard work. What a role model!. "Here son, do this, it's illegal but don't worry, they'll never catch you". What other moral standard do you comprise on?
Your supposed to be a moderator for crying out load. You vigorously uphold and defend the rules of your own website, yet you flout the rules of this land openly. This is not stealing a pencil stuff, your openly supporting fraud. I am glad there is more than enough people to condemn you than praise you.
Where have we gone, whatever happened to decency, honour and hard work. What a role model!. "Here son, do this, it's illegal but don't worry, they'll never catch you". What other moral standard do you comprise on?
Your supposed to be a moderator for crying out load. You vigorously uphold and defend the rules of your own website, yet you flout the rules of this land openly. This is not stealing a pencil stuff, your openly supporting fraud. I am glad there is more than enough people to condemn you than praise you.
On a serious note...
Ok, please would everyoneone stop crying for a moment 
WWW has a right (I use this term loosely after seeing the grilling dished out on the "Pprune posting policy" topic) to express his opinion, and the right (caaareful..) to justify it.
Anyone on these forums that takes 'advice' on such important topics of bankruptcy at face value without any other research or professional opinion quite clearly should not be flying me to Tenerife.
Yes, I hear you scream, the young wannabes! I know, they are more easily influenced, without being condescending (I'm probably one myself), but they're not in a position to take out 50K of loans.
The people that are old enough to know better (and to declare bankruptcy) will not stand in front of the judge when delcaring bankruptcy and explain how a welshman on Pprune 'made me do it'.
Please let people express their opinions and allow them to discuss.
I think good on you WWW for putting forward something thought provoking.
Peace!
Dave
WWW has a right (I use this term loosely after seeing the grilling dished out on the "Pprune posting policy" topic) to express his opinion, and the right (caaareful..) to justify it.
Anyone on these forums that takes 'advice' on such important topics of bankruptcy at face value without any other research or professional opinion quite clearly should not be flying me to Tenerife.
Yes, I hear you scream, the young wannabes! I know, they are more easily influenced, without being condescending (I'm probably one myself), but they're not in a position to take out 50K of loans.
The people that are old enough to know better (and to declare bankruptcy) will not stand in front of the judge when delcaring bankruptcy and explain how a welshman on Pprune 'made me do it'.
Please let people express their opinions and allow them to discuss.
I think good on you WWW for putting forward something thought provoking.
Peace!
Dave
Last edited by Kerosine; 11th Jan 2007 at 14:03. Reason: Bad grammar
I didn't change the bankrupcy timescale from 7 years to 2. I didn't make it an easy and commonplace process to enter into. I didn't de-regulate the financial service sector to the point where they are standing at Freshers Fairs desperately trying to get students to take out maximum loans plus overdraft facility plus a credit card in exchange for immediate cash back and a shint clock radio.
The facts are simple.
You can easily rack up £50k worth of debt which you use on flying training.
You can easily then go bankrupt at a young age and lose nothing.
You can easily live with the shame and there are no significant downsides for the youngester taking the planned bankruptcy path.
I've never said it is moral or legal. I have said it is logical. Which it is.
Not my fault.
Cheers
WWW
The facts are simple.
You can easily rack up £50k worth of debt which you use on flying training.
You can easily then go bankrupt at a young age and lose nothing.
You can easily live with the shame and there are no significant downsides for the youngester taking the planned bankruptcy path.
I've never said it is moral or legal. I have said it is logical. Which it is.
Not my fault.
Cheers
WWW