I was watching one of those TV debt programmes the other day. You probably know the type – the ‘victims’ of the recession telling their woes and insisting that the situation they find themselves in isn’t their fault.
This particular couple had amassed approximately £40,000 of unsecured debt on personal loans and credit cards. The slant of the piece was that there was a legitimate loophole in the contracts of some lenders and card companies.
The loophole meant that the customer could challenge the legitimacy of the whole contract and insist that the provider was in breach of contract. They would then refuse to pay the outstanding debt.
Incredibly, the couple had all their debts cancelled.
Not a penny owing.
Mr and Mrs Smug (as they’re now referred to) sat there in all their glory feeling very proud of themselves.
What a disgrace.
They are the ones who got themselves into debt in the first place. They signed all the paperwork and knowingly took on the liabilities.
What ever happened to personal responsibility?
Integrity?
Honesty?
Added to the fact that they were also contributing to the bad debts of the banks, which in turn poured fuel on the credit crunch fire.
No wonder we’re in a pickle. Irresponsible lending by the institutions and irresponsible borrowing by the Mr and Mrs Smugs of the world.
When this credit crisis is all washed out, let’s hope they don’t get approved for the credit agreements next time around.
Have a great Christmas and New Year and let’s hope for a more economically positive 2009!
