"Tim" wrote in message
news:S5ednaFTn6cJG3ranZ2dneKdnZydnZ2d@bt.com...
>>>>>"Lord Turkey Cough" wrote
>>>>>> No point in offering him one as he doesn't want one...
>>>>>
>>>> "Tim" wrote
>>>>>Then how would the borrower intend on paying off the
>>>>>loan that he's just defaulted on, before the court makes
>>>>>him bankrupt -- and the house (and other assets) are all
>>>>>sold off to pay his creditors (including the unsecured loan) ?
>>>>
>>>Mike_B wrote:
>>>> Why would the court make someone bankrupt? Its
>>>> none of their business unless a creditor makes a petition.
>>>
>> "Ronald Raygun "wrote"
>>>That's the whole point. The lender whose loan the
>>>borrower has defaulted on would only be able to
>>>stand a good chance of getting their money back by
>>>petitioning the court to make the borrower bankrupt...
>>
> "Mike_B" wrote
>> With the average dividend on bankruptcy
>> being just a few pennies in the pound, ...
>
> The average is irrelevant here : we're considering specific
> cases where there *is* sufficient equity in the house to pay
> the debts, but even so the borrower has defaulted on the loan.
So what?
He took the high interest in return for high interest.
HE lost toughh sh*t.
No the banks and the bankrupt legal system is conspiring to defraud him.
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