Around 2008 when the market crash and people were losing their homes, many people filed for bankruptcy. I remember some banks posting that debtors had a moral obligation to pay their debt, no matter what the law said. My answer to them were, banks are not moral. The law gives exemptions to protect people's income. I believe Jesus would say....."What does the law say?" You follow the laws. The banks have to follow the same laws we do. There is no moral obligation to the banks. How say you?
Loans can be a good thing or a bad thing,
For instance transportation, and the all new electric cars that no one can afford to buy,
The only visible way for some is to take the car out on a loan for 4 years only having payed half of the cars value off, providing the car does standard milage, you can trade that car in and get a brand new one for another 4 years.
But what if you can't afford to pay that loan of anymore ?
Would it be moral to keep on paying and go without food ?
There is nothing moral about a lot of loans. There solely based on business.
And loans do provide desperate help for those in need.
I can't stand those people who have this moral view point that no one should ever take out loans.
Well they should try living in the real world, where by most people have no other option.
I was one of the lucky ones, I got the ball rolling before the debt collectors came, and what is moral about those people.
I basically got 65000 UK pound of unsecured debt from over 25 different lenders to be payed of @ 119.00 a week for the next 5 years. Instead of the original 1000 a week for the next 5 years
The best part is I got a cash Loan for the cars and not a higher purchase loan
Basically it was a loan to do what you want with the money, so I bought a car with it. That way if it goes bad for you they can't take your car of you 🙂.
So the good news is I have a house full of goodies and loads of boss power tools.
I bought Two cars, as I bought two of the same kind with the Loan, one for me and one for my partner, its saves you a fortune on mechanical bills, because you can fault find easy when you have two identical cars.
And instead of paying all theese 65000 loans of what was close to 1000 pound a month, I'm now paying them of at 119.00 a month.
And I still have all my goodies.
By time my 5 year agreement is up I will have 70 percent of the loans written off.
I think you could call that a moral victory 🙂 because to me there would have been no morality shown to me if I had not got an IVA in place
When a person can not pay back a loan,
A lone company will pester people to death. But if you manage to get a legally binding iva in place they can't touch you 👍.