I would like to see a big change in bankruptcy law. At the moment someone can be made bankrupt and have to face a lifetime of not being able to buy their own house or possibly not able to ever get credit ever again. However the law is one sided and penalises consumers where there has been neglect from financial organisations. Where it is proven financial organisation has neglected the consumer – e.g. Where a bank has made heavy bank charges which has put a consumer into a black hole forcing them into bankruptcy and having their home and possessions repossessed – it should be much easier to sue the organisation that has caused the problem. Where financial organisations are proven to have neglected consumers and as a result the consumer has literally lost everything, they should be forced to admit they made mistakes and didn't help in the correct way. If a consumer is facing bankruptcy even though the financial organisation is at fault, then the bankruptcy should take this into account and the financial organisation should be forced to wipe off all debts and pay out compensation for the stress and worry they have caused. The financial organisation should also be forced to sign to say they have made mistakes and let the consumer walk out of bankruptcy immediately. They should also be forced to wipe any 'black' records off credit reference files and they should be forced to lend to that person again in order for them to get back on their feet.

Why is this idea important?

My idea is important because over recent years we have seen financial organisations declare record profits at times when the average person is struggling to keep their head above water. We have seen banks charging rediculous 'fines' (I refer to these as fines as that is literally what they are) for people going a few pounds over their overdraft limit. It is these 'fines' which have often tipped people over the edge. We have seen an increase in people getting behind on mortgages, loan repayments, car finance as a result of bank charges over recent years. When this happens it puts the consumer in a very bad situation and as many people who have been 'fined' by the banks will know, one 'fine' can lead to several 'fines' with catastrophic effects. It can lead to homes being repossessed, cars being repossessed and even bankruptcy. This is very unfair particularly as the financial organisations are often at fault and could have helped more. Financial organisations do make mistakes even though they like to think they never make mistakes. Like everyone on the earth, they are human beings running these organisations and one of the biggest flaws of being human is that we make mistakes from time to time. A change in the bankruptcy law is important because many people in the UK are facing meltdown, often as a result of bad practice in the financial industry. It is often simple mistakes made in a bank e.g. where a consumer has been notified that direct debits and standing orders have been setup when they haven't (believe it or not, this happens) –  that can cause catastrophic problems.

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