Beat the Banks!

RockBadger

Hi.I recently learned from someone how they lost out big time a few years back.He was doing a home-study prep. course for a personal trainer exam,which was being held in an adventure centre in Scotland and from a world leading fitness training provider.The cost-around 1700 euro,which was paid in installments.Trouble is,shortly after paying the final installment,he learned that the centre had gone into receivership.To cut a long story short,he was told the banks were owed around £13 million and there was no money left for anyone else!Is that the end of that?What is this world coming to at all?!

Zambia

Depends on what the cash was for.

If I owe a load of people cash and all I have left is my house which is under mortgage to the bank.

If I go bankrupt. Once the house is sold the bank takes all the proceeds of its sale. And if there is more left after they recoup their money they would hand that over.

In this case there may not have been so the bank took all.

Because in the end the bank was the only one who had collateral.

Grolschevik

RockBadger wrote: »

!

Sorry, well off-topic, but that's the best username in ages. I want to call my band that!

RockBadger

Grolschevik wrote: »

Sorry, well off-topic, but that's the best username in ages. I want to call my band that!

Youre more than welcome to(and my rights fee is very reasonable!)

What was really killing him though was the fact that,would this centre not have known for some time that they were struggling?Literally weeks before they went under they asked this guy something along the lines of,"Will we be expecting your final installment soon?"
When he did pay and rang back some weeks later (and after a lot of ringing!) to book his exam date,he got word of the bad news.It was he who always made the calls to this place and he who had to contact the receiver to monitor progress.Never any letter or apology or anything from this place.
Thanks for your reply.

FreudianSlippers

Not really sure what this has to do with the banks, but there is always an element of caveat emptor when dealing as a consumer.
Yes, there is consumer protection legislation and yes he could attempt to get the money back but at the end of the day the money has to go first to the secured creditors and leftovers trickle down.

The world is not coming to anything - people are just becoming more aware of how financial markets operate. Unfortunately for everyone a lot of people with no knowledge of business and/or finances got involved way over their head and as a result lots of innocent people lost money.

RockBadger

Excuse my choice for the thread title.I know the banks are not at fault.Its just the completely unprofessional approach the debtors handled (or didnt handle!) their clients.

Zambia

RockBadger wrote: »

Excuse my choice for the thread title.I know the banks are not at fault.Its just the completely unprofessional approach the debtors handled (or didnt handle!) their clients.

True but thats business chances are you yourself have dealt with many a company sailing in choppy financial waters. As long as they kept their heads they come out the other side, you knew no different.

A lot companys survive on lines of credit. Otherwise one bad month could send them under.

Once you go under it sort of is out of your hands. You cant decide oh Mr A he was a nice man use the little we had to pay him.

RockBadger

Ah well as they say,once bitten....!Thanks all for your input.Many regards.

FreudianSlippers

Hopefully a genuine and full investigation will take place regarding the company's finances and someone will be restricted/disqualified as a director.