Thread: Legal musings
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Old 13-10-08, 11:43 PM   #3
muffles
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Default Re: Legal musings

Yeah I get the feeling you would run into problems linking your default directly/solely to the credit crunch...

It would have to be indirect, because a court would never accept an argument that you had to have a loan/other form of credit to pay your mortgage, and the bank didn't provide it therefore are liable - they will just say your financial mismanagement meant you needed a loan & therefore that was the reason behind it.

If you then went on to argue something such as losing your job due to your company being unable to get credit and therefore having to make you redundant...it's getting more and more indirect and I don't think could be linked. Even then, the same argument as above might apply - OK, the world needs credit to go round, but banks aren't under an obligation to provide loans just because of that, and that's I think the key point.
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