Neo Financial Solutions

The strategic default a convenient myth peddled by bankers

Struggling families and businesses are now being labelled as ‘Strategic defaulters, and being used by bankers and other elites as a distraction for their lack of action on the massive private sector debt issue which has spread like a cancer throughout the nation.

Some of those same elites have managed to see beyond their own comfort and introduced  the personal insolvency act but that has hit delay after delay and the Insolvency Service of Ireland still stands closed for business. This despite the desperate position of debtors who are waiting in the wings for the ISI to open its doors. These people … (yes they are people with families homes and children to feed) are suffering while the systems are being put in place and now they have the added stigma of being accused as strategic defaulters! They are being left in positions by banks and now the state that they have still no resolution to mounting debts and falling income. So if they are putting food on the table before they pay their loan repayments because they are being given no choice or false promises and by doing so being considered strategic defaulters well so be it! They are being labeled by those who are going to become irrelevant very soon.

The cry of strategic defaulters coming from the banks is merely the last dying gasp of an institution which is finally going to feel the pain for inflicting this massive cancer on the nation. A cancer which could have been treated by the same people 5 years ago but has been left to spread and become terminal. The debt forgiveness dam is about to burst and bring with it relief for those most in need and hopefully the downfall of those who should have been protecting the nation.

Paul C Carroll Accountant

www.neofinancialsolutions.com