Do you live your life by your principles?

They were your principles he stuffed up his arse.

If we are talking about a loan (credit agreement / credit card / overdraft / mortgage etc) when you signed on the dotted line you were generating a promissory note (let's say the loan was £5,000).

So you made (through your actions) a £5,000 note - you signed it:

I andy.w promise to pay the bearer (the bank or any party the bank sells the promissory note onto) the sum of £5,000.

When you left the bank (with nothing) the bank was left with a £5,000 note - it is something they can use to buy things with (just like the £20 promissory note you have in your pocket) - or trade - or sell on - it's money.

How much did this £5,000 note (underwritten by you) cost them ?

I think the current reserves rate in the UK is 1:9 (someone who knows about these things might want to chime in here and clarify that figure) - so that £5,000 note (which you made and signed and promised to honour) cost them £555 - they bought a £5,000 note for £555.

This is why banks are fabulously wealthy private businesses.

yeah, yeah, yeah.....late i know but....

to add to this...a friend of mine just wrote off £7000 of debt from Egg. He just read LOTS and i mean LOOTTSSSSS of law books, law terminology and had big balls and had it cleared. It seems that you can disprove/prove you owe/are owed anything/nothing.

pffffff