The average predicted debt a current student will be leaving university with is £26,000, whilst students starting this academic year, their average debt will be soaring up to an astounding £53,000. The prospect of adding additional figures on to this extortionate amount after you have left university is almost unthinkable, despite the 'so-called' meagre monthly repayments. Former UWE student, Paul Broderick, is a prime example of a graduate who succumbed to the banks' wicked ways and found himself mounting up more debt than he had bargained for...
The Bankruptcy Diaries is a captivating novel that contains 21 chapters, each aptly titled with cleverly chosen sub titles in accordance to banking related quotes - 'Bankruptcy is like losing your virginity. It doesn't hurt the next time' was no doubt one that made me laugh out loud. Paul Broderick, who tells his tale through the fictional character, Paul Livingson, takes you on a fascinating and gripping journey from the post-university dread of having to delve into the 'world of work' through to the financial difficulties that gradually take hold of his life. Despite his student debts hanging unwantedly over his head, he still wants to live 'the high life' - and realises with a credit card, it all seems too easy.
The book is written in a diary format that allows you to track his financial deterioration over a seven year period. He lives well beyond his means, by attempting to live a life that is just simply unsustainable. Paul Broderick cleverly and nobly conveys one man's loss of control and his willingness to try and regain it again.
The brilliant sense of humour that is continuously conveyed throughout the novel is cleverly contrasted with the darkness of debts. It highlights the materialistic society we live in, and how some of us in British society live well beyond our means, as well as raising awareness of just how corrupt financial institutions really are.
The novel reveals an onset of sleepless nights, severe depression and an impending breakdown of a relationship. As letters from his banks make their reoccurring appearance on his door mat, the reader becomes gradually aware of just how easily these organisations are willing to give their money away - and Broderick demonstrates just how easily it can all be spent. Every time a letter slips though the post confirming an extension on his ever-increasing overdraft or from loan companies offering to lend unrealistic amounts of money, you find yourself desperately wanting to coax the author away from the financial demons, which continuously appear to haunt him throughout. He writes in the novel: 'What a state I'm in. I blame myself for being so reckless, but I'm also angry with the bank for allowing me to repeatedly max out and consolidate. They kept on feeding me until I'd stuffed myself to the point where I could no longer move.' His deterioration in mood is alleviated by the pivotal moment when he eventually sees the light at the end of the tunnel. His realisation of the corrupt state allows him to turn his life around and literally put a middle finger up to the system. It was fascinating to read how Broderick finally decided to take a firm stance against the system, plumping for default in a feat to savour his own health and well-being.
His father stands as a prominent - and a somewhat 'angel on your shoulder' - character throughout the novel, that enforces the disapproving views on credit cards and loan agreements, whilst his jet-setting friends provoke and encourage him to join them on booze-fuelled European ventures. In the words of Broderick, they were 'living like miniature kings on plastic thrones.' His father emphasises on him 'learning the value of money' - a view which reflects the more frugal, older generation, rather than the young.
As you become drawn further and further into the depths of his diary, the manipulating nature of banks and their exploitation of financially vulnerable individuals becomes vividly apparent. Broderick allows the reader to explore and question whose responsibility it is for the financial breakdown that an increasing amount of people seem to be facing. Is it the individual’s responsibility? Or is it more sinisterly the systems ploy to encourage mountains of debt, making slaves of us all?
This is a strongly recommended read to any university student, or anyone experiencing financial difficulties. Paul Broderick was once studying at UWE, accumulating the same standard university debt that we will all be leaving with at some point. Credit cards and overdrafts are too often looked upon as a means to acquire 'free money', but it is not - as Paul Broderick clearly demonstrates in his financial feat with demonic debts.
After reading the novel, I was intrigued to find out more, so I caught up with Paul Broderick to ask his views on claiming bankruptcy, who's to blame for the increase of debt in Britain and what advice he would give to us students who are destined - for what it feels like - a lifetime of debt.
What made you decide to produce your book in a diary format?
‘I experimented with a conventional narrative form at first but eventually decided that the diary format worked particularly well for this type of story where a lot of events are happening quickly and where some - mounting bills and debts – are constantly repeating. I liked the way it leant itself to changes of pace and the way I could bring characters in and out at various points.’
What would be your advice to students who contemplate getting credit cards during/after university?
‘Avoid them at all costs. University is where they suck you in by giving you overdraft facilities and credit cards by normalizing debt so that when you cross over into the world of work you’re already accustomed to having the bank’s debt products and continue to use them. Students tend not to be too concerned with the long-term and are more concerned with having the means to enjoy themselves – well, I certainly was – and don’t really stop to question why banks are happy to let them have credit. Having said that, I do remember wondering why the banks were offering various sweeteners and competing to entice you into banking with them but I suppose it was pretty obvious really.’
What are your thoughts on the rise in tuition fees and the debts students will be facing after they have finished? Do you think it's still worth going to university for?
‘The tuition fee thing is just another part of the neo-liberal, roll back the state agenda where the government washes its hands of a financial burden and education becomes just another industry. I thought it was bad when I graduated with £7000 worth of student loans and a couple of grand on an overdraft but the levels of debt students are forced to incur nowadays seriously changes the balance of work or study equation. However, you’re kind of backed into a corner – aside from the qualifications and skills to be gained that will enable people to have a much more interesting or rewarding life there’s also the ‘university experience’ factor. Despite the debt I think I’d still be keen to go and given my live for the now nature I’m sure I’d think it was still worth it.’
How did you manage your money whilst at university?
‘You won’t be surprised to learn that the answer to this one is awfully - despite having a part-time job.’
Your father seemed to have stood as quite a prominent figure throughout your book. Do you wish you took your father's advice at any point?
‘Again it comes down to attitude to life. Do I wish I’d been sensible, lived a good clean life and maybe owned a property? Despite the travails of the years of chronic indebtedness I had a ball during the good times and life is all about experience, after all, you never know when you’ll step out into the road and get mown down by the number 73.’
How did it feel when you realised that bankruptcy was the only way out of your situation?
‘It felt good to have arrived at a decision after all the prolonged procrastination and agonizing over my situation. By that point I just wanted to be free and didn’t care what it took to achieve that.’
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| Paul Broderick |
Would you advise bankruptcy to anyone who gets into a similar situation as you? How has going bankrupt benefited you?
‘Obviously each person’s circumstances will differ but I’d certainly advise in favour of default rather than spending years of your precious life in slavery and servitude to the financial institutions just to pay back debt (which isn’t even real) to line the pockets of bankers and shareholders. Freeing myself from debt through bankruptcy allowed me to begin living how I wanted to and by that I mean working a lot less and becoming a writer. I doubt I’d have managed it so easily, if at all, had I slogged myself silly for god knows how many years paying it all back. I think I’d have been finished as a person long before I’d made that final payment.’
What do you think are the major causes for the increase in debt in Britain? And who do you think is to blame?
‘Government, banks and individuals are all to blame. Firstly, Thatcher’s deregulation of the city resulted in the development of the credit industry that was handing out cards and loans during the boom years and imploring people to spend, spend, spend! New Labour continued Thatcher’s neo-liberal economic policies so government played a huge part. The banks were the ones handing out the money without caring whether people could pay it back, just so they could increase their profits so they too are also culpable. Finally, anyone who signs an agreement and takes out a card or loan must take individual responsibility for their actions (me included).’
What are you plans for the future? Do you plan on writing any more books? Giving people advice on financial difficulties?
‘I’ve got a few ideas developing in notebooks and will be starting a new writing project soon. I already give people advice on financial issues through my website but it isn’t exactly orthodox.’
Paul Broderick's book, The Bankruptcy Diaries, can be purchased online through Amazon. Be sure to also check out his website (www.iwentbankrupt.co.uk) and follow him on Twitter @iwentbankrupt.
Considering that I spent the majority of this summer flitting about in Bristol in my new humble aboad, managing three jobs and working at the odd festival here and there, I decided that I wanted to do something different next summer. Something exciting, yet rewarding. So I have taken the plunge and signed up to climbing Mount Kilimanjaro. That's right... I am climbing a mountain. Not just any mountain - a 5,895 meter beast! It's going to be tough (I have heard), both in the lead up to the climb, and the actual climb itself. Plans for fundraising events are already underway - if you have read my previous post about 'swishing', I am going to look at holding a 'swishing' party at UWE for students to come and swap their unwanted clothes for other's. I'm thinking raffles, cake sales, vintage hairdressers... 
The demonstration, which took place on College Green, was organised by Bristol Fawcett to present the findings of their compiled report to Bristol City Council.
In response, Barbara Janke, the leader of Bristol City Council, quoted: “We are consciously thinking about the three aims of the Equality Duty as part of the process of our own decision-making on our Medium Term Financial Plan.”