He's obviously slipped a digit on the costs (as others have done. Even top-notch gear only generates 500 plat worth of repairs for a level 14 character. That's not nothing, but it is less than the cost of the raise dead scroll the cleric used on you. Did you remember to tip your cleric?
XP debt seems almost meaningless at level 1-7 and level 14. Dying and failing to finish a quest at 10th or 11th level did set me back a long way coming up the ranks.. it could be quite demoralizing to finish, say South Threnal, and realize I was still in XP debt and as far from level 11 as ever.
it still hurts to die a those levels but I die a lot less now

I can make it up quicker since I do more guild runs and less PUGs than I did back then.