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Using loopholes in the law to avoid paying your debts - discuss ;)
MrsTinks
Posts: 15,238 Forumite
OK as we seem to be clashign heads on this increasingly on threads I thought in order to avoid hijacking other peoples threads too much maybe we should have a thread where we could debate the moral and legal areas of this? 
If you'll excuse me - I need to go fetch my flack jacket and bomb proof helmet! :rotfl:
If you'll excuse me - I need to go fetch my flack jacket and bomb proof helmet! :rotfl:
DFW Nerd #025
DFW no more! Officially debt free 2017 - now joining the MFW's!
My DFW Diary - blah- mildly funny stuff about my journey
My DFW Diary - blah- mildly funny stuff about my journey
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Comments
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If DCA's don't have morals then neither do I!:D0
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Do the crime do the time i say
If you have got yourself into debt you should pay your way out.0 -
Now I'm in a position to actually to tackle my debts, I'm determined to repay everything out of my own pocket....no shortcuts
mssloanFree at last! Free at last! Thank God Almighty, I'm DEBT-FREE at last! (with apologies to Martin Luther King)
Debt Free Roll of Honor #4880 -
I can agree with the DCA point - after all at this point then the original creditor has sold the debt on at a loss anyway and DCAs are nothing more than vultures.
But surely if you take out a loan then you should repay the money?
Yes you could argue that the creditor shouldn't have lent you the money/so much money, but even if you used that argument wouldn't a far more moral thing to do if both are at fault that the bank merely do not profit from irresponcible lending? Meaning you still repay the loan but they can't charge you interest?
If you can't repay what you borrowed then isn't this what bankruptcy is for? Yes I suppose eitherway the bank doesn't get it's money but at least there is "punishment" on both sides - otherwise how will a bank know in future that you are an irresponcible customer and shouldn't be allowed to borrow because you are unable to do so responcibly?DFW Nerd #025DFW no more! Officially debt free 2017 - now joining the MFW's!
My DFW Diary - blah- mildly funny stuff about my journey0 -
FOR THE MOST PART, People dont go out of their way to take out loans and credit that will be unaffordable for them. No-one goes out to accrue massively unmanagable debt.
True people should try to live more within their means and the use of credit in everyday life is far to prevalent BUT the reality is debt solutions are available for when debts get out of control, not as a picnic for irresponsible borrowers.
I dont know if any of the sanctimonious first-stone-throwers among you have much debt but if you do i hope you never find yourself so far out of your depth for reasons that were beyond your control!
What is it exactly gives you the right to judge other people's morality?
By the time debts get to DCA, things have gone very wrong, you're probably drowning in debt, in these circumstances i say do what you gotta do and look after you and your family first!Would you ask the wolves to look after the sheep?
CCCS funded by banks0 -
I have an issue with people profiting out of other's misery. I do think that people should try to pay off their debts where possible. My issue is with DCAs who buy debts from the original lender for pennies and then bully people to the point that their lives are made a total misery. If people get out of paying these DCAs by some loophole or another then I have no problem with that. After all, the original lender won't get their money back even if you pay it 10 times over to the DCA.:A
:A"Everyone is a genius. But if you judge a fish on its ability to climb a tree, it will live its whole life believing that it is stupid" - Albert Einstein0 -
FOR THE MOST PART, People dont go out of their way to take out loans and credit that will be unaffordable for them. No-one goes out to accrue massively unmanagable debt.
True people should try to live more within their means and the use of credit in everyday life is far to prevalent BUT the reality is debt solutions are available for when debts get out of control, not as a picnic for irresponsible borrowers.
I dont know if any of the sanctimonious first-stone-throwers among you have much debt but if you do i hope you never find yourself so far out of your depth for reasons that were beyond your control!
What is it exactly gives you the right to judge other people's morality?
By the time debts get to DCA, things have gone very wrong, you're probably drowning in debt, in these circumstances i say do what you gotta do and look after you and your family first!
I DO have debt and have been a DFW for many year - I simply haven't got room in my signature for my details Has my debt been out of control? To me yes - have I defaulted on a debt? No - because I put repaying my debts before anything else when that happened. At the moment I can "comfortably" afford my debt and I'm repaying every penny of it.
I think there is a destinct difference between a DCA who's bought a debt and those who use small irregularities in the agreements to get out of paying the banks and CCs back what they borrowed. I think it's paramount to theft to refuse to pay anything back, to demand that credit files are wiped clean and no penalty at all is imposed on the borrower.
If you are drowning in debt then there are DMPs, IVAs and for those truely drowning there is the oppertunerty for a clean slate: Bankruptcy.DFW Nerd #025DFW no more! Officially debt free 2017 - now joining the MFW's!
My DFW Diary - blah- mildly funny stuff about my journey0 -
I can't argue with if you have ran up a debt then you should pay it, I live life on if you can't afford it don't buy it and aside from a mortgage and online protection of credit cards i plan to avoid credit if possible.
The point is however to consider the amount that you need to pay back and how you have been treated, where banks add high charges and interest rates and whilst being very unfair such as offsetting causing your rent and utility bill money to go towards a card/overdraft debt without your permission, i would politely say screw them.
Passing to a DCA is fair, but the actions some DCAs take isn't If a DCA has been threatening, broken OFT guidelines then I would refuse to pay. Morally you should pay, but morally why should you give in to the demands of unethical people (who are nothing more than bullies)
in the end, If they don't pay back debts, they won't learn, people will feel they can get away with it, and do it again... and one day there wont be a loophole!Although no trees were harmed during the creation of this post, a large number of electrons were greatly inconvenienced.
There are two ways of constructing a software design: One way is to make it so simple that there are obviously no deficiencies, and the other way is to make it so complicated that there are no obvious deficiencies0 -
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how is it nonsense, you shouldnt borrow the money if you cant afford to pay it back
Its called being responsibile with your money 0
2010 - year of the troll This discussion has been closed.
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