Panorama: Can't Pay, Won't Pay

Extant

Anybody who indulges in this practice is disgusting and naive.

If you honestly don't believe it will come back to screw you over, you're wrong. One of the oft-quoted arguments against bank charges is that it's wrong to make the select few pay for everybody else. By doing this sort of thing, it's the few making the rest pay.

There's no such thing as a free lunch. You can be as a "pro consumer" and support "consumer rights" as much as you like, but we can and will recoup our money one way or the other.

credithelp

Hi everyone

I don't want to appear too sanctimonious, but you're all missing the bigger picture. The credit lending companies have made HUGE profits from their customers over the years. There are massive amounts of illegal and unenforceable credit agreements out there - the lenders know this because they've been acting illegally for some years now. Take the recent £7 million 'record fine' against Alliance & Leicester as an example:

http://www.fsa.gov.uk/pages/Library/Communication/PR/2008/115.shtml

The major lenders have been breaking the law for years and now the credit industry is waking up to the fact that their customers are starting to take action to redress the balance. The biggest lenders are moving cash off their balance sheets to cover future claims and they don't even care because those sums are insured.

They are trying to defend themselves by saying that the 'can payers' will suffer by the actions of the 'won't payers', but that's just a load of rubbish! The above example of Alliance & Leicester's 'record fine' hides the reality that they made a profit of 40 times the fine by mis-selling the PPI! Don't you think that they have already set money aside from these profits to refund their customers? It reminds me of drug dealers doing what they do because the profits far outweigh the repurcussions. It's not even as serious as that, because no-one from the credit lenders will ever go to prison as a result of their actions - for them it's a WIN WIN situation!

If you have been mis-sold any financial product, or if you have an illegal credit agreement then my attitude is REDRESS THE BALANCE. If you can write off a huge debt, or get compensation for having been hoodwinked into overpaying for a product that will never benefit you and if that makes you feel bad, then donate the proceeds to your favourite charity and do some good with it!:A

maxdp

Kizan wrote: »

Hi everyone,

I'm a forum newbie so please be gentle :wave:

I'm sure I must be typical of quite a large number of people in as much as when times were normal and business was good I run up 2 credit cards and took a large unsecured loan of £20k plus. For the last 3 years or so I've had no trouble meeting payments but now the credit crunch is really hurting me, I'm self employed, and I'm really struggling to pay the bills every month and there is a real danger I'll go bust. I've therefore been looking very seriously at loads of companies on the internet claiming they can legally wipe out all your debts. So far I've been unable to find any who will work on a success fee basis (no win, no fee). All appear to want £395 up front AND a % of any monies "written off" as a success fee. Most of these companies feel like a scam to me, or at least a MLM scheme. One in particular who have hordes of sales people and advertise on local radio - I might get censored for revealing their name, so as a clue the word "CAR" is in their name, that's all I can "TELL" you!!!

Have any of you come across a genuine, professional company who could look into the possibility of looking at my loan and 2 credit cards to see if they could be legally written off, without taking my eyes out in the process?

Please pm me if you either know of such a company or indeed can help me yourself.

Thanks in advance for your help people.

Hi

Did you have payment protection insurance on these ?

Also the company you are suggesting CAR charge you that cost to just look into the debt and you pay that whether they can help you or not. Do not go with these they are sharks.

maxdp

BarclaysManager wrote: »

Anybody who indulges in this practice is disgusting and naive.

If you honestly don't believe it will come back to screw you over, you're wrong. One of the oft-quoted arguments against bank charges is that it's wrong to make the select few pay for everybody else. By doing this sort of thing, it's the few making the rest pay.

There's no such thing as a free lunch. You can be as a "pro consumer" and support "consumer rights" as much as you like, but we can and will recoup our money one way or the other.

Oh yes we know Barclays will come and get you. If they spent as much time treating customers fairly as they do sending out blank cheques etc and hiding behind small print the world would be a better place. I am glad you are proud of working for Barclays, I was with them for 35 years and in the last year was treated appallingly. I went in to discuss with an adviser and she was totally unprofessional, trying to pull the wool over my eyes and trying to sell me insurance:rolleyes: Good luck to you and hope you sleep not too well at night.

Just do not get on here and judge people who are genuinely in a lot of debt and have major problems. Mind you the way things are going you may well be on here soon asking for help:rotfl::rotfl::rotfl:

petermb_2

BarclaysManager wrote: »

Anybody who indulges in this practice is disgusting and naive.

If you honestly don't believe it will come back to screw you over, you're wrong. One of the oft-quoted arguments against bank charges is that it's wrong to make the select few pay for everybody else. By doing this sort of thing, it's the few making the rest pay.

There's no such thing as a free lunch. You can be as a "pro consumer" and support "consumer rights" as much as you like, but we can and will recoup our money one way or the other.

The Banker shows his true colours.

stationaryace

petermb wrote: »

The Banker shows his true colours.

I don't think he's referring to the people on here, but to that arrogant couple who think they are so special that they don't have to repay money they borrow. The idea that you can borrow money and then deliberately look for loopholes to get out of paying, not because you can't afford to but simply because you don't want to, is very short sighted. The more people who use this tactic, the longer banks will spend drawing up agreements checking absolutely every detail and the longer, not to mention harder, it will be for anyone to actually get their hands on any money :mad: it's already tedious enough trying to deal with banks without it being made harder!

POSSETTE

As i read somewhere before..if there was a spelling mistake or no signature representing the bank on your SAVINGS account..then that means it is not legal too,therefore the bank can keep your money?

marshallka

POSSETTE wrote: »

As i read somewhere before..if there was a spelling mistake or no signature representing the bank on your SAVINGS account..then that means it is not legal too,therefore the bank can keep your money?

A lot of people making claims against banks start off claiming for just the PPI being missold and get told by the bank "you signed the agreement so that is that". Now if they have no recourse through the FOS and are struggling to make ends meet then why should they not claim back for the same reasons.

POSSETTE

i agree with getting PPI back that was missold..BUT its getting really petty when your arguement is the spelling of the word "settlement" being wrong!!! or signature in slightly wrong place.both of these were previous posts in this thread..that is just someone trying to get out of paying for what they have had..

POSSETTE

((I took out my loan when I could afford it...when I had my situation changed and I could no longer afford to pay the full amount I paid £80 a month (more than I could really afford, they could see this from incomings and out goings, I was not a won’t pay but a could not pay) They would'nt reduce the rate. I have no assets, no house etc and ecause of my income wouldn’t lose out because they would just sell my debt on))

i do agree with your offer of 80 being reasonable,they were stupid not to take it...BUT could i ask what was the loan for?when you say you have no assets..what do people do with the loan if they dont buy something material that is sellable if ness?