Credit Card & Loan Balance's Wipped Clean !!!

~Brock~

itsnever2lateisit? wrote: »

PROLIANT I think that culture has always been around, prosecuted by a relatively few number of individuals, some perhaps rightly, some seeing an opportunity to 'duck' their debt. Personally I have been amazed that lenders all to easily sell outstanding debt to DCA's for pennies in the pound. If someone owed me money I would persue them for the lot not sell it to another organisation at a loss for them to profit from. As soon as a DCA is on the case some borrowers are alerted to the fact that the original lender has 'given up' and might be further encouraged when that DCA makes an offer of say 50% of the outstanding debt in full and final settlement. Again if the debt is legally enforcable why only ask for half? Surely that alerts the debtor to the fact that it might not be enforcable.
Up to now the values involved have been relatively small, but in this new age of everyone for themselves (banks included) more will use this method and those ambulance chaser type see a new chance for quick profit by charging £££ for something that a court will do for free if you are that sure of winning.
Even with these increased levels I doubt it contributes much in the way of increased rates for everyone else, and certainly the need or greed of banks to bolster their balance sheets accounts for the bulk of increased rates and fees

In their adverts these debt wiping companies make no mention of DCA's - they do not distinguish at all. They are clearly giving the impression that something has changed in the law that allows 'most' credit agreements to be wiped. This is crap and they know it.

stebiz

Well I'm not here to stir things up, but wanted to give my pennies worth. I was self employed in the 1990's and built up about 40k on cards. I had a choice of re mortgaging my house and paying it off or defaulting. I chose the latter. I was probably one of the first who fought the banks over the legalities of their consumer credit agreements (before this forum was even up) and to date am close to making close on 40k of credit unenforceable.....I have a couple left, which I am awaiting court dates for!!

Now the morals. Yes I agree that it isn't morally right to do what I did, but neither is going Bankrupt. I have a friend who is self employed and he was owed 6k (a lot of money to him) and this guy went bankrupt on him. The other guy still had a lovely house though, and a lot of money in his wifes name.

Anyway like I say my debts are nearly sorted now. I still have 'houses' (plural) that are paid for.

I'm sure I'll get slagged off for this.

Stebiz

skintandscared_2

stebiz wrote: »

Well I'm not here to stir things up, but wanted to give my pennies worth. I was self employed in the 1990's and built up about 40k on cards. I had a choice of re mortgaging my house and paying it off or defaulting. I chose the latter. I was probably one of the first who fought the banks over the legalities of their consumer credit agreements (before this forum was even up) and to date am close to making close on 40k of credit unenforceable.....I have a couple left, which I am awaiting court dates for!!

Now the morals. Yes I agree that it isn't morally right to do what I did, but neither is going Bankrupt. I have a friend who is self employed and he was owed 6k (a lot of money to him) and this guy went bankrupt on him. The other guy still had a lovely house though, and a lot of money in his wifes name.

Anyway like I say my debts are nearly sorted now. I still have 'houses' (plural) that are paid for.

I'm sure I'll get slagged off for this.

Stebiz

Personally, I think that's despicable. You own properties outright but don't feel obligated to pay back what you spent on credit?!

stebiz

skintandscared wrote: »

Personally, I think that's despicable. You own properties outright but don't feel obligated to pay back what you spent on credit?!

No I sure don't. Why should I? It is survival of the fittest out there. I would rather my family have nice holidays, a new car, private tuition etc than pay back a debt that I don't have to.I know to some this might be hard to digest but so is footballers on 100k a week and bankers with 100 million pound bonuses. Incidentally I lost about 10k on shares with these banks in the last 12 months due to their wreckless lending. They still haven't learnt!!

Stebiz

skintandscared_2

I don't care what salaries people get who actually earn them. Why should other people pay to cover your debt with raised interest rates while you swan off and live a life of luxury? What gives you the right to spend someone else's money then relinquish the responsibility to pay it back? Who do you think you are?! Actually I don't believe you are for real, I think you are a troll on a wind up.

stebiz

skintandscared wrote: »

I don't care what salaries people get who actually earn them. Why should other people pay to cover your debt with raised interest rates while you swan off and live a life of luxury? What gives you the right to spend someone else's money then relinquish the responsibility to pay it back? Who do you think you are?! Actually I don't believe you are for real, I think you are a troll on a wind up.

With 2000 posts I don't think I'm a troll. I'm sure there are many around who agree with you. Please don't stand the high ground with me though. I have spent many hours accruing the 'small' amount of wealth and have no plans to give it away easily. I certainly don't live in luxury. The law gives me the right to relinquish my responsibility.

Stebiz

skintandscared_2

You probably spent quite a few hours spending on credit cards too. Where do you get the idea that you would be giving your money away? You should be paying back what you've already spent. Nobody else ran up the debt so why should someone else pay for it?!

If you don't think nice holidays, new cars and private tuition are a life of luxury then you're obviously not had to watch what you spend. Silly me, why would you, you just spend other people's money instead then walk away from it! Good luck to you. What goes around comes around.

stebiz

skintandscared wrote: »

You probably spent quite a few hours spending on credit cards too. Where do you get the idea that you would be giving your money away? You should be paying back what you've already spent. Nobody else ran up the debt so why should someone else pay for it?!

If you don't think nice holidays, new cars and private tuition are a life of luxury then you're obviously not had to watch what you spend. Silly me, why would you, you just spend other people's money instead then walk away from it! Good luck to you. What goes around comes around.

It was only the other day that you said you rented your house. I wonder if you had bought yours outright if you'd be as keen to refinance??
Stebiz

skintandscared_2

stebiz wrote: »

'Glass Houses and Bricks' - It was only the other day that you said you rented your house. I wonder if you had bought yours outright if you'd be as keen to refinance??
Stebiz

I have no idea what your point is with glass houses and bricks?? Where on earth am I being hypcritical?! You are right, I rent our flat. Because I can't afford to buy anything. My partner has a serious mental illness and can no longer work, so I'm struggling to cover everything myself. So I work overtime whenever there is any, and budget like a demon. And I'm entering a DMP so that I can pay back what I've spent (hopefully without horrific interest) when I could easily go bankrupt. We have nothing to lose except our pride by going that route. But one thing I would NEVER do is run away from my debts (although it sounds like I'd have a more valid excuse than you do to justify it, if I did!) If I had enough money to buy a house outright yes, I would pay off my debts!

stebiz

skintandscared wrote: »

I have no idea what your point is with glass houses and bricks?? Where on earth am I being hypcritical?! You are right, I rent our flat. Because I can't afford to buy anything. My partner has a serious mental illness and can no longer work, so I'm struggling to cover everything myself. So I work overtime whenever there is any, and budget like a demon. And I'm entering a DMP so that I can pay back what I've spent (hopefully without horrific interest) when I could easily go bankrupt. We have nothing to lose except our pride by going that route. But one thing I would NEVER do is run away from my debts (although it sounds like I'd have a more valid excuse than you do to justify it, if I did!) If I had enough money to buy a house outright yes, I would pay off my debts!

Why would you have a more valid excuse than me? You have never invested in property so you obviously you have not been rewarded for it. Instead you are paying a fraction of money back to the banks. They will have already sold the debts for about 10% of their worth. The only persons who will benefit are the debt collection companies. But if it makes you feel better??

Stebiz