Realistic settlement on £25,454 - ideas please!

[Deleted User]

Personally i couldnt give two monkeys about Cabot, and i certainly dont care for how much they bought the debt for and how its unfair that you couldnt have just bought the debt yourself.. thats surely whats being proposed.

If you didnt spend money on credit and Cabot were after you then i would certainly be taking up the unforceable debt route.

However, if youve spent £20k of borrowed money and now just want an easy way out of it then Shame on you, personally that disgusts me, this money that was so 'Irresponsibly' lent to you must be paid back somehow.

It makes me laugh really, the rest of us hardworking people will have to pay it off for decades to come, thanks a bunch.

Hippocampus, it seems you have a hate campaign against Cabot, you keep fighting the fight, you obviously have nothing better to do with your time

Hippocampus

Supercharge_Me wrote: »

Personally i couldnt give two monkeys about Cabot, and i certainly dont care for how much they bought the debt for and how its unfair that you couldnt have just bought the debt yourself.. thats surely whats being proposed.

No, it's NOT what is being proposed, as it is quite clearly impractical to expect a financial institution to sell you your own debt. I merely question why it is morally justifiable to sell a debt to a 3rd party for a far lower amount than they may realistically have expected a debtor to repay in Full and Final. Please do not deliberately try to muddy the waters.

I however, DO care what Cabot pays for its portfolios, because this does have a bearing on what might be regarded as a fair settlement.

If you didnt spend money on credit and Cabot were after you then i would certainly be taking up the unforceable debt route.

However, if youve spent £20k of borrowed money and now just want an easy way out of it then Shame on you, personally that disgusts me, this money that was so 'Irresponsibly' lent to you must be paid back somehow.

It makes me laugh really, the rest of us hardworking people will have to pay it off for decades to come, thanks a bunch.

Again, you appear not to be able to differentiate between your arm joint and your posterior. Quite how you arrive at the conclusion that the way the debt purchase industry is treated affects you in the slightest, only you can tell.

Hippocampus, it seems you have a hate campaign against Cabot, you keep fighting the fight, you obviously have nothing better to do with your time

Yes, I DO have a hate campaign against Cabot. And until such time as they acknowledge, even in private, that they are chasing a non existent debt in my case, I shall continue to do so. If that appears objectionable to you, then so be it. I make no apology whatsoever. I long for the day when the entire debt purchase industry sinks back into its own mire. It's called having a social conscience. A notion that I fear is alien to you and your ilk.

[Deleted User]

Hippocampus wrote: »

Again, you appear not to be able to differentiate between your arm joint and your posterior. Quite how you arrive at the conclusion that the way the debt purchase industry is treated affects you in the slightest, only you can tell.

If Natwest for example allow a debtor to settle his debt of £10k at say £2k, not only would they get hundreds of thousands of people in the same boat doing the same thing, it would be a settled debt on the debtor credit rating and would damage the brand.

That said, if Cabot buy the debt at (as you say) £1k, that leaves £9k that Natwest have to write off. Suppose there are a thousand of these accounts sold off, that would equal £9mil right?, well thats probably just a fraction of the true amount. If you remember a couple of months ago, our lovely government sent the banks a few quid to cover up these nasty black holes. Well that same government need to get that money back somehow, any ideas how?;)

I think its you who is only considering things in black and white.

Good luck on your war against the evil Cabot though

Hippocampus

OK, so the country is in the mess it is in because of all those nasty money grabbing scum that refuse to pay their debts. Is that what you are saying?

Absolutely nothing to do with the abismal fiscal policies of our bastions of finance whtsoever. Obviously. The fact that they bought so firmly into the "let's lend money to everybody regardless of ability to pay" fantasy has contributed not a jot to the current crisis? Do you REALLY believe that?

OK, let's turn it around a little. You are saying that indebtedness is all due to the fact that people have borrowed beyond their means, but regardless of circumstances, they should just accept that they have been stupid and repay their debts. That being the case, it would be eminently foolish if they were to go out and borrow further, thereby compounding the problem.

But wait. That is EXACTLY what the banks have been doing. In an all out money grab, they have mismanaged their money in the most appalling way, and went cap in hand to the Government, yelling POVERTY!!!

And our wonderful Government agrees!! We CAN spend our way out of recession, and even gnashes their collective teeth when those very banks are now exercising caution when it comes to their lending criteria. The world cannot function without credit, they say. And yet it is the easy availability of credit that got us as a nation into the mess we are in.

OK, my last words on this and the double standards in this argument: POT, KETTLE, BLACK.

NickX

Supercharge_Me wrote: »

If you remember a couple of months ago, our lovely government sent the banks a few quid to cover up these nasty black holes. Well that same government need to get that money back somehow, any ideas how?;)

The government are also requesting a 12% interest rate on the monies that they have lent to the Banks.

Then Base Rates are dropped through the floor. Nice and Consistent that one :rolleyes:

[Deleted User]

Hippocampus wrote: »

OK, so the country is in the mess it is in because of all those nasty money grabbing scum that refuse to pay their debts. Is that what you are saying?

Absolutely nothing to do with the abismal fiscal policies of our bastions of finance whtsoever. Obviously. The fact that they bought so firmly into the "let's lend money to everybody regardless of ability to pay" fantasy has contributed not a jot to the current crisis? Do you REALLY believe that?

OK, let's turn it around a little. You are saying that indebtedness is all due to the fact that people have borrowed beyond their means, but regardless of circumstances, they should just accept that they have been stupid and repay their debts. That being the case, it would be eminently foolish if they were to go out and borrow further, thereby compounding the problem.

But wait. That is EXACTLY what the banks have been doing. In an all out money grab, they have mismanaged their money in the most appalling way, and went cap in hand to the Government, yelling POVERTY!!!

And our wonderful Government agrees!! We CAN spend our way out of recession, and even gnashes their collective teeth when those very banks are now exercising caution when it comes to their lending criteria. The world cannot function without credit, they say. And yet it is the easy availability of credit that got us as a nation into the mess we are in.

OK, my last words on this and the double standards in this argument: POT, KETTLE, BLACK.

No at all, how you interpret my opinion is completely up to you, it seems you have taken it extremely personally as you may relate to it?

"let's lend money to everybody regardless of ability to pay"

Interesting, is this what they said to you? if so, why did you borrow it?