Unenforceable Credit Agreements

PROLIANT

Ok for arguments sake, you get the debt written off...hmmm:think:, I will gaurantee that the lender will mark the account as defaulted, too right, I mean the typical selfish british society carries the mind set "As long as I $h|t on someone elses lawn, it don't effect me"...so wrong.

PROLIANT

NickX wrote: »

From someone who I know has had difficulties in life and financial pressures in the past, I am shocked that you should say "tough !!! manage your money better".

You know as well as I do that its not that simple, events can take an unexpected turn for the worse and financial problems cannot always be avoided.

Yes you correct Nick but I have learned the hard way and done something about it, I get paid from my pi55 poor IT Manager salary every month then schedual all of my financial commitments and what ever I have left I share between my partner and "sometimes" treat myself if I have the spare coin, I see so many selfish people in life, more so on this website, play the game but play it without being greedy and selfish.

NickX

PROLIANT wrote: »

Ok for arguments sake, you get the debt written off...hmmm:think:, I will gaurantee that the lender will mark the account as defaulted

Now this is an interesting point - ofcourse the Card Company will want to leave you with a marker along the lines of "never lend to this individual again under any circumstances" but as the debt was deemed unenforceable can they do this ??

These so-called "debt write-off" companies have not commented on this, I suspect there has got to be some case law regarding this though. Perhaps pt2437 could comment ? Thanks in advance.

NickX

PROLIANT wrote: »

I see so many selfish people in life, more so on this website, play the game but play it without being greedy and selfish.

There are so many moral arguments that could take place here.

I will openly admit to taking the Card Providers for £1000s.

I have done this quite legally through stoozing. Stoozing is accepted on these boards as quite an acceptable way of saving money and is not frowned upon.

However, when you actually analyse it, to make money from stoozing you need to be relatively well off in the first place. You need no "real" debts because you are going to re-invest the money that you borrow. You then earn further money from the Credit Card companies. How do the Card Companies allow this ?? Well they hike up the interest rates for the people who can't get 0% promotions and are stuck on the extortionate standard variable rate.

What I am getting at is that stoozing is a case of "The rich getting richer, the poor getting poorer". So I would go as far to say that stoozing is selfish and greedy (and yes that includes me).

In the same way, if people who are not as well off have an opportunity to get into a better financial position through legal technicalities then who am I to begrudge them that chance ?

At the end of the day, I do honestly feel the occasional tinge of guilt for those struggling with debt, I do not have any guilt for the Card providers though, they are sharks and their sole aim is to relieve us all of our hard earned cash.

PROLIANT

Several valid points there Nick, I guess that it just boils down to individual opinion here and both you and I see things in life from a different perspective, I know what it is like to struggle financially and worry about where my next meal was coming from, I know what it is like to be on the receiving end of a debt collectors wrath, however I know what is important in life and that is integrity. Not by any means am I saying that I am perfect and a model British citizen, far from it actually but what I am saying is that if you lend me some money at an agreed rate or deal then I will pay you it back, I will not ask to borrow that money if I can't afford to pay it back to you, simple as that. Sorry if my simplistic attitude is not making any logic but that is they way I work...end of.

NickX

PROLIANT wrote: »

if you lend me some money at an agreed rate or deal then I will pay you it back, I will not ask to borrow that money if I can't afford to pay it back to you, simple as that. Sorry if my simplistic attitude is not making any logic but that is they way I work...end of.

No I understand your logic completely, it does show integrity and is a commendable attitute.

Unfortunately I am an old cynic and I tend to think that either people or companies with your values are few and far between these days. Sad I know.

johnllew

NickX wrote: »

stoozing is selfish and greedy

How do you justify that?

I've been "stoozing" for nearly 15 years and have profited by over £100k in that time but don't regard myself as either selfish or greedy. Selfish implies being "chiefly concerned with one's own interest especially to the total exclusion of the interests of others" - by contrast, for years I've been happy to pass on my experience and advice (FWIW) here and on other forums so that others can benefit.

Greedy?: "Excessively desirous of wealth"? I don't think so but it certainly has made life easier and led to my early retirement. If I had been greedy, I would have kept on working to amass even more wealth.

Perhaps you were just speaking for yourself?

NickX

johnllew wrote: »

Selfish implies being "chiefly concerned with one's own interest especially to the total exclusion of the interests of others" - by contrast, for years I've been happy to pass on my experience and advice here and on other forums so that others can benefit.

Greedy?: "Excessively desirous of wealth"? I don't think so but it certainly has made life easier and led to my early retirement. If I had been greedy, I would have kept on working to amass even more wealth.

Perhaps you were just speaking for yourself?

Well my comments were personal opinions, I know others will not necessarily agree. I'm just basically trying to put the issue of challenging CCAs in perspective.

To answer your question I personally feel an element of greed and selfishness by stoozing. Just as you do I also like to pass on my experience and advice to others. Hopefully you have noticed this on here.

But lets be clear, stoozing is about maximizing my profit margins, not the profit margins of the card companies or relieving the debt of those struggling on sub-prime cards.

IMO the greed of the stoozer is dwarfed by the greed of the corporations.

Walletwatch

NickX wrote: »

But lets be clear, stoozing is about maximizing my profit margins, not the profit margins of the card companies or relieving the debt of those struggling on sub-prime cards.

I couldn't agree with you more. In fact, stoozing is about minimizing the card companies' profit margins, since the stoozer never really allows his card to have any outstanding balance outside of the 0% period, while the card issuer on the other hand, is offering you the 0% in the hope that you will continue to carry that balance after that period as well, netting him interest income on the
However, that does not compare with depriving the card company of the entire principal amount (or even part of it for that matter). That is not rightfully yours (unlike the interest earned on the stoozepot during the 0% duration), and if at the end of the 0% deal, you find it convenient to not pay the principal amount at all, that is simply daylight robbery.

Doublespresso

Thanks for the lively debate, but if you don't mind I'd like to move away from the moral question and get back to the real topic of this thread, i.e. has anyone successfully and legally managed to write their CC debt off?
If yes, on what basis? Which Bank or CC? Were there any consequences (e.g. credit rating damaged etc)

Apart form the informative value, I feel that unless the above is clarified, there will be PLENTY of desperate people signing up to these agencies handing over advance fees and getting into deeper trouble.