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writing off loans
Comments
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I think you are both right,i do agree that the "santa" loans scenario is why this wasbought in ,but there are the wont pay brigade like Stebiz who is just using it.He claims to have several properties but wont go bankrupt because they would be taken,by doing it this way he gets to avoid a 40K bill and keep houses in his name.Is this right?
Stebiz is a mixed example, he has obviously taken it to the extreme and perhaps been a bit irresponsible himself but when banks and lenders are happy to lend to, and over commit, people in this way simply because they have equity in assets they are, in my opinion, doing it with one greedy eye on the persons assets as if they lend x amount over 10 years for x amount of interest it is a not to exceptional deal for the lender but if they can repo this asset rich cash poor person in 12 months to 2 years and recover their money plus what they would have made in interest over 10 years plus default, legal and enforcement charges it becomes an exceptionally profitable short term loan.
Therefore in this case i think it is right that they got something, but not everything back, and certainly right that they did not get his assets.0 -
ok ..im with you on the, "banks have a greedy eye on his assets" bit,they did. But i think Stebiz debts were unsecured,he has written all his business in another thread on here.How he gave up paying and offered £5 a month to his creditors,knowing he had thousands tied up in 5 houses he could sell, and pay them back.
im half and half with this!! the fence is digging in my bum!TO FINISH LAST, FIRST YOU HAVE TO FINISH....0 -
R0bert_Sterling wrote: »Cyril82, you come across as a complete jackass.
and of course with comments like these you come accross as a balanced and reasonable, objective and generally respectable voice of wisdom that we should all bow down to. :rolleyes:R0bert_Sterling wrote: »your inane YAAWNNN'S showing a complete intolerance to anyone else's opinion.
Actually showing a degree of boredom at reading the exact same moral preaching, almost to the exact wording being thrown around time and time again by the same people, of which you are one, (not biased in your opinion of me are you?) it serves no purpose other than feed your own self righteous ego's.R0bert_Sterling wrote: »You need to respect that this is an OPEN forum, free for anyone to post and give their opinion.
They are also consumer/money saving forums, it would be nice to read a few more posts relating to that than having to re-read your's and others moral views over and over and over again...:rolleyes:R0bert_Sterling wrote: »If you don't like it, ignore it.
it would be easier to ignore if moral preaching didn't so heavilly out number relavent consumer related posts.R0bert_Sterling wrote: »Some of your posts are shockingly disrespectful calling people all manner of names.
You opened your post by calling me a jackass despite the fact i had posted nothing about you....that's a tad bit hypocrytical of you don't you think? 0 -
ok ..im with you on the, "banks have a greedy eye on his assets" bit,they did. But i think Stebiz debts were unsecured,he has written all his business in another thread on here.How he gave up paying and offered £5 a month to his creditors,knowing he had thousands tied up in 5 houses he could sell, and pay them back.
im half and half with this!! the fence is digging in my bum!
Well i'm with you on that, as i said i think he is a mixed case. I realise he borrowed a lot of money unsecured but lenders still do this with asset rich people because they know they can always appeal to a court for a charging order later or petition for his compulsory bankruptcy.0 -
that's a tad bit hypocrytical of you don't you think?
Nope!
A lot of your posts contain a lot of useful and informative information.
Unfortunately any respect you could acquire is completely destroyed due to the tirade of abuse you throw at anyone you don't like the opinion of.
Leave out the carp aimed at other posters, people will respect you. Hey, you may even gain as much respect as Clapton, jonesMUFCforever, Brock and the like.
You obviously know your stuff, your are just a jackass too.Beware of imitations e.g. Robert Sterling0 -
R0bert_Sterling wrote: »Nope!
A lot of your posts contain a lot of useful and informative information.
Unfortunately any respect you could acquire is completely destroyed due to the tirade of abuse you throw at anyone you don't like the opinion of.
Leave out the carp aimed at other posters, people will respect you. Hey, you may even gain as much respect as Clapton, jonesMUFCforever, Brock and the like.
You obviously know your stuff, your are just a jackass too.
That post made me laugh.
Ok so i'm a jackass that knows his stuff.....
And you are a man of sound morals that expresses them a little too forcefully at times....
Now i'll try and cut down on being a jackass and if you try and express your moral objections a little less forcibly we can both avoid clashing heads again..
Sound like a deal??0 -
ok ..im with you on the, "banks have a greedy eye on his assets" bit,they did. But i think Stebiz debts were unsecured,he has written all his business in another thread on here.How he gave up paying and offered £5 a month to his creditors,knowing he had thousands tied up in 5 houses he could sell, and pay them back.
im half and half with this!! the fence is digging in my bum!
I never actually mentioned how many houses I had. It was not the idea of the post. Whether it was 1 house or 100 I was trying to put across that I had thousands of pounds in collateral that I did not want to give away.
When you have been hounded by banks and hammered for interest and charges, like I had been. Brought to a near enough nervous breakdown. Sleepless nights.Laid staff off and closed up my business - you will understand just why I had no respect for them. It was nice to stick 2 fingers up at them.
StebizAsk me no questions, and I'll tell you no lies0 -
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R0bert_Sterling wrote: »Definitely.
I may be only one man... but I have the voice of many :beer:
Hmmmmm....i believe you, i have thought similar things about you for a while..;)0 -
I never actually mentioned how many houses I had. It was not the idea of the post. Whether it was 1 house or 100 I was trying to put across that I had thousands of pounds in collateral that I did not want to give away.
When you have been hounded by banks and hammered for interest and charges, like I had been. Brought to a near enough nervous breakdown. Sleepless nights.Laid staff off and closed up my business - you will understand just why I had no respect for them. It was nice to stick 2 fingers up at them.
Stebiz
Well...i sincerely hope, at some point, you are taken to the cleaners.
No wonder your business went to the dogs with your attitude to money.0
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