writing off loans

woody01

stebiz wrote: »

Listen you ignorant XXXXX

This 'idiot' made a lot of money out of his business (hence the properties). I will admit I was a bit naive to money though, and I certainly never went out to play the system. The whole affair made me quite ill in 2001......I had been fighting on for several years.

The banks have a business model (well they were supposed to) and it is their fault that they lent thousands on worthless agreements.

After a break for a while from being self employed, I am now self employed again with no debts. I made a mistake which I wasn't willing to spend the rest of my life digging myself out of. Just like when people go bankrupt. New start.

Now crawl back under your stone:mad:

Stebiz

My stone is paid for and i dont have to fleece the system to stay there.

Who cares if you made money.....the fact that you didn't use it to pay bills shows that maybe you were not quite as astute in business as you seem to think.

never-in-doubt

aj2703 wrote: »

My apologies i meant to say one sentence. But one word or one sentence what does it matter, it's usually dribble that comes out of your mouth, nothing constructive or revelent to the post, so one can only summise it has to be for your post count. Either that or your completely stoned most of the time.:eek:

Eh Up mate - steady what you say lol - nowt wrong with being stoned all the time.... you know me - Mr Stoner himself! Cheech & Chong eat your hearts out hahah

never-in-doubt

aj2703 wrote: »

WELL,well,well you have actually posted more then one word in a reply. That won't be doing your post count much good. Best you get back to posting the usual one worded dribble that comes out of your mouth ~muppett~.

Isn't this a copy of the real Robert-Sterling mate? I think its a doppelgänger....

The real Robert is here: http://forums.moneysavingexpert.com/showpost.html?p=21696029&postcount=42

petermb_2

In the words of Brian Clough.
"Men, please behave like gentlemen"
This personal stuff is all very well but it wastes forum space and time.

sp74

Strewth! Its quite simple...
If you can't afford to pay your debts, expect to go Bankrupt!

Regardless of whether this recession is due to banks too willing to lend, or borrowers playing the system who can now not pay off out-sized debts. (not to mention those who borrowed millions to fund their buy-to-let habits).....

Why should the honest people all over the world now be paying for this 'extreme-debt culture' that has led us here?? I'm sure theres enough people who have recently lost their jobs, or struggling to run a business, that will simply say... Pay the Price!

Don't expect everyone else to pay for your misfortunes, us taxpayers are already paying for the failing banks, why should we all be footing the bill for those who can simply 'write-off' their debts!

naijapower

sp74 wrote: »

Strewth! Its quite simple...
If you can't afford to pay your debts, expect to go Bankrupt!

Regardless of whether this recession is due to banks too willing to lend, or borrowers playing the system who can now not pay off out-sized debts. (not to mention those who borrowed millions to fund their buy-to-let habits).....

Why should the honest people all over the world now be paying for this 'extreme-debt culture' that has led us here?? I'm sure theres enough people who have recently lost their jobs, or struggling to run a business, that will simply say... Pay the Price!

Don't expect everyone else to pay for your misfortunes, us taxpayers are already paying for the failing banks, why should we all be footing the bill for those who can simply 'write-off' their debts!

True talk.....

woody01

sp74 wrote: »

Strewth! Its quite simple...
If you can't afford to pay your debts, expect to go Bankrupt!

Regardless of whether this recession is due to banks too willing to lend, or borrowers playing the system who can now not pay off out-sized debts. (not to mention those who borrowed millions to fund their buy-to-let habits).....

Why should the honest people all over the world now be paying for this 'extreme-debt culture' that has led us here?? I'm sure theres enough people who have recently lost their jobs, or struggling to run a business, that will simply say... Pay the Price!

Don't expect everyone else to pay for your misfortunes, us taxpayers are already paying for the failing banks, why should we all be footing the bill for those who can simply 'write-off' their debts!

100% correct
It just seems constant that honest tax payers bare the brunt of anyone that cannot manage their finances.
Don't get me wrong, i have the GREATEST sympathy for anyone that has been made unemployed through no fault of their own.

What i have ZERO sympathy for is the people that have been made unemployed but borrowed to their absolute maximum when in work and made NO provision to be able to pay these debts once in a difficult position, then going crying to all and sundry to be bailed out.

Any assets (house/cars), should be sold before any of the 'get outs' used come into force.

petermb_2

naijapower wrote: »

True talk.....

You dont mind paying for the Huge mistakes that the banks have made but you do mind paying for those who seek compensation when the banks have got it wrong.

Dont forget that there has never been a penny paid in compensation where the lender got it right.

Lets have some balance here. Lenders do not offer compensation or even good will gestures and courts do not award compensation in instances where the lender was infallible.

So you can blame whoever you like and you can decry those that make claims against their lenders but if the lenders have been squeeky clean the claim will fail.

Simple reality. No emotion or morals involved. If you got it right you have nothing to fear. If you blew it...........you blew it.

It is a matter of public record that the banks and lenders blew it by being arrogant and greedy.

stebiz

woody01 wrote: »

100% correct
It just seems constant that honest tax payers bare the brunt of anyone that cannot manage their finances.
Don't get me wrong, i have the GREATEST sympathy for anyone that has been made unemployed through no fault of their own.

What i have ZERO sympathy for is the people that have been made unemployed but borrowed to their absolute maximum when in work and made NO provision to be able to pay these debts once in a difficult position, then going crying to all and sundry to be bailed out.

Any assets (house/cars), should be sold before any of the 'get outs' used come into force.

Woody I'm not talking about morals or sympathy. I'm talking about the law. I had a gang break into my house a few years ago, in front of my family, wanting my new car outside. I fought with them and took a glove off one. The police got DNA but the crown prosecution service would not sanction a trial, because there was not enough evidence. That was the law. We had to suffer (and my wife still does) for years after. But that was the law. I could do nothing about it.

I also had a problem in 2000 were a debt collecter rang 3 times a day asking for money. Very threatening. I rang the police and they said there was nothing they could do. I would need to pay for a private injunction to stop them.

Going back to the topic. Many of these agreements are unenforceable. Who said? Well not my local butcher or greengrocer. Not the local judge. But the highest law lords in this land. Morally I think it is wrong. But to be honest morally I think people going bankrupt is wrong. But laws are in place for a reason.

Stebiz

cyril82

petermb wrote: »

You dont mind paying for the Huge mistakes that the banks have made but you do mind paying for those who seek compensation when the banks have got it wrong.

Dont forget that there has never been a penny paid in compensation where the lender got it right.

Lets have some balance here. Lenders do not offer compensation or even good will gestures and courts do not award compensation in instances where the lender was infallible.

So you can blame whoever you like and you can decry those that make claims against their lenders but if the lenders have been squeeky clean the claim will fail.

Simple reality. No emotion or morals involved. If you got it right you have nothing to fear. If you blew it...........you blew it.

It is a matter of public record that the banks and lenders blew it by being arrogant and greedy.

Quite right, if for example you signed an agreement that had an extortionate interest rate because you didn't understand how interest works and just put your faith in the ever so nice and very helpful bank official when they told you "it's a very competitive rate" and now your paying them an absolute fortune, well that's your mistake and you just have to live with it right?

So if that person then notices that agreement is flawed and thinks, hmmm i might challenge this and they subsequently render the agreement unenforceable, well that’s the banks mistake and they just have to live with it too right?

It's a game of two halves, where we make mistakes and sign agreements we really should not have done we pay the price, where banks fail to compose or manage an agreement properly and they loose out on an unenforceability claim that's where they pay the price.

And the law supports this as we can not write off an agreement simply because we don't like the terms as long as the bank did everything the way they should have.

So where the banks lose out it is because of something they either did or didn't do, it's their own incompetence or underhandedness depending on what reason is for the agreement being challenged therefore banks are not victims of unscrupulous borrowers in these unenforceability claims they are victims of their own incompetence and/or underhandedness.