Irresponsible Lending and Settlements

PicqNicq

Hi All

I'm new so apologies if this has been asked/answered before - or if I've posted in the wrong section.

I have lots of debt issues at the moment - but this is a particular one I'm really not clear on.

To back up a little - I have just received an offer (which expires at the end of the week) for a 50% reduction on one of my credit card debts if I pay in full by the end of the week. The deal is with a company who bought the debt from my card-issuer.

I am happy to do this (with some assistance from my fab parents) but my question is this - if I do settle can I still go after the original card-issuer for irresponsible lending?

The card-issuer was also the bank with whom we held our current account, another credit card, a loan and a preference account. We are currently trying to claim back bank charges and PPI from them - but at the same time as they were charging us massive fees they were also increasing my credit card limit.

Has anyone had any experience of this? or just any advice please?

Thanks a lot

Budner

This kind of thing disgusts me. "irresponsible lending" ? They didn't force you to take it, it's irrespondible borrowing.

StuTheDon

PicqNicq wrote: »

Hi All

I'm new so apologies if this has been asked/answered before - or if I've posted in the wrong section.

I have lots of debt issues at the moment - but this is a particular one I'm really not clear on.

To back up a little - I have just received an offer (which expires at the end of the week) for a 50% reduction on one of my credit card debts if I pay in full by the end of the week. The deal is with a company who bought the debt from my card-issuer.

I am happy to do this (with some assistance from my fab parents) but my question is this - if I do settle can I still go after the original card-issuer for irresponsible lending?

The card-issuer was also the bank with whom we held our current account, another credit card, a loan and a preference account. We are currently trying to claim back bank charges and PPI from them - but at the same time as they were charging us massive fees they were also increasing my credit card limit.

Has anyone had any experience of this? or just any advice please?

Thanks a lot

Shocking - no one made you spend the money. If you settle are you going to give back all the items you bought with the cards? No - thought not.

To answer your question - yes, I believe that the F&F document will proclude you from "going after them"

thriftymomma

If youare getting 50% knocked off your debt anyway, why do you need to go after the bank anyway?

Degenerate

I'm just trying to get my head around how you would present an "irresponsible lending" lawsuit in court.

"I mean look at me, M'lud, would you lend me money?"

"Only the most irresponsible lender would lend to the sort of person who would turn around and sue them for it."

"Clearly I deserve to receive money as compensation for the trauma of receiving money."

Oldernotwiser

OP, I think that you may have posted this on the wrong board.

PNPSUKNET

I think you need hospital secure ward help, a magistrate is more likely to do you for wasting the courts time.

PicqNicq

Thanks to everyone for their opinions - you have confirmed my beliefs :cheesy:

bert&ernie

PicqNicq wrote: »

Thanks to everyone for their opinions - you have confirmed my beliefs :cheesy:

You do realise that the original creditor sold the debt for ~10% of its face value (which probably includes lots of unlawfull charges anyway) and wrote off the balance as a tax deductible loss don't you? The company who bought your debt stand to make a very tidy profit indeed when you settle at 50%.

Whoops, sorry, that was a little off-message for this forum. I should be telling you how you're very naughty and should be grateful for whatever the nice debt buyers offer you...

CLAPTON

bert&ernie wrote: »

You do realise that the original creditor sold the debt for ~10% of its face value (which probably includes lots of unlawfully charges anyway) and rote off the balance as a tax deductible loss don't you? The company who bought your debt stand to make a very tidy profit indeed when you settle at 50%.

Whoops, sorry, that was a little off-message for this forum. I should be telling you how you're very naughty and should be grateful for whatever the nice debt buyers offer you...

now I know you don't say this but you seem to be implying that

-you don't think business losses should be tax deductable
-that selling debt is somehow morally wrong
-that chasing debts is somehow morally wrong
-that debt recovery companies shouldn't make a profit.

interesting...

StuTheDon

bert&ernie wrote: »

You do realise that the original creditor sold the debt for ~10% of its face value (which probably includes lots of unlawfully charges anyway) and rote off the balance as a tax deductible loss don't you? The company who bought your debt stand to make a very tidy profit indeed when you settle at 50%.

Whoops, sorry, that was a little off-message for this forum. I should be telling you how you're very naughty and should be grateful for whatever the nice debt buyers offer you...

I'm sorry but this is irrelevant. If the OP borrowed the money they have a moral obligation to pay it back and not look for ways out by doing the company for wrongly lending the money.

If the OP is having problems paying it back then they should sell all the goods they bought with the card on Ebay and use that to clear some of the balance. But that wouldn't be fair would it?