What can they do after SB

bargainbetty

ampafc wrote: »

This post, in a way, sums up everything that is wrong about many forumites and those that avoid their debts.

The fact that chasing money OWED by people can after any amount of time be classed as harassment, is just nonsense.

So company X loans person A GBP 5000. Person A refuses to pay the money back, or acknowledge in any way. After 6 years, company X asks for the money back, but is cited for harassment for doing so. And person A gets away with GBP 5,000 for free.

Some people are just horrible. People should pay back what they owe, end of story.

I do get your point, but many people do decide to pay back the sums. However, they do it on affordable terms and without fear of threat or harassment. Frankly, DCAs are known for bullying, screaming, threatening and terrifying the vulnerable into paying more than they can afford, so I'm not fussed if they have to wait for a bit once it has got to that stage.

Gordon_Hose

ampafc wrote: »

This post, in a way, sums up everything that is wrong about many forumites and those that avoid their debts.

The fact that chasing money OWED by people can after any amount of time be classed as harassment, is just nonsense.

So company X loans person A GBP 5000. Person A refuses to pay the money back, or acknowledge in any way. After 6 years, company X asks for the money back, but is cited for harassment for doing so. And person A gets away with GBP 5,000 for free.

Some people are just horrible. People should pay back what they owe, end of story.

This old, boring, chesnut. The Statute of Limitations is law.

If you want to blame anyone blame whoever passed said law.

RichL74

Ballsing up your credit rating and your ability to get credit for anything for 6+ years isn't always a case of getting free money.

Okay yeah you default and then play dumb and dont pay back the money you own, but you are still shafted for at least 6 years and a lot of things can happen in that amount of time, you might have kids, might need a car, something happens to your house etc that you need a loan for desperately and nobody is going to touch you with the proverbial !!!!!! stick are they?

So I dont think people are being clever that run away from their debts as you balls up a lot of things for a long time in my opinion.

Gordon_Hose

It's generally the case where people who bleat on about morals and paying what you owe have never experienced any kind of financial hardship through no fault of their own.

There are many reasons why people can't pay a debt back in full. More often than not their debt has been sold onto a DCA who feel that trying to bully and intimidate people into paying is the right way to go about things. It is no wonder people have started fighting back USING THE LAW!!

Good on them. The banks shafted the UK tax payer for much more thatn a couple of grand. Balls to them I say.

RichL74

Yeah, I guess paying £5 for someones debt then chasing them for £5000 is a bit unfair.

eyeopener2

ampafc wrote: »

This post, in a way, sums up everything that is wrong about many forumites and those that avoid their debts.

The fact that chasing money OWED by people can after any amount of time be classed as harassment, is just nonsense.

So company X loans person A GBP 5000. Person A refuses to pay the money back, or acknowledge in any way. After 6 years, company X asks for the money back, but is cited for harassment for doing so. And person A gets away with GBP 5,000 for free.

Some people are just horrible. People should pay back what they owe, end of story.

Maybe you should get down from the moral high horse, you will get a nosebleed.

I always find it strange when people try to push their own morals onto "forumites" as you call us. My morals are different to yours. I'm quite happy for people to us the Statute to avoid paying scumbag debt collectors £5000 especially when they have probably paid a fiver for it. No sympathy whatsoever with these people (including the commission hungry agents telling lies on the phone, bullying people and making their lives hell). Not much morality from Debt Collectors I think you will find.

I personally think the law regarding debt is quite generous. Other statutes are much shorter.

I believe everybody should follow the law as it is laid down, if you don't like it, get the law changed.

VitaK

ampafc wrote: »

This post, in a way, sums up everything that is wrong about many forumites and those that avoid their debts.

The fact that chasing money OWED by people can after any amount of time be classed as harassment, is just nonsense.

So company X loans person A GBP 5000. Person A refuses to pay the money back, or acknowledge in any way. After 6 years, company X asks for the money back, but is cited for harassment for doing so. And person A gets away with GBP 5,000 for free.

Some people are just horrible. People should pay back what they owe, end of story.

The statute of limitation period is an established part of british consumer law, and is based on the presumption that six years are more than enough time for a creditor to have taken the necessary action to collect a debt.

The OFT Debt Collection Guidance states that "continuing to press for payment after a debtor has stated that they will not be paying a debt because it is statute barred could amount to harassment contrary to section 40 (1) of the Administration of Justice Act 1970".

fatbelly

VitaK wrote: »

The statute of limitation period is an established part of british consumer law, and is based on the presumption that six years are more than enough time for a creditor to have taken the necessary action to collect a debt.

Yep that's the important point. Court action can be taken agaiinst the debtor at the last known address, so there's really no excuse for continuing to harass someone beyond the six-year point.

I'd like to see English law come into line with Scottish law - 5 years to chase the debt, then it is 'extinguished'.

DS4215

In law, the DCA cannot do anything once a debt is SB. However, that does not mean that any company involved has to deal with you again in future, so you might find in practice that you cannot do business with the lender again.

For a bank this might not be a problem *now*, but as the bigger banks takeover and merge with rivals there could be a day when no bank in the country will let you have an account. Not saying that is likely to happen, but it is a possibility.

eyeopener2

DS4215 wrote: »

In law, the DCA cannot do anything once a debt is SB. However, that does not mean that any company involved has to deal with you again in future, so you might find in practice that you cannot do business with the lender again.

For a bank this might not be a problem *now*, but as the bigger banks takeover and merge with rivals there could be a day when no bank in the country will let you have an account. Not saying that is likely to happen, but it is a possibility.

Silly scaremongering.