Ethics and banks

Stewart_78

I've got debts with multiple banks and am in a DMP with all of them. So far so good, only 30 years to be debt free. All of my debts are from the 90's and I'm pretty sure that there would not be any credit agreements in existence.

Now, part of the reason I am in this fix is because our bank were utterly ruthless with our company at the time of the crunch and I stupidly became the lender of last resort in order to keep people in their jobs. The banks had supported us up to then and encouraged us to expand into a new lease just before pulling the plug. I went into cards to cover wages etc. and kept the company afloat (it still is). But then all my card lenders ramped up my rates to 30 or so % and said I had to accept or close the accounts, which I couldn't as I needed the cashflow. I kept the business going but without the support of the banks, it was tough and I had to cut my wages to rock bottom and some staff did have to go. This led to me defaulting on my unsecured debts. I just couldn't manage the 30% APRs. So now my own credit is in tatters and I face a long, long time in the wilderness.

Of course, I made some stupid decisions. I should have switched off the lights and sacked everyone the day they pulled the overdraft. Hinsight is a wonderful thing. I didn't and that was my mistake but I did it for the best of reasons.

So, what sympathy should I have with these lenders who, looking back were utterly ruthless with me in my time of need. I was in trouble and they turned the screw. I have read loads about enforcability etc. etc. . All my defaults will fall off my file in 2016.

So, do I struggle and struggle for another few decades or do I behave in the way they did and take my advantage?

The irony is that if they had been fair to me, it might not have got to the stage where I am considering not paying them a penny.

ysbrydtawel

But can you get away with not paying them a penny, or would you end up getting into deep sh*t over it?

If you can somehow orchestrate it to your advantage, then I wouldn't blame you one bit.

happy_bunny_2

CCA them all. Pre April 2007 debts need a valid original signed CCA to be enforceable.

If you never paid or acknowledged a debt for 6 years or more its statute barred.

Presumably all off your credit fie by now?

The banks would screw you over without a thought..

ValHaller

I have heard there are banks in Essex, but I have never heard of ethics in banks.

Stewart_78

All defaulted in 2010 so end of 2016 they all fall off my file. The thing is I continue to pay them every month. I've had a couple run ins lately with our business bank and I just think they haven't changed. They just see us as a cash machine.

So, if they can't prove my debts in court, shouldn't I just stick two fingers up to them?

CKhalvashi

Stewart_78 wrote: »

All defaulted in 2010 so end of 2016 they all fall off my file. The thing is I continue to pay them every month. I've had a couple run ins lately with our business bank and I just think they haven't changed. They just see us as a cash machine.

So, if they can't prove my debts in court, shouldn't I just stick two fingers up to them?

From what you've said, I'd try everything I could to get out of this. They've been greedy, manipulative and have put you in a bad financial position.

We asked the bank in 2003, if they'd consider lending £5000 for a specialist van if we put £5000 + insurance upfront, and the answer was no (This was Lloyds, who are still useless from my dealings with them for others)

10 years on, we've grown to one of the largest companies in our specialism in the industry, having struggled the first few years, got running properly, and then struggled again, so never give up hope!

CK

iolanthe07

Banks have to raise the money to pay their obscene bonuses somehow. Always remember that they're not there to help you, only to screw you.