Why bother paying debt??

harveybobbles

If they lived in council/housing association property then theire is no risk of it being taken off them

Hatecreditors.com

happy_bunny wrote: »

Only way to help this is if you were paying less than min payment by quite a bit. In which case you could complain to creditors that they should have defaulted you.

Have a read of these, including the DMP section and the bit on being no worse off than someone who made no attempt to pay.

https://forums.moneysavingexpert.com/discussion/3172602

Thanks for the link. This has just compounded by frustration.

So if you pay a less than acceptable amount they default you which falls off after 6 years. If you pay an acceptable amount they mark your credit file in a negative light until the debt is settled which will remain on the file for 6 years from settlement date (in my case 11 years from start of DMP).

So basically I’m being punished for paying too much! I wish I had of known all of this and I wouldn’t have paid a penny back until they all defaulted me.

Again, how can this be right?

lazer

Its not right - but neither is a lot of things regarding debt.

The writing off after 6 years should not exist - the interest should be limited to no more than inflation but it shouldn't be written off - especially if the person has moved house and is no longer at the address - it is their responsibility to inform the credit card company or whoever.

I think if you know the details of the creditors of your cousin and as the 6 years is not yet up - I woul send them details of his new address - its not right that they can jsut walk away without paying.

ShootForTheMoon

Can see both sides of the coin here...
I'd never turn my family in to the creditors - it's his choice to behave in that way... BUT, I am a firm believer in karma...

Debt is a choice, it's not our money... We spend that money and pay it back. It's only right.
Don't get me wrong, I don't agree with the extortionate interest rates and the sometimes immoral ways of lending, preying on people in crisis; but ultimately, there is a contract between you and the creditor, that you are aware of when you sign the dotted line.

I think you are doing the right thing. It's a huge achievement and you should be so proud of yourself. You've proved to yourself and your family that you can do it and have taken responsibility to rectify your past mistakes. And you'll NEVER be in that situation again, whereas your cousin is likely to think its an easy game to play and will probably always be in debt...

Well done on your progress so far, although it seems unfair, I've no doubt your cousin is about to be bitten on the backside!!

Principia_2

I don't know whether your cousin is lucky or my friend is unlucky but he was in a similar situation, chose to default and moved away. He ended up not knowing he had a CCJ against him. He only found out when he tried to get some more credit 6 years after the defaults should have dropped off and started getting demands again - so he moved...again.

He says he can't apply for any more credit including a mortgage because he thinks this credit company is keeping tabs on his credit files and if anything shows up, they will track him down again. He says because of the CCJ, the debt will always be recoverable and never statute barred (I have no idea if this is true but the point is that he really believes it).

It is for a large sum of money but its more his lack of will in sorting it out that seems to have impacted on his life. Which of course, is why he defaulted in the first place rather than actually knuckling down and sorting things out.

So you are least in a better position than one person who chose to default.

aliasojo

lazer wrote: »

I think if you know the details of the creditors of your cousin and as the 6 years is not yet up - I woul send them details of his new address - its not right that they can jsut walk away without paying.

Two wrongs don't make a right.

The cousin's business is between him and his creditors.

OP don't let annoyance over this situation make you vengeful.

Prothet_of_Doom

Which of you could explain your 'problems' , how you got into the state you got into, and how you are planning to get out, and get straight, to your Grand Parents, and expect them to be disappointed that you got into problems, but proud that you are 'doing the right thing' now.

Whenever I have a problem I think "What would my Grandad do now"

Doing the right thing, does not mean taking the easy option.

Well done.

BurnleyBob

Deleted User wrote: »

Good on your cousin!!

Hear, hear!

Anyone who puts one over the fractional reserve banksters should be awarded a medal.

"Banking was conceived in iniquity and was born in sin. The Bankers own the Earth. Take it away from them, but leave them the power to create deposits, and with the flick of a pen they will create enough deposits to buy it back again. However, take it away from them, and all the fortunes like mine will disappear, and they ought to disappear, for this world would be a happier and better world to live in. But if you wish to remain slaves of the Bankers and pay for the cost of your own slavery, let them continue to create deposits." Sir Josiah Stamp, President of the Bank of England in the 1920s, the second richest man in Britain.

nottoolate

Hatecreditors.com wrote: »

Thanks for the link. This has just compounded by frustration.

So if you pay a less than acceptable amount they default you which falls off after 6 years. If you pay an acceptable amount they mark your credit file in a negative light until the debt is settled which will remain on the file for 6 years from settlement date (in my case 11 years from start of DMP).

So basically I’m being punished for paying too much! I wish I had of known all of this and I wouldn’t have paid a penny back until they all defaulted me.

Again, how can this be right?

yep. its bonkers, but thats the way it works. :doh:

sharp82

It is pretty demoralising

My DMP is set to run for 9 years, then a further 6 years till the AP markers drop off.

Would be easier to move countries and start afresh!