CC debt from 2003 is haunting me forever

The_fog_has_lifted

sourcrates wrote: »

for a debt this old I will stand on top of Buckingham palace naked playing a banjo if they manage to come up with a copy of your original agreement !!!!!


OP.

I actually burst out laughing when I read this!!!! so being in debt can actually be funny sometimes.


seriously though OP, ive been a lurker for a while and these guys know their stuff, its questionable that they will have anything like the original documentation to hand as its been passed around so much since the original credit agreement(if there ever was one).
you are in a great position!!
let them work for it, don't be pushed around and stand your ground!!

sourcrates

The_fog_has_lifted wrote: »

I actually burst out laughing when I read this!!!! so being in debt can actually be funny sometimes.


seriously though OP, ive been a lurker for a while and these guys know their stuff, its questionable that they will have anything like the original documentation to hand as its been passed around so much since the original credit agreement(if there ever was one).
you are in a great position!!
let them work for it, don't be pushed around and stand your ground!!

You have to laugh sometimes don't you lol !!!!!!!!!:T

Hanky_Panky

Stewart_78 wrote: »

The problem being that mostly the banks have taken the hit and sold on the debts to DCA's. So you can't actually pay back the original debt as it doesn't exist any more. What you are doing is creating a profit for the DCA who bought the debt for pennies in the pound and is now in the business of making some money.

What happened was that the banks looked at their debt book, drew a line at the point they considered to be 'bad' and asked the tax payer to cover them, which we did. They then sold that loan book off for whatever they could get for it.

Clouds the moral argument a little. Anyway, after the way the banks have treated me personally (rate jacking, ridiculous fees etc. ) I have no sympathy at all and will try to get away with paying as little as possible.

I've got all my defaults in place as of 2010 after a lengthly battle with BARC and then CABOT and my next move is to leave Payplan, CCA the lot and stop paying until they can come up with what I am legally entitled to.

Remember the banks knew they had been ripping people off with PPI etc. but it took the government to legislate before they would start compensating people.

I owe some real people money and I will pay them off, every penny. But not a bank. I will treat them as they have treated me.

This is not what they did at all and really just confirms my earlier post that it's just a very lazy excuse to try and cloud the argument.

sourcrates

Oh, no, no no, don't do things like that, I appreciate your imput, and you are entitled to your opinion, but this is a subject that really raises my blood pressure, people get into debt for many different reasons, we are all human, but its the whole system of debt collection in this country that I disagree with, for example, when a bank sells on a delinquent debt, they have already recouped there money, as they are insured for losses of this nature, the DCA then buys it, and only pays penny's in the pound for it, so the bank gets its cash back, plus a little extra from the DCA, then, and this is the part I think should be illegal, the DCA then attempts to get the full original balance from the debtor, effectively creating debt where before non existed !!! This, I believe, is morally wrong, and questionable at the very least, and, I think, should be banned, this is the part I have a problem with, not repaying debt in general !!

Hanky_Panky

sourcrates wrote: »

Oh, no, no no, don't do things like that, I appreciate your imput, and you are entitled to your opinion, but this is a subject that really raises my blood pressure, people get into debt for many different reasons, we are all human, but its the whole system of debt collection in this country that I disagree with, for example, when a bank sells on a delinquent debt, they have already recouped there money, as they are insured for losses of this nature,
No they're not - they can offset it against tax that is as yet unpaid however as soon as they sell it again they then pay tax again the DCA then buys it, and only pays penny's in the pound for it,
Not always - some debt sells for as much as 70+pence in the pound - some does get sold for very small amounts but typically it is debt that has little chance of the dca recovering any money. so the bank gets its cash back, plus a little extra from the DCA, then, and this is the part I think should be illegal,
As it doesn't happen it isn't illegal.
the DCA then attempts to get the full original balance from the debtor, effectively creating debt where before non existed !!! This, I believe, is morally wrong, and questionable at the very least, and, I think, should be banned, this is the part I have a problem with, not repaying debt in general !!

So your post is wildly inaccurate but you are basing your decisions and advising other people on this site based on these wild inaccuracies. It's a recipe for disaster.

We've all been in debt - I definitely have. It's important though that people get factual information on here that will help them deal with their situation. Too often I see 'advice' given that ultimately won't help the person because it's based on emotive feelings rather than fact.

Stewart_78

So a DCA is perfectly within their rights to make idle threats of court action and bailiffs when they must know that in a great many cases, this will be impossible as they don't have the correct paperwork? Is that correct? Is it fair to threaten and cause distress on the basis of a lie?

Being in debt is not a great place to be at the best of times. Having some heavy handed company threatening to take away your stuff is of no help. They work mainly through fear and bullying sometimes the most vulnerable people. They want their pound of flesh before the next DCA gets it. Yes, they have changed but only because they have been forced to stop some of the dreadful things they did.

If I was owed money and that person suddenly hit hard times and I could see it was genuine and if they made me a promise to pay what they could until they were on their feet, I would treat them with some humanity. I wouldn't immediately threaten to take them to court and send them countless letters or call them 10 times a day demanding immediate payment.

I owe real people money though my business but they have been kind and understanding to me. I intend to pay them back every penny and even though they are not asking for it, the appropriate interest they would have lost over that time.

sourcrates

Hanky_Panky wrote: »

So your post is wildly inaccurate but you are basing your decisions and advising other people on this site based on these wild inaccuracies. It's a recipe for disaster.

We've all been in debt - I definitely have. It's important though that people get factual information on here that will help them deal with their situation. Too often I see 'advice' given that ultimately won't help the person because it's based on emotive feelings rather than fact.

Not wildly inaccurate at all, and my advise to the OP was to simply ask for proof of the debt, that they are legally and duty bound to provide him with, is that factual enough ?

Hanky_Panky

sourcrates wrote: »

Not wildly inaccurate at all, and my advise to the OP was to simply ask for proof of the debt, that they are legally and duty bound to provide him with, is that factual enough ?

I was referring of course to the post I quoted which is in fact wildly inaccurate plus the other post of yours I quoted in post number 30.

sourcrates

Hanky_Panky wrote: »

I was referring of course to the post I quoted which is in fact wildly inaccurate plus the other post of yours I quoted in post number 30.

So, if as you say, some credit accounts are sold for as much as 70p in the pound, then my assumption that the bank recoups most of its money is correct then, yes I know the loss is offset against tax, but the money they lent, didn't really exist in the first place, banks only have to hold, at most, 10% in reserve of the total amount they lend, that means a lot of the money the bank lends does not exist !!!! so there lending money they never had, that's how the banking system works, and the fact that DCA`s chase you for the full amount, and doing this, in my opinion, should be illegal, also happens, so blows your argument out of the water doesn't it !!

cc321

OK, I don't want to 'beat a dead horse' here but I just came back to say thanks for the help! I had to 'walk away' from the forum for a few weeks because I found it so upsetting to be 'right back at that anxiety level' when I started when people started getting judgemental. I don't really understand why people do that andI am not even going to pull out the 'you don't know all the circumstances' card because I do accept responsibility for my actions... I'm not a bad person, I got into debt over 10 years ago (and never again) and I am just trying to find my way through it. I'm just a normal, working-class person...

I have not heard anything from Lowell or Bryan Carter, not even a statement of how much I owe and have paid to them in the past, other than the amount that was on the orginal letter from Bryan Carter. I know it's a 'lazy argument' but I honestly don't think I should just write a cheque for that amount...they haven't even bothered to acknowledge my letter, almost like they don't even know if the amount is correct...

I'm going to start to tackle my other debt with barclays/apex. I'll be back with questions I am sure. Thanks again to those that are supportive!!!