My biggest debt was statute-barred yesterday...

Bambywamby

If everyone thought the same... and didn't feel morally obliged to pay back their debts, the country would be on its knees in a matter of hours.


Your initial reactions of relief and guilt are natural - because you're obviously a moral person but has been very stressed by the whole matter.


Some people are of the ilk - that all financial institutions are con merchants and robbers in suits, so they get all they deserve when Joe Bloggs gets one over on them.


But in my opinion - if we knowingly borrowed it and were aware of the terms and conditions, we should pay it back - if we possibly can.


However, don't beat yourself up over it OP, no one is faultless and morally perfect. I have infringed more morals and made more mistakes than I care to recall. So no judgement from me, just an opinion.


Focus on the relief you feel and then onto paying off your remaining debts. Onward and upwards. xx

Pixie5740

Guilt is a selfish emotion. You feel guilty to make yourself feel better about doing something you know you shouldn't have done. Whether you should have paid this debt back or not, I don't know.

Personally I have don't away with guilt. I either don't do things I know I shouldn't or I just accept that sometimes I can be a !!!!.

andyfromotley

sourcrates wrote: »

No, I cant agree, that's just too much of a "one size fits all" sweeping statement.

Most people don't set out to not repay what they owe, its usually the result of a life changing event.

I'm not sure i agree with that. From what i see on here life changing events tend to be the exception rather than the rule. Most people (myself included, so no moral high ground being claimed) just borrowed and spent without much thought as to how they were going to repay.

I accept this may not have been the OP's position, i was just making a wider observation.

happy_bunny_2

heartbreak_star wrote: »

...I feel both elated and guilty...why do I feel like this?

My total debt is now <£3k however :beer:

HBS x

I would only feel guilty if a creditor treated me fairly. Then, I would look to pay when I could statute barred or not. All mine have jacked up rates etc so they can go swivel if they can't be organised enough to keep their paperwork in order.

No point in paying a DCA for it though...


Good luck

HB

[Deleted User]

If you ask me WE ALL get let of the hook in one way or another..

Now thinking SB is just one way, could be no different to folk who get different interest rates..... or different discount percentage when settling their dues

Glad you are feeling more at ease HBS x

sourcrates

Deleted%20User wrote: »

If you ask me WE ALL get let of the hook in one way or another..

Now thinking SB is just one way, could be no different to folk who get different interest rates..... or different discount percentage when settling their dues

Glad you are feeling more at ease HBS x

This hits the nail on the head for me.

Almost everyone who uses this board, and is in debt, is getting "off the hook" in one way or another.

Weather you are in DMP, and not paying the interest that you originally said you would, or making full and final offers to creditors, in reality, paying less than was originally agreed, or making token payments, paying less than you should be.

In fact whatever method of debt re-payment you choose, that is not inline with your original agreement, you are ALL getting "off the hook" somehow.

So to say that the OP has "got off the hook" because her debt is SB, is no different in reality, to the rest of you on here.

So making this an issue of "Morality" is a pretty poor argument in my book, if any one of you has not somehow been favored by your creditors in one of the above ways, then feel free to contradict me.

If you have never been in debt, then you are not qualified to comment in my opinion.

Muhren

sourcrates wrote: »

This hits the nail on the head for me.

Almost everyone who uses this board, and is in debt, is getting "off the hook" in one way or another.

Weather you are in DMP, and not paying the interest that you originally said you would, or making full and final offers to creditors, in reality, paying less than was originally agreed, or making token payments, paying less than you should be.

In fact whatever method of debt re-payment you choose, that is not inline with your original agreement, you are ALL getting "off the hook" somehow.

So to say that the OP has "got off the hook" because her debt is SB, is no different in reality, to the rest of you on here.

So making this an issue of "Morality" is a pretty poor argument in my book, if any one of you has not somehow been favored by your creditors in one of the above ways, then feel free to contradict me.

If you have never been in debt, then you are not qualified to comment in my opinion.

There is a big difference between coming to some sort of arrangement with a creditor, either by freezing interest or a settlement offer or whatever else it may be and not paying back any of the remaining balance. So in my book so the argument of morality is still very much a valid one.

sourcrates

Muhren wrote: »

There is a big difference between coming to some sort of arrangement with a creditor, either by freezing interest or a settlement offer or whatever else it may be and not paying back any of the remaining balance. So in my book so the argument of morality is still very much a valid one.

Yes there is.

Making an arrangement with a creditor is an infringement of the agreement you signed with that creditor.
A debt becoming statute barred is a legal definition approved by parliament, and a part of the consumer credit act, so who is in the wrong ????

Muhren

sourcrates wrote: »

Yes there is.

Making an arrangement with a creditor is an infringement of the agreement you signed with that creditor.
A debt becoming statute barred is a legal definition approved by parliament, and a part of the consumer credit act, so who is in the wrong ????

What has that got to do with the morality of paying it back?

As you have already pointed out to me;

Statute-barred does not mean the debt no longer exists. In some circumstances, the creditor, or a debt collection agency, can still try and get money from you. You can choose to pay if you wish. Even if the debt is statute-barred, it may still be on your credit reference file. This may make it harder for you to get further credit.

sourcrates

Muhren wrote: »

What has that got to do with the morality of paying it back?

As you have already pointed out to me;

Statute-barred does not mean the debt no longer exists. In some circumstances, the creditor, or a debt collection agency, can still try and get money from you. You can choose to pay if you wish. Even if the debt is statute-barred, it may still be on your credit reference file. This may make it harder for you to get further credit.

I take your point about the credit rating aspect, but that argument aside for a moment,

Would you pay back a statute barred debt ?

If you were struggling to make ends meet ?,

Or would you take any bit of good luck you could, honest answer please.....................