What's The Point in MoneySavingExpert?

stacey21_2

If we think of it like this:

A bank sets up a business (example, Barclays), gets customers, loans money, charges interest etc. They become very successful in a consumer driven society where everyone wants 'more more more'. So they have large profits. They chase people for money they rightfully owe them. The person who is being 'chased' then comes on here to see what they can do, and people advise that they can easily absorb the bad debt because they are such a big company.

On the other hand:

A local man decides to set up a business selling, say, computer parts. The man has left his job etc to set up the business as there is a 'gap' in the market at the moment. The business is going very well and he gets a large order from a company, on account. The company then doesn't pay. The man quite rightly comes on here to see how he can get his money, and we all advise him to take them to court etc.

Obviously an extreme example but it seems like people are 'annoyed' at large companies for having the audacity to chase people for money when they have had profits of £7.1 billion. Why does the companies profit come into it? Yes, they probably COULD afford to absorb a few bad debts, but why should they?

daphne_descends

I'm not sure what you are getting at my experience of these boards is to have found people working incredibly hard to pay off their debts, often while overcoming very tough situations in their lives.

If people are annoyed it tends to be with the tactics used by many DCAs to try and recover debt. Bullying and intimation being top of the list.

wok_boy

Stacey you've been here since November 2006 and posted over 700 times, so you must think there is a point to the site and forums, otherwise you wouldn't be here.

immoral_angeluk

stacey21 wrote: »

If we think of it like this:

A bank sets up a business (example, Barclays), gets customers, loans money, charges interest etc. They become very successful in a consumer driven society where everyone wants 'more more more'. So they have large profits. They chase people for money they rightfully owe them. The person who is being 'chased' then comes on here to see what they can do, and people advise that they can easily absorb the bad debt because they are such a big company.

On the other hand:

A local man decides to set up a business selling, say, computer parts. The man has left his job etc to set up the business as there is a 'gap' in the market at the moment. The business is going very well and he gets a large order from a company, on account. The company then doesn't pay. The man quite rightly comes on here to see how he can get his money, and we all advise him to take them to court etc.

Obviously an extreme example but it seems like people are 'annoyed' at large companies for having the audacity to chase people for money when they have had profits of £7.1 billion. Why does the companies profit come into it? Yes, they probably COULD afford to absorb a few bad debts, but why should they?

These two situations aren't comparible at all a multi million pound company is a faceless organisation deisnged simply to make money. A man who owns his own business is doing everything to make money to put food on his table.
If someone doesn't pay the multi million pound company then it gets absorbed into the profit. If someone doesn't pay the self employed man it could be the start of his business going under, losing his home and not being able to feed his family.

Larumbelle

Because humanity is more important than money? Because companies are groups of individuals making massive amounts of money off the suffering of other individuals? Because the banking system profits more from people who cannot repay their debts than those who can, therefore lending irresponsibly, safe in the knowledge that is the individual who cannot pay that is stigmatised and denigrated, not the individuals who will stand to profit from it? Because the banks are willing to break the law to chase a profit? Because if it were to do with anything other than money this behaviour wouldn't be socially accepted?

What do you think we should do instead of allow bankruptcy or encourage people to reclaim money that was illegally taken from them?

Broken_hearted

IA large companies don't absorb losses they fire staff or put rates up. No-one has the moral right not to pay THEIR debts no matter who they are owed to.

stacey21_2

That's what I'm saying though, who knows if the local man starting a company wouldn't turn into a multi million pound company? Everyone starts somewhere.

fac73: I'm not really getting at anything to be honest, just giving a question out there to see what people's thoughts are. With the recent reclaiming on PPI etc, it just doesn't seem like there are any alternatives being given to help repay a loan should someone find themselves in financial difficulty??

wokboy: I edited a post earlier on to say my title wasn't the best to use - I wasn't meaning whats the point in the forum in general because it is a great place for people to talk and get support, what I meant was the differences between one part of the forum and another.

immoral_angeluk

Broken_hearted wrote: »

IA large companies don't absorb losses they fire staff or put rates up. No-one has the moral right not to pay THEIR debts no matter who they are owed to.

well either way surely it has a bigger impact on the self employed man than the company!

always_amazed

I do see where you're coming from, but just wanted to say that although I now know that its not sensible to live beyond ones means, it does happen, and the support network that the DFW and Bankruptsy boards offer can really help the person behind the debts get back on their feet.

Lots of the DFW's here seem to have debts made worse by lending money to their nearest and dearest, therefore making lenders of themselves (I know I have!!), and there is always the encouragement found here to help get them back.

Personally, I'm glad this place is here with all its support, even if it means supporting both ends of the debt/lending seesaw (oh dear can't think of a better analogy... you don't support a seesaw, you sit on it..... off I go again will shut up now...)

Broken_hearted

immoral_angeluk wrote: »

well either way surely it has a bigger impact on the self employed man than the company!

No it has most effect on the family of the lower level bank staff who lose their jobs.