A surprising letter

Rhionnach

I have managed to pay off all of my debt, for which I am very happy. Yesterday I came home to a letter from one of my creditors informing me that not only had my account been paid off but that I had overpaid and they wanted to refund the money to me! Nice one.

So I called the number and made arrangements for this to happen. Yes, I actually called a creditor! And was treated like a human being. (When I did call them it was not without me thinking it was a trick and that they were back on the attack.)

Then I began to think. I remembered all the times I was harassed, had abusive phone calls, letters, etc. All the times they made me fearful and upset. And I have to ask "Why?" Why did they treat me (and many others) like this? Why did they not try to help? Why were they so aggressive in their pursuit of the money owed? Did they think I enjoyed being in that situation? I really think that a bit of support to get my situation sorted out would have been so much more positive than treating me the way they did. It did nothing to help my situation and did nothing for my mental health.

They disgust me. They could have been so much more helpful but they chose to be aggressive and abusive. At least it's over but I will never forgive them.

enjoyyourshoes

Excellent, so do not takeout another CC, loan, payday or other, insurance paid monthly, mobile phone contract etc. Save for what you want and pay cash, nothing on tick.

Lesson learnt.

sourcrates

Its only recently, and under threat of sanction by the regulator, that creditors have had to treat you fairly, and any payment arrangement made has to be affordable to you.

The law has always existed, its just that it was interpreted differently by individual companies, and, as you say, not always in the debtors favor.

The Financial Conduct Authority (FSA) recently clamped down and made it clear to creditors, just what there obligations were in relation to this.

Rhionnach

enjoyyourshoes wrote: »

Excellent, so do not takeout another CC, loan, payday or other, insurance paid monthly, mobile phone contract etc. Save for what you want and pay cash, nothing on tick.

Lesson learnt.

I think I can do without the sanctimonious finger-wagging. You have no idea what my circumstances were so I will not take this attitude from you.

Lioness_Twinkletoes

Rhionnach wrote: »

I think I can do without the sanctimonious finger-wagging. You have no idea what my circumstances were so I will not take this attitude from you.

I am starting to pity your creditors...

Rhionnach

sourcrates wrote: »

Its only recently, and under threat of sanction by the regulator, that creditors have had to treat you fairly, and any payment arrangement made has to be affordable to you.

The law has always existed, its just that it was interpreted differently by individual companies, and, as you say, not always in the debtors favor.

The Financial Conduct Authority (FSA) recently clamped down and made it clear to creditors, just what there obligations were in relation to this.

I just wish that this had been around when I was beginning to deal with the creditors. It would have helped so much!

Rhionnach

Lioness_Twinkletoes wrote: »

I am starting to pity your creditors...

If they did anything at all they taught me to stand up and not take sh*t from anyone.

sourcrates

enjoyyourshoes wrote: »

Excellent, so do not takeout another CC, loan, payday or other, insurance paid monthly, mobile phone contract etc. Save for what you want and pay cash, nothing on tick.

Lesson learnt.

Rhionnach wrote: »

I think I can do without the sanctimonious finger-wagging. You have no idea what my circumstances were so I will not take this attitude from you.

Lioness_Twinkletoes wrote: »

I am starting to pity your creditors...

I think people are missing your point, but I get it 100%.

Most people on this forum today have only recently had to deal with there debt situations, they only know how creditors treat you nowadays.

Myself on the other hand know exactly what you are reffering too, as I suffered the same incredulous attitude in the early 2000’s, when creditors, and debt collectors in particular, treated you like something they had walked in on there shoes.

So a little bit of slack here folks please, the OP is making a very valid point.

Thanks.

enthusiasticsaver

Aggressive lenders were common in the 90s and noughties particularly in the case of unsecured debt. They knew their options were limited if the creditor couldn't pay so they often were harsh in letters and phone calls with the design of frightening people into paying them first.

I only dealt with secured loans and mortgages but I can honestly say I never sent an aggressive or bullying letter to a debtor on behalf of the bank I worked for at the time. A mutually agreed payment arrangement plan was the aim always and we were trained to counsel in a non judgemental and helpful manner and we had tools at our disposal to help - payment holidays, reduced interest rates or longer terms. Still though sometimes creditors could not or would not pay but we would try and do everything we could to help first.

sourcrates

enthusiasticsaver wrote: »

Aggressive lenders were common in the 90s and noughties particularly in the case of unsecured debt. They knew their options were limited if the creditor couldn't pay so they often were harsh in letters and phone calls with the design of frightening people into paying them first.

I only dealt with secured loans and mortgages but I can honestly say I never sent an aggressive or bullying letter to a debtor on behalf of the bank I worked for at the time. A mutually agreed payment arrangement plan was the aim always and we were trained to counsel in a non judgemental and helpful manner and we had tools at our disposal to help - payment holidays, reduced interest rates or longer terms. Still though sometimes creditors could not or would not pay but we would try and do everything we could to help first.

I think, from my own experience, debt collectors were the worst offenders, but most creditors wouldn’t do anything until at least 3 missed payments had been recorded, which was simply a stupid stance in my opinion.

Granted not all creditors acted in this fashion, but I could name a dozen at least, that did so then.

MeenaM

Sorry to read you went through that but congrats on getting debt free and fantastic news about a refund! now you can focus on wealth building and never have to be in that situation again, best wishes for your future !