Repaying debts with Lowell Financial

Willing2Learn

@HonmaDP - The real problem is that you encourage others to lie and to cheat their way out of either satisfying their debts, or coming to some kind of payment arrangement. That is obviously not the best way to settle your debts, and is quite simply poor advice...

HonmaDP

I haven’t encouraged anyone to do anything.

Choosing to not pay faceless financial corporations worth billions who rip everyone off with extortionate interest and charges for few quid is my choice.

HonmaDP

If MBNA hadn’t been so greedy nearly doubling the APR on my paid on time with no default CC I would probably still be like most people on here swimming against the tide.

They did me a favour tbh.

[Deleted User]

If your card is paid on time then why does the interest rate make any difference?

HonmaDP

I owed £10k on it and was paying minimum payment on time, every month without fail.

They sent the apr through the roof for no reason and here we are today.

Willing2Learn

HonmaDP wrote: »

I owed £10k on it and was paying minimum payment on time, every month without fail.

They sent the apr through the roof for no reason and here we are today.

Then you had the option to either withhold payment or make token payments until MBNA defaulted you, at which point interest would have been frozen. You then would have had the option of coming to a payment arrangement with the assigned DCA, and could have continued paying until the account was settled or satisfied with a reduced full & final settlement offer. You also would have had the option to submit a CCA request to check for paperwork compliance. There is never a need to lie...and I say again that suggesting on these forums that it is acceptable to lie...is irresponsible to say the least...

HonmaDP

All water under the bridge now.

Onwards and upwards.

tastyhog

nic_c wrote: »

The majority of people who get into debt with defaults often will want to pay if off, to have a better life in future. Maybe Honma thinks he is "getting one over on the man" by running up small debts letting them default, double or treble in size due to interest and admin charges etc, then pay them off at £1 a month. The problem with that is eternal bad credit, no chance of getting on with bigger things in life that many want that requires better credit for.

Now then "eternal bad credit" isn't even a thing is it, it's why debts are only reported for 6 years, even CCJs are only on a credit file for 6 years.

So where the hell is this eternal claim coming from?

PixelPound

tastyhog wrote: »

Now then "eternal bad credit" isn't even a thing is it, it's why debts are only reported for 6 years, even CCJs are only on a credit file for 6 years.

So where the hell is this eternal claim coming from?

Strong language for a forum!

There are people who continually go through a cycle of applying for cards, running up to the limit, defaulting and then after a while opening new cards to then default again. So it wasn't the same debt but the idea of running up debts and lying about disposable income as a way of only paying them off at £1pm. I spent some time working for a debt charity and whilst the vast majority had let the credit run away from them and wanted help, a small few wanted to know how to get out of repaying their debts even though they could afford to repay it.