Success

Vaughfitz
Vaughfitz Posts: 45
First Anniversary First Post
Forumite
edited 7 October 2023 at 10:13AM in Debt-free wannabe
I just wanted to say a huge thank you to  all the resourceful help this website gives 
i had very old debts mostly of 20 + years and thanks to advice given on here and how to go about sorting  it out, they are all closed even a CCJ I am not saying it’s good to ‘not pay’ 
they were very old debts which had been purchased several times by companies who prey on people’s woes, if the original creditor has written it off then I don’t think it’s fair that another party can buy your debt and be aggressively contacting you. Why should’ you have to give any personal information to anyone you were not dealing with originally 
I had no problem paying the original debtor with plans I did have in place and was doing so  but obviously they were not worth the hassle so they close the file but throw it into a pond of Pariah which then sets off a frenzy of texts letters etc causing untold worry all over again
I would and do recommend this website to everyone who are in a situation I was in because you are shown the correct way to deal with these companies in the correct way
so a personal thank you to the advice givers who contacted me on my threads and here’s to others you undoubtedly help
thank you all 

Comments

  • Stateofart
    Stateofart Posts: 267
    First Anniversary First Post
    Forumite
    edited 9 October 2023 at 11:06AM
    I think 'you've made your bed, you lie in it'...I realise people make mistakes, however if there's no pain, there's no lesson in my view a lot of times.  I know it's a sweeping statement, but if you're hoping a company that's lent you cash in good faith has ended up being shafted because of your situation, I would expect a little blow-back, even if that's some aggressive letters.  Imagine if they were all nicey-nicey about it, how would that encourage people to be responsible.  Think if it was your money someone had taken and then didn't pay back, how annoyed would you be?
  • DjangoUnchained
    DjangoUnchained Posts: 394
    First Anniversary First Post Name Dropper
    Forumite
    edited 9 October 2023 at 11:19AM
    I think 'you've made your bed, you lie in it'...I realise people make mistakes, however if there's no pain, there's no lesson in my view a lot of times.  I know it's a sweeping statement, but if you're hoping a company that's lent you cash in good faith has ended up being shafted because of your situation, I would expect a little blow-back, even if that's some aggressive letters.  Imagine if they were all nicey-nicey about it, how would that encourage people to be responsible.  Think if it was your money someone had taken and then didn't pay back, how annoyed would you be?
    completely disagree. The poster probably didn't borrow anything from the dca that bought the debt for a pittance. I don't believe he morally should pay them back, they by thousands of these debts knowing they are from people who financially cant afford to repay and hassle them knowing the weakest will be bullied into paying, Well done Vaughfitz you have my support.
  • I think 'you've made your bed, you lie in it'...I realise people make mistakes, however if there's no pain, there's no lesson in my view a lot of times.  I know it's a sweeping statement, but if you're hoping a company that's lent you cash in good faith has ended up being shafted because of your situation, I would expect a little blow-back, even if that's some aggressive letters.  Imagine if they were all nicey-nicey about it, how would that encourage people to be responsible.  Think if it was your money someone had taken and then didn't pay back, how annoyed would you be?
    completely disagree. The poster probably didn't borrow anything from the dca that bought the debt for a pittance. I don't believe he morally should pay them back, they by thousands of these debts knowing they are from people who financially cant afford to repay and hassle them knowing the weakest will be bullied into paying, Well done Vaughfitz you have my support.

    What about the company that got nothing and cut their losses by selling the debt on?  They just have to suck it up do they?
  • I think 'you've made your bed, you lie in it'...I realise people make mistakes, however if there's no pain, there's no lesson in my view a lot of times.  I know it's a sweeping statement, but if you're hoping a company that's lent you cash in good faith has ended up being shafted because of your situation, I would expect a little blow-back, even if that's some aggressive letters.  Imagine if they were all nicey-nicey about it, how would that encourage people to be responsible.  Think if it was your money someone had taken and then didn't pay back, how annoyed would you be?
    completely disagree. The poster probably didn't borrow anything from the dca that bought the debt for a pittance. I don't believe he morally should pay them back, they by thousands of these debts knowing they are from people who financially cant afford to repay and hassle them knowing the weakest will be bullied into paying, Well done Vaughfitz you have my support.

    What about the company that got nothing and cut their losses by selling the debt on?  They just have to suck it up do they?
    yes, the cost of them doing business, they seem to do ok tbh.  In my particular case i got into difficulty with my credit card. I spoke to them and they agreed to freeze interest and accept £100 a month for the next 3 years until it was paid off. I did this religiously for over a year, never missed the payment and to my shock they sold it on to a debt co. in my opinion it was stupid, id paid as agreed and the debt would of been paid off within 3 years (about £3,500) they would of sold it on for 10% so have lost over £3000. Meanwhile i haven't paid the debt company a penny ( they cant supply requested CCA and its days from being statute barred) and probably never will unless they take it to court and win which i think is unlikely now. So they too have lost £300. so far im the winner?  to repeat, i feel no guilt or immorality as i had stuck to the agreement with the credit card co but they decided to sell it on. If they had offered it to me for  four times what they sold it for i would of been able to clear it that day, so theyve lost out. 
  • sourcrates
    sourcrates Posts: 28,545
    First Anniversary Name Dropper First Post Photogenic
    Ambassador
    edited 9 October 2023 at 11:53AM
    I think 'you've made your bed, you lie in it'...I realise people make mistakes, however if there's no pain, there's no lesson in my view a lot of times.  I know it's a sweeping statement, but if you're hoping a company that's lent you cash in good faith has ended up being shafted because of your situation, I would expect a little blow-back, even if that's some aggressive letters.  Imagine if they were all nicey-nicey about it, how would that encourage people to be responsible.  Think if it was your money someone had taken and then didn't pay back, how annoyed would you be?
    completely disagree. The poster probably didn't borrow anything from the dca that bought the debt for a pittance. I don't believe he morally should pay them back, they by thousands of these debts knowing they are from people who financially cant afford to repay and hassle them knowing the weakest will be bullied into paying, Well done Vaughfitz you have my support.

    What about the company that got nothing and cut their losses by selling the debt on?  They just have to suck it up do they?
    Lenders more than make up for any potential losses through non payment, a certain amount of loss is expected in every business plan, it is usually budgeted for well in advance.

    Plus, when debts are sold, they are sold in bulk, many thousands of accounts at once, the creditor makes some gains from that, the rest is written off to tax, so it`s quite lucrative for all concerned, the original creditor doesn`t ever lose out.

    The debt purchasing company`s operate on a numbers basis, for every account they buy that is unenforceable or statute barred, there are ten that are not, and they can make around 10 times the face value on a debt in most cases.

    The only loser in all of this can be debtor, they are the ones who have to endure 6 years of negative credit file information, not have access to any kind of new credit, and normally have to enter some kind of debt repayment scheme to get themselves back on the straight and narrow, that would normally involve obtaining debt advice from one of the various debt charities, who by the way, are nearly all creditor funded, they all work hand in hand, none of this happens by chance, its all pre-planned.

    The collections industry is massive in the UK, there are hundreds of thousands who default on their credit agreements for one reason or another, its never about one company losing money due to non payment, the system is normally geared to avoid such things.

    The exception can be when lenders operate at the extremes of what is acceptable, think payday loans, and Guarantor loans, those who dealt in such financial products felt the rathe of disgruntled debtors who submitted affordability and mis-selling complaints en masse, which resulted in the downfall of those companies, but then money lenders are never the most moral of people, and sometimes when you play with fire, you get burned.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing [email protected]. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • I had no problem paying back anything I borrowed! There was no money borrowed it was shop credit ie Debenhams BHS If the original
    person you dealt with sell on your debt even though you have a payment plan in place I don’t think the same rules should apply!  you had a contract with one person/company why should you be allowed to buy people’s debt! The rules should then be a new set and not the same as it’s ‘not the same’ if a company like Barclays who were the other debt I owed who were not bothered in collecting and so sold elsewhere because it was such a small amount why should I have my dignity lowered by being put through stress of faceless companies who are just legal vultures that re start pressures that are unacceptable mainly
    if your debt is written of by an original lender whatever the debt then that should be final 
Meet your Ambassadors

Categories

  • All Categories
  • 341.8K Banking & Borrowing
  • 249.7K Reduce Debt & Boost Income
  • 449.2K Spending & Discounts
  • 233.9K Work, Benefits & Business
  • 606.1K Mortgages, Homes & Bills
  • 172.5K Life & Family
  • 246.8K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.8K Discuss & Feedback
  • 15.1K Coronavirus Support Boards