Shouldnt banks be competing with each other to get their money back off us?

Sir_Broke

As i was making my minimum monthly payments to all of my 8 credit cards. Something got me thinking? How did i get into this position, wasnt it the credit card providers that were fighting hand over fist to get me into debt? now that i only have a limited amount to pay back to each , shouldnt they be competing for that cash? Im thinking next month as an experiment i will write to each company asking them what they are going to do for me, to get my monthly payment NOW, and will pay all the amount i can pay this month ,to the one that gives me the best offer!

james32_uk

But wont the other 7 cards charge you?

Sir_Broke

im sure they will but they can have what i aint got!Also imsure they will threatn all sorts of action, however if each of the 7 remaining know about the other six, will one step out of line and bear the cost of taking out legal action, so that the others can have a free ride?

Broken_hearted

Oh good another idiot.

Clariman

I can see where you are coming from, but you aren't in a strong negotiating position are you? You have borrowed money from all of them which means you owe them money and they have a right to insist that you pay make a genuine and reasonable attempt to pay it back.

Clariman

Sir_Broke

They do not have the right to charge 24% interest and numerous additional late payment fees which are forming a large amount of the debt which we are only now exercising our right to claim back are now claiming back! Going back to my question is not wether they have the righ or the ability to take legal action, the question whether there is any incentive to do so when faced with competition from other creditors for the same pot of cash?

Sir_Broke

On the contrary i would say i am in a very strong bargaining position as is anyone else who has spread their unsecured borrowing over many creditors.

Bismarck

How about the fact that they could put you and your assets (or lack of them) through the mangle and pick out the bones afterwards if they felt so inclined.

Yes a bank may have to pay costs but it only takes one to get annoyed and they could make things very unpleasant....

I really wouldn't antagonise them but if you do, please keep us posted....it will make interesting copy and be a lesson to us all.;)

Boggles1234

Sir_Broke wrote: »

the question whether there is any incentive to do so when faced with competition from other creditors for the same pot of cash?

But surely if the banks are in competition then they will be more likely to go to court. Either they can risk not getting anything and a competitor getting your money, or they can take legal action. They still might not get anything but neither will any of the other banks.

And also, I would say they do have the right to charge interest as that is what you agreed to when you took out the cards and is totally different to the right to charge too high fees for missed payments etc.

Sir_Broke

What about the option of matching or bettering the offer from another creditor? Banks are used to competing with each other for our money and we are used to getting the best offers from banks ,so why should it be any different in this case , why change a good thing, im not suggesting anything radical, thats the free market isnt it?

Bismarck

so you're trying to sell your debt to the highest bidder...excuse the words used here as they're not legally correct but I had to try and phrase it for my own satisfaction.

I'll try again....

"you're seeking to auction off the banks' own debt to themselves as a collective group."

I think that's it...:rolleyes: