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

Broken_hearted

Oh well its your credit rating and your endless hassle from the banks.

GeorgeUK

That's some experiment for 6 years bad credit hisory - or more.

Don't forget - they may seek a charging order to have the debt secured against your home. Not really worth the hastle. If you're struggling to pay, there are other ways of dealing with the debt. If you're looking for a fight, remember they are much MUCH bigger than you are and can do alot more damage.

Sir_Broke

Broken_hearted wrote: »

Oh well its your credit rating and your endless hassle from the banks.

Credit record already shot thats why i cant get any more credit and am on this forum, so got nothing to lose and everything to gain.

Broken_hearted

Yep CCJs, doorstep collectors, threats, court summons, bankruptsy sounds great.

GeorgeUK

If your credit record is already shot, couldn't you just request them to freeze interest on the accounts?

There are some template letters for that here
http://www.nationaldebtline.co.uk/england_wales/debt_advice.php#6

Bismarck

Broken_hearted wrote: »

Oh well its your credit rating and your endless hassle from the banks.

well maybe if they focus their attentions on Sir Broke, it will give them less time and resources to hassle someone else!

:cool:

Jenna

Well ... it's not the typical approach to dealing with creditors, I'll say that much!

Why not just continue with the min. re-payments & over-pay whatever you can (to the highest interest one first)? I would put some more detailed advice but it would be helpful to see your SOA for this.

Obviously it's up to you, but personally, I would strongly recommend against doing this. You must have some possessions / a place to live and all of this is at risk once you stop paying them. They also then have a right to take legal action against you. Surely it's much easier to just pay what you owe?

They may have fallen over themselves to lend to you (that is, after all, their business - just like restaurants want you to eat, banks want you to borrow) but ultimately ... it was your decision to do so (although of course I am sure you didn't get into debt on purpose, there are usually circumstances around it etc).

But you wouldn't go to a restaurant the week after eating there and say "you should compete [for payment] with the other restaurants/fast food places I've eaten at recently, because you were keen to get my business in the first place", now would you?

(or if you would ... pls send me a video of their reaction! Bet it would be priceless!! )

linniestorm

An innovative idea, but in cases like where you'll stop paying the other six won't they just pass the debt to DCAs? I doubt very much they would take the time to deal with it themselves, there are set procedures for that type of thing. Your account is just one amongst hundreds of thousands. They'll pass it to idiots like Mackenzie Hall et al. who will probably start trying to make your life a misery to get cash from you. I've read too many horror stories of people getting phone calls ten or twenty times a day, at work, at home or at their neighbours houses to risk getting into a situation like that!!

brightonman123

yo are meant to be paying back for goods/services already supplied.. banks have already (i hope!) paid the shops that you spnt in, so only fair you do your bit.

:beer: