Massive CC debt / Cunning plan / Prison?

Nightwish_2

johnllew wrote: »

You owe the money; pay it back. I can't understand how people would encourage this deception.

Morals kind of go out the window where this particular compnay are concerend. They are known to be underhand, devious, enethical good for nothings, so why the hell should I play ball with them?

All my other creditors have been fine, so I will not be putting them in a similar position.

John, I'm sure when I have to board the Angel bus to heaven that you will be in the "speedy boarding" queue, but I will be take comfort knowing that I screwed over a business that has made many people's lives a missery, mostly unnecessarily.

Cheers.

Nightwish_2

Mr_LoL wrote: »

Nothing to stop the bank from saying "no we can't give you a credit card" is there?
Unless there have been fraudulent applications, the credit card companies should have seen they were going to be overstretched and refused further applications for credit.

Agreed. Irresponsible lending is biting many lenders on the a55 now.

Nightwish_2

Snooze wrote: »

Stop paying all your debts now and go bankrupt. Debt problem over. Commenceth new life. Don't feel bad about it. Banks & CC company's deserve everything they get.

Rob

I don't really want to have to go that far, and have no need to now we have this cash. Just want to use it wisely.
Thanks for you carefree comment though, made me smile.

MABLE

Nightwish wrote: »

Agreed. Irresponsible lending is biting many lenders on the a55 now.

Sureley the customer has to take some responsibility. We all have choices and the financial institutions do not hold us at knife point.

Nightwish_2

Staciep88 wrote: »

I disagree - you shouldnt do that, telling the companies that your relationship has split wont make a bit of difference if your name is at the top of the paper! Didnt you feel good when you had cleared £10,000? I know I would, and I would set myself a challenge to pay a little bit more in the same amount of time. You say that you will be living a very basic life for 3-5 years - whats wrong with that? I dont think thats a very long time tbh and I think you will be incredibly happy with yourself in 3 years when you see that the balance is £0.00! Goodluck

Hi Stacey,
I really do appreciate your comments, however, our current living conditions might sound ideal for someone in our situation, but the agreement was only supposed to be short term, and believe me when I say that we are CONSTANTLY being reminded of that. It is becoming quite intolerable, and I am not convinced that our relationship will emerged intact if we continue as we are.
I am looking to get real satisfaction from ending a lot of this debt, then using the additional expendable income to pay off a lot of the rest at a vastly accelerated rate.
Cheers

epsilondraconis

Hi NightWish, I hope you get this resolved and both you and your girlfriend are able to move on. Although I don't agree with the approach you are taking, I understand the reasons for your actions.

The only comment I would make is that somehow you were able to rack up £50k of debt and appear not to have too much to show for it. Although I agree that lenders have definitely been irresponsible, I believe both you and your girlfriend really do need to learn from this. Hopefully with the redundancy money you can start afresh; however I believe you both need to sit down and thoroughly discuss the reasons for your current situation. You need to be honest with yourselves and take steps to ensure you are not in the same position in 5 years time.

Good luck anyway.

Stesnees

I say 'Go for it'. I was in a similair situation a few years ago with about £20000 worth of debt, managed to wriggle out of it and only paid about £1500 back. Now I have a clean credit file with mortgage, loan and credit card (alot more responsible now with lessons learnt). Depends how much of a conscience you have whether or not you feel bad about it, I know I didn't. Not saying its the right thing to do but if they aren't happy about it then they will just say 'no' to any offer you make. Good luck.

Nightwish_2

epsilondraconis wrote: »

Hi NightWish, I hope you get this resolved and both you and your girlfriend are able to move on. Although I don't agree with the approach you are taking, I understand the reasons for your actions.

The only comment I would make is that somehow you were able to rack up £50k of debt and appear not to have too much to show for it. Although I agree that lenders have definitely been irresponsible, I believe both you and your girlfriend really do need to learn from this. Hopefully with the redundancy money you can start afresh; however I believe you both need to sit down and thoroughly discuss the reasons for your current situation. You need to be honest with yourselves and take steps to ensure you are not in the same position in 5 years time.

Good luck anyway.

Hi !
If anyone has ever learnt anything from a mistake (or series of), it is us.
We have both changed as people in terms of our outlook and how we spend what money we have.
We have gone from being care free spenders to quite prudent savers. We could probably create our own website giving hints and tips on how to become tight-fisted blighters.
We actually enjoy finding bargains and spending as little as possible on things now...this a is quite a contrast to how things used to be.
Consider our wrists well and truly slapped

speedbird1973

I've made a choice to deal with my (admittidly much smaller) debt by paying it off. However morally I don't think there's as issue with what you're doing.

If you make an offer to a bank for a reduced settlement and they take it - it's all fine and above board. The rest is like playing poker, work your opponent into a position where you can get maximum value from them. It's what the banks do to us.

There will be a penalty to pay for six years - you won't be able to a tab behind a bar let alone a mortgage! and with that in mind - I can't see the problem with going bankrupt? You have nothing to lose, and your partner keeps a big settlement to do something different with. It's you going bankrupt not her - they won't have access to her redundancy.

Your credit rating won't be much worse than defaulting all your debt and coming to a settlement arrangement.

Sooler

Have you had any professional advise on your debts? Contacting the CAB now may be very useful.