credit card and loans written off

[Flashman]

This looks like an extension of individuals challenging banks charges.

 

It a £300 gamble, the fee levied by this outfit for each credit card bill you instruct them to challenge.

 

I seem to remember that the bank accounts of customers who challenged their fees were subsequently closed and they were forced to move elsewhere, an act which itself reduced their credit rating.

 

No prizes for guessing what challenging credit card debts will do, but I presume a punter walking away from several thousand pounds of debt doesn't care ... until he wants to buy a new plasma/iphone/latest chav gadget, when suddenly he must pay cash because nobody will loan him the money...

[Fatcatsplat]

If it's any help, i called my credit card company 3 years ago and told them that i was having trouble with repayments - They gave me a 6 month interest break where my repayments went straight against my debt but with the interest frozen - 18 months later and debts all clear - just needed a little help at the start. If you're in schtuck with the banks, talk to them - It's in their interest to help you in order to recover their debt.

Edited December 12, 2008 by Fatcatsplat

[Piebob]

I watched a TV show a few weeks back which featured a wealthy couple who had successfully had tens of thousands of pounds (£50K-£60K IIRC) written off by their various credit card companies because of some legal technicality in the credit agreement.

 

I sat there fuming through the programme thinking that they should just accept that they have overspent and start making plans as to how they were going to pay such an enormous amount back. Their house looked fantastic for starters. I was left to boil away for 20mins or so until the voice over at the very end of the program said that various court actions had now been taken against the couple and they had lost at least one so far, and had to pay all legal/court costs. They were now an additional £20K or so in debt with further battles to fight.

 

Oh how I laughed...........

[George1990]

How naiive must you be to believe this tripe? They're all con artists out to get their hot mitts all over your cash. As piebob has illustrated, there are always repurcussions.

 

I'm amazed how people still actually fall for scams after years of peoples lives being ruined by them.

[al4x]

my builder first told me about this lot and his missus is going through the procedure at the moment. Somehow it seems when you took out the card the contract you undertook if it was before 2007 was legally unenforceable. Or thats the spiel I got from him, what I can say is the company behind it does look legitimate and they do seem to be registered with the ministry of Justice so this may not be a con. After all a couple of years ago who would have thought you'd have been able to claim back bank charges. Be interesting if any legal eagles on here know any more.

[Mungler]

Most of it's poop.

 

The nuts and bolts are that the banks have gone through so many changes, take overs and mergers that a lot have lost track of their own paperwork ie. the original agreements and on going checks that formal updates and notifications of changes in terms and rates have been supplied and agreed etc.

 

It is always worth remembering that a credit card is based upon an agreement (contract) and as such it is a document with legal rammifications. The banks have just got sloppy and their credit card departments are run by morons of the lowest calibre and of the lowest wages. I know this first hand and will shortly provide an update of my situation with "Goldfish" - it is currently before the Central London County Court and for the time being I shall say no more. Once Judgment is given and the matter concluded I will take further advice as to how much of the correspondence can be published - it is a hilarious diary of utter muppetry. I digress.....

[tuck1]

Call me old fashioned, but the word "borrow" to me conjures up romantic images in my mind of some time giving things back. At least that's what I hope for whem I "lend" things. Silly me.

 

 

Save your cash, put in a bank account, and add to it as much and as often as you can. Before you know it your debt will be much smaller, and you'll feel much better. Honestly.

[lurcherboy]

I went from no debts (mortgage paid off) to 180K in debt pretty much overnight. It's a long story and was a family problem but I am paying it back at around 2K a month even though it's ******* killing me. It would be so easy to roll over and declare myself bankrupt but I won't. I want to be able to get credit when and where I need it and more importantly to have the satisfaction that I paid my debts and no one can come back at me.

 

 

 

 

LB

[kennym]

I went from no debts (mortgage paid off) to 180K in debt pretty much overnight. It's a long story and was a family problem but I am paying it back at around 2K a month even though it's ******* killing me. It would be so easy to roll over and declare myself bankrupt but I won't. I want to be able to get credit when and where I need it and more importantly to have the satisfaction that I paid my debts and no one can come back at me.

 

 

 

 

LB

top man just think what GREAT BRITAN would be like if we all thought like tihis

[fishman307]

Including Gordon Brown

[cubix]

I went from no debts (mortgage paid off) to 180K in debt pretty much overnight. It's a long story and was a family problem but I am paying it back at around 2K a month even though it's ******* killing me. It would be so easy to roll over and declare myself bankrupt but I won't. I want to be able to get credit when and where I need it and more importantly to have the satisfaction that I paid my debts and no one can come back at me.

 

LB

 

That's the spirit mate - it's that attitude of taking responsibility for your actions that will help you make a success in life.

[MM]

I went from no debts (mortgage paid off) to 180K in debt pretty much overnight. It's a long story and was a family problem but I am paying it back at around 2K a month even though it's ******* killing me. It would be so easy to roll over and declare myself bankrupt but I won't. I want to be able to get credit when and where I need it and more importantly to have the satisfaction that I paid my debts and no one can come back at me.

 

 

 

 

LB

 

 

:( tahats what its all about.

[Hodmedod.one]

I went from no debts (mortgage paid off) to 180K in debt pretty much overnight. It's a long story and was a family problem but I am paying it back at around 2K a month even though it's ******* killing me. It would be so easy to roll over and declare myself bankrupt but I won't. I want to be able to get credit when and where I need it and more importantly to have the satisfaction that I paid my debts and no one can come back at me.

LB

 

Top Man LB. Unfortunately, not all people have the same attitude.

 

It makes me sick to know that some people quite happily run up their credit card bills and then see nothing wrong with trying to wriggle out of paying them off.

Nobody forced these spongers to take out a credit card and accept the banks terms and conditions.

They should be made to pay their debts like the rest of us do. :(

[Mungler]

One thing that's good about the impending recession - it will teach the nation the value of money again.

 

A grand isn't a quick wallop on the plastic, its a bit of graft, pay some bills, and then what's left over divided into £1000 represents how long it will take you in wage packets to amass.

 

Back in the old days, if you wanted it you saved up for it and bought it. How funny and outdated is that? <wokka wokka indeed>

 

I see people who are younger than me on average jobs with between £50k and £80k on unsecured loans, store cards, catalogues and other easy credit. What is shocking is that none of them know exactly how much they owe or realistically how long it would take them to repay (using the above equation). Without fail everyone is a lost cause - living and meeting the minimum payments almost impossible. That leads to the big B and the debt written off. Which leads us to where we are today in the economy.

 

Here endeth the lesson.

Edited December 12, 2008 by Mungler

[Vince Green]

My mate John got into all this and thought he was being clever but the thing hasn't gone away. The banks treat it as a bad debt and they sell parcels of bad debts off to a third party eventually.

A £2000 debt might be sold for £2 but your problems start up all over again when a letter arrives out of the blue from the new owner of the debt wanting payment. This could be anything up to seven years later but once they have made contact the debt is re-activated.

 

Some of these debt collectors are little better than criminals and don't care how they get the money out of you.

[Pipmoff]

top man just think what GREAT BRITAN would be like if we all thought like tihis

Yeh we would be able to put the GREAT back into Britain if there were more prepared to do this, well done that man. I take my hat off to you LB.

Edited December 13, 2008 by Pipmoff

[Mrs Sweepy]

I was always bought up if you didnt have the money you just made do without.

Credit cards are like a swear word to me never had one and i never will .

I just love it when they try to sell me one on the phone. I even had one of the sales people tell me i was not normal.

I just hope that i have drum it into my boys enough the real value of money.

xxxxSuzy

[cubix]

I think this is a generation thing. I'm 41 and I remember the last big property crash, job losses and negative equity - that was 18 years ago. I also remember the mega hammering that we all took in the early/mid eighties.

 

I also remember how much a house was worth in 1990, and I doubt it's just me, but I don't see how a 2 bed flat can go from being worth 17k to 150k in that period of time especially when wages have not kept pace.

 

You know the extra value in houses is not real value, it's debt driven demand.

 

It is true that if you had to go see your bank manager for a mortgage and show you had 20% of the value as a down payment, and that it wasn't more than twice joint earnings, then we would not be in this mess. Like in the 'old days'.

 

I watched a lot my friends go mad buying houses recently. One in particular - £330k for a 3 bed semi in a nice yorkshire village. He and his wife made 50k a year between them. Over the life of the mortgage they would have had to pay off nearly 800k - how can you do that on 50k a year? The plan was to sell it at a profit in 3 years time when they thought it would be worth 400+. They didn't want to believe me when I told them what happened in the early 90s.

 

The bank still gave them the mortgage, but they were stupid enough to take it. Wannabe property millionaires. Didn't need that house at all.

 

House is now worth £240k and falling.

 

Common sense has been on holiday the last few years.

[dazag12]

all very valid comments but the banks are just as much to blame for the state of the economy as they have been chucking money at people for years not really checking it was affordable or caring and now when they are about to possibly get a right kick in the nuts for it people think it is wrong i know everyones opinion is different and that whar makes us unique, allegedly one of the big banking groups has paid 450 million pounds to try and stop claims coming into them and this money has been paid to a loan claiming company, which means that this company cannot process claims against the particular bank, although yes it is the responsability of the borrower not to stretch beyond there means circumstances out of there control can also cause problems so it is not always black and white on all circumstances, having said that people who have managed to maintain there debts any repay them Fantastic which is the way i have always been, but the credit cards that i am are claiming against have not treat me fairly in my opinion as like i said in a earlier post my initial interest rate was 10.9 but now this is 18.9 and the rates has not rose because anything has happended to my credit rating i dont see why i should have to put up with my credit card company may massive amounts more in interest just because they feel that they want to increase profits SO i ask is it so bad to get these debts written off

[kennym]

all very valid comments but the banks are just as much to blame for the state of the economy as they have been chucking money at people for years not really checking it was affordable or caring and now when they are about to possibly get a right kick in the nuts for it people think it is wrong i know everyones opinion is different and that whar makes us unique, allegedly one of the big banking groups has paid 450 million pounds to try and stop claims coming into them and this money has been paid to a loan claiming company, which means that this company cannot process claims against the particular bank, although yes it is the responsability of the borrower not to stretch beyond there means circumstances out of there control can also cause problems so it is not always black and white on all circumstances, having said that people who have managed to maintain there debts any repay them Fantastic which is the way i have always been, but the credit cards that i am are claiming against have not treat me fairly in my opinion as like i said in a earlier post my initial interest rate was 10.9 but now this is 18.9 and the rates has not rose because anything has happended to my credit rating i dont see why i should have to put up with my credit card company may massive amounts more in interest just because they feel that they want to increase profits SO i ask is it so bad to get these debts written off

 

Yes,! ! ! ! Yes it certainly is....have you used the card since the interest rise,... err yes,...... even if you didn't, are you looking to write off the interest, no you want to write off all your debit.....your a grown man you knew what you were doing,....

 

I think you are looking for ways to justify what you are doing, to your self and others,.... because deep down you know its morally wrong ....................come on man you bought the stuff now pay for it,

 

I don't know you, I wont judge you, you could be a great guy,...... I think you would admit to yourself what you want is something for nothing .....

 

& who wouldn't,.... the problem is there's no such thing

 

no attacks no insults just what I think