You in Trouble with Debt?

[Westdene Seagull]

My circumstances have changed many times and I've often had periods when repaying debt was really difficult, but I didn't try to ignore it and walk away from it, which some on this thread seem to be suggesting is a legitimate course of action.

With regard to the lenders selling on the debt - they wouldn't do it if there hadn't been a breach of the original agreement, so again your argument doesn't stand up (plus it's probably in the Ts&Cs that were originally signed that most people think they don't need to read).

The debt collection agencies are not "preying on people's misfortune", but will be reminding people of their responsibilities. As others have said, if you speak to most companies rather than ignoring the problem, then they will be more than happy to get something rather than nothing and you won't end up with a third party to deal with.

Companies using debt collecting agencies is no different to using a solicitor to deal with a dispute on your behalf. You use people with the right skills for the job. I know there are some that are just nasty to deal with (a bit like the CSA!), but the best idea is to avoid getting them on the case in the first place.

Once again I agree with your sentiments BUT I've seen first hand the underhand tactics DCAs use to try and get money out of people. Agreed those people should have contacted the original lender as soon as they couldn't afford the debt. DCAs are mainly funded by Private Equity companies who are already extremely rich and want to become richer due to peoples misfortunes.

It's time lenders and borrowers took responsibility for debts rather than scum companies looking to make a quick profit on people who have hit hard times. I exclude people who have spent beyond their means on purpose.

 

[sully]

It's time lenders and borrowers took responsibility for debts rather than scum companies looking to make a quick profit on people who have hit hard times. I exclude people who have spent beyond their means on purpose.

We can certainly agree on that bit!

I guess I was just reacting to the general sentiment of this thread which started out giving advice to help people to avoid paying their debts.

 

[Worthingite]

No it is not, if you don't own a house, a car or any items of value and thus decide to walk away from your debts there is very little that the banks and the leeches they sell the debt onto can do. You then wait your 6 years without credit and after that the debts fall off your credit file, the statute of limitations apply so no legal action can be taken in respect of the original debt and then you will find the banks bombarding you asking if you want a loan or credit cards again.

Takes big balls to do but many have done it , mind you the banks don't want people knowing this.

It is, IMO a bit of a shit thread. Here's a novel thought: If you've racked up thousands of pounds worth of credit card, loan and other debt - why not pay what you owe?? If you've received the money or the services provided, why should you just walk away with it scot free?? We have a couple of debts with DCA's, purely through an inability to pay, as opposed to just not being bothered. If your honest and upfront with these companies (i.e, provide an accurate income and expenditure) they will, in the main, be helpful with regards to how much you can pay back - after all, it's in their interest to get ANY money back, rather than none at all.

To me, it beggars belief that people run up mountains of unsecured debt and just think they can have it all for nothing. Show's what kind of society we live in today.

 

[Westdene Seagull]

It is, IMO a bit of a shit thread. Here's a novel thought: If you've racked up thousands of pounds worth of credit card, loan and other debt - why not pay what you owe?? If you've received the money or the services provided, why should you just walk away with it scot free?? We have a couple of debts with DCA's, purely through an inability to pay, as opposed to just not being bothered. If your honest and upfront with these companies (i.e, provide an accurate income and expenditure) they will, in the main, be helpful with regards to how much you can pay back - after all, it's in their interest to get ANY money back, rather than none at all.

To me, it beggars belief that people run up mountains of unsecured debt and just think they can have it all for nothing. Show's what kind of society we live in today.

You've answered your own question and it's somewhat surprising that you don't have more sympathy !

 

[Ernest]

You've answered your own question and it's somewhat surprising that you don't have more sympathy !

Exactly, he can't pay what he owes but castigates others in the same situation

 

[sully]

Exactly, he can't pay what he owes but castigates others in the same situation

Nope. He's dealing with his debt problems and castigates those that ignore them in the hope that they'll go away, or run up debt with no intention of ever paying it off. There's a HUGE difference.

 

[sydney]

It is, IMO a bit of a shit thread. Here's a novel thought: If you've racked up thousands of pounds worth of credit card, loan and other debt - why not pay what you owe?? If you've received the money or the services provided, why should you just walk away with it scot free?? We have a couple of debts with DCA's, purely through an inability to pay, as opposed to just not being bothered. If your honest and upfront with these companies (i.e, provide an accurate income and expenditure) they will, in the main, be helpful with regards to how much you can pay back - after all, it's in their interest to get ANY money back, rather than none at all.

To me, it beggars belief that people run up mountains of unsecured debt and just think they can have it all for nothing. Show's what kind of society we live in today.

so many situations where that argument falls appart......if your missus has not "done one " on you yet then i hope she never does.........you'd be surprised how much debt the cuknts can rack up in a small amount of time..

 

[Worthingite]

You've answered your own question and it's somewhat surprising that you don't have more sympathy !

Exactly, he can't pay what he owes but castigates others in the same situation

so many situations where that argument falls appart......if your missus has not "done one " on you yet then i hope she never does.........you'd be surprised how much debt the cuknts can rack up in a small amount of time..

They're both being paid, that's the big difference - we pay about £20 a month on each, not much, but it's going down, whereas there are people who just shirk their responsibility.

Sydney, I did actually have that happen!!! My bitch of an ex, when she left, said that she was going to take care of a couple of bills that she ran up at the address - we STILL get letters in both our names for one of them - in fact that's one of the ones we pay each month (much to the current mrs disgust!!)

 

[Westdene Seagull]

They're both being paid, that's the big difference - we pay about £20 a month on each, not much, but it's going down, whereas there are people who just shirk their responsibility.

But the very fact that your debt has gone to a DCA shows you broke the original contract. Using your heartless theory you shouldn't have broken said contract and should have paid what you owed to the ORIGINAL company.

 

[The Rivet]

No it is not, if you don't own a house, a car or any items of value and thus decide to walk away from your debts there is very little that the banks and the leeches they sell the debt onto can do. You then wait your 6 years without credit and after that the debts fall off your credit file, the statute of limitations apply so no legal action can be taken in respect of the original debt and then you will find the banks bombarding you asking if you want a loan or credit cards again.

Takes big balls to do but many have done it , mind you the banks don't want people knowing this.

For me, I like this 'reality post'. If you have 'nothing' and are being pestered for, as I said in the OP, 'old debts'. It is in fact a rule you can legally use! like Google and Starbucks and Vodafone etc, etc........

 

[Shropshire Seagull]

If you borrow and then don't give it back - is this not STEALING ?
Or is money somehow different to other kinds of objects / assets?