Choice1 i agree with you - it isn't just a case of avoiding the debt, it is, as stated in the original post, maybe reducing the extortionate interest rates charged on these loans. Yes we knew what the rate was when the loan was taken out, but when you're desparate, anything that you think will help you grasp with both hands. Hindsight is a wonderful thing, and if we all had it, then none of us would be on here now.
TO PAY….or NOT TO PAY? Since when did it become a choice?!
Last edited by David Mond on Sat May 16, 2009 7:21 am, edited 1 time in total.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
I also think that a lot of people who are not in financial difficulty will use this loophole to get out of paying their debts.
That is totally wrong and is debt avoidance.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Obviously a touchy subject with you David. To quote from your blog
"I raise the debate that, with so many people hoping to get their debts written off through unenforceable claims, where exactly have our morals gone? Does accountability count for nothing or did some debtors never intend to pay the money back anyway?"
Do you honestly think people took out loans, pre 2007, realising there was a loophole in their credit agreements and they would'nt have to pay it back !!
Your parting quote on your previous post.
"TO PAY….or NOT TO PAY? Since when did it become a choice"
It became a choice when IVA's came into being. I know of a few people who have no assets and have racked up mountains of debt with no intention of paying it back. Why ? because they could.
I know one person who kept half of everything he borrowed with the full intention of making a full and final offer. Why? because he could.
Whilst most of society are honest and have morals, there will always be people who will try to make a fast buck anyway they can. And whilst IVA's have been a lifesaver for many, there will always be people out to exploit them
That I agree with - but thankfully it is only the minority.
Not really a touchy subject for me but it should
be a thought provoking excercise and see what comments develope therefrom.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
My opinion is that it is not really the borrower who is to blame, but the countless amount of ambulance chasers that have sprung up over the last 12 months dealing with these claims.
They are the ones who are making the money out of this not the people with the loans !!
I totally agree with that, but people do have the option to say no, particularly if they are just doing it to be rid of the debt so they can start again!
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
So Jan, do I take it from your last post you never took out any credit to pay off debt, then find yourelf in a vicious circle and having to get more credit? I don't know you or your circumstances, obviously, but you also don't know me & mine so I find it quite offensive of you to make these sweeping statements.
I am merely referring to people who decide to have debt written off without paying anything back! That is totally different in my book.
This is not about taking out credit to pay off credit - it is about avoiding paying your debts.
I was not making any comment about anyone on here, it was a general statement.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I understand what you are saying Kallis3, but I see this as a double sided coin.
People could have said no to the loans in the first place, but were led into temptation by the banks insatiable appetite to lend money to all and sundry.
These same people are now being led into temptation by the claims companies offering to write off these debts.
I don't think you can blame the individual in either case.
I will never agree with this loophole - I could use it myself if I wanted to as all my loans and credit cards come into the category, but I won't.
We are going to have to agree to disagree on this and I won't be making any more posts on this thread.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
No one forced me to borrow the money, it was my choice. No, the banks shouldn't have lent me as much as they did, but no-one had my arm twisted behind my back forcing me though!
Obviously some people on here will think that I have avoided my debt by going bankrupt, but that is something that will be with me for the rest of my life, and has already prevented me changing my career. I am also paying into an IPA.
As far as I'm concerned if someone borrows the money they should pay it back, and if they run into difficulties use a legal route to sort out their problems, not take advantage of a loophole.
The credit claims business has only really surfaced over the last 12 months, if you were to be brutally honest Skippy, if this was an option for you at the time would you have considered it ?
I am in no way being judgemental but it is another solution into the pot, and if people choose to take this option as an alternative to bankruptcy or IVA then that's their choice.
Please understand that I totally agree that this form of debt advoidance is not acceptable, but it is here and is an option to the indebted.
No, I wouldn't have taken that course of action if it had been available to me. I borrowed the money and therefore it was down to me to try and pay as much back as possible, not wriggle out of the contract.
To me this is debt avoidance pure and simple, and I couldn't look at myself in the mirror if I'd done this.
