Pro's and con's of personal bankruptcy

[Dolph]

You would think a big organisation such as a Bank would get something as important as a credit agreement correct first time

I would also think that people would ensure they fully read and understand something as important as a credit agreement or contract before they sign it, but for some reason, sites like the CAG think this sort of responsibility should not apply to one side of the contract, but must be enforced fully against the other...

 

[lee32uk]

I would also think that people would ensure they fully read and understand something as important as a credit agreement or contract before they sign it, but for some reason, sites like the CAG think this sort of responsibility should not apply to one side of the contract, but must be enforced fully against the other...

Im sure people do read the credit agreement.Wether they understand it or not is a different matter.I don't think the average man in the street would be expected to understand every term or condition.
At the end of the day, a credit agreement has to have certain prescribed terms in it as layed down by the CCA 1974 and more recently CCA 2006.It is only because the Banks were 'sloppy' drawing up the agreements that a lot of people are now challenging them.
I don't have any sympathy for the Banks.They are huge organisations that have access to the best Solicitors, Lawyers etc.If they cant get it right with all their resources then who's fault is that.

 

[Wicksta]

It's the bank's fault but the hardworking people who do things by the book who end up paying for those who don't.

 

[Dolph]

Im sure people do read the credit agreement.Wether they understand it or not is a different matter.I don't think the average man in the street would be expected to understand every term or condition.
At the end of the day, a credit agreement has to have certain prescribed terms in it as layed down by the CCA 1974 and more recently CCA 2006.It is only because the Banks were 'sloppy' drawing up the agreements that a lot of people are now challenging them.
I don't have any sympathy for the Banks.They are huge organisations that have access to the best Solicitors, Lawyers etc.If they cant get it right with all their resources then who's fault is that.

I don't have any sympathy for people who agree to things they don't understand either.

The problem is those who run up large debts or using services and sit there exploiting loopholes with every company they can so they don't have to pay simply impact the rest of us. I see absolutely no reason why they should be permitted to pass their responsibilities on to everyone else through repeated bitching and moaning.

it's just like the bank charges situation, where people are trying to claim back thousands... The only way you can run up those sorts of charges in the first place is by being an irresponsible idiot with your money...

 

[Amps]

You do realise that you can refuse the interest rate hike without any negative effect to your credit rating but on doing so you will no longer be able to borrow any further money against the card. The account will be closed. This does not mean you have to pay the money back instantly you have a "reasonable period of time".



http://www.moneysavingexpert.com/reclaim/credit-card-interest-rate-increases

There is no baby.

What I am at odds with is the banks and Credit Card companies hiking the interest rates up for no reason, so I feel I'll never get out of the debt I am in.
I feel I need to find a way to "shove two fingers up at the system" because they are starting to take the ****

 

[Fuzz]

Quite. Not sure what I can say really - if she truely lost the baby then I am deeply sorry. But there was a lot of doubt in the thread as to whether she was lying to him in the first place so who knows what really happened, I think its best we leave it though.

I don't really know for sure if it was all true or not to this day, I was about to go to a solicitor about it but she text me Monday I think saying "I'd be pleased to know she lost it" :/

Yes, a line under the whole debacle would be best all round I think. Lesson learned there.

 

[Fuzz]

Something always seems fishy about nokinidea's posts. Like the pregnancy test at the GP which they don't do anymore.

I was only going off what she said to me.. Maybe it was all BS, I have no idea as said above... this is not the thread for that topic though

 

[Fuzz]

You do realise that you can refuse the interest rate hike without any negative effect to your credit rating but on doing so you will no longer be able to borrow any further money against the card. The account will be closed. This does not mean you have to pay the money back instantly you have a "reasonable period of time".



http://www.moneysavingexpert.com/reclaim/credit-card-interest-rate-increases

I was looking at the money expert site earlier, although looks like I didn't take some of it on board. Trying to do 20 things at once this evening..

All the cards are cut up and binned anyway so I don't use them, so that could well be an option if it's as simple as "I want to close the account and pay you back *** pounds a month with no interest.

 

[Fuzz]

You're the guy with the £40k 400bhp impreza? I read your thread thinking 'how the hell can people afford to do all this?'.

Did you do it all on tick?

On 22b.. That's me..

 

[lee32uk]

I don't have any sympathy for people who agree to things they don't understand either.

The problem is those who run up large debts or using services and sit there exploiting loopholes with every company they can so they don't have to pay simply impact the rest of us. I see absolutely no reason why they should be permitted to pass their responsibilities on to everyone else through repeated bitching and moaning.

it's just like the bank charges situation, where people are trying to claim back thousands... The only way you can run up those sorts of charges in the first place is by being an irresponsible idiot with your money...

Bank charges are one of the biggest rip offs, and that is why there is currently a court case to determine the fairness of the charges.
I remember one Bank worker admitting that it probably cost the Bank £2/3 to bounce a cheque or reverse a direct debit as it is an automated process.For the Bank to then charge £28 upwards is a disgrace.

 

[Dolph]

Bank charges are one of the biggest rip offs, and that is why there is currently a court case to determine the fairness of the charges.
I remember one Bank worker admitting that it probably cost the Bank £2/3 to bounce a cheque or reverse a direct debit as it is an automated process.For the Bank to then charge £28 upwards is a disgrace.

Since when did avoidable service charges have to be justifiable? They are charges for a service, and as such as long as the charge is clearly stated, the amount is irrelevant. I just hope the court rules sensibly on this matter and accepts that the alternative is massive inconvenience for everyone who can manage their money correctly. (If you don't understand why, research how maestro, visa debit and direct debits actually work, to understand why Banks don't want to put in full 'in front' checking of all transactions, and why responsible consumers should not have to pay for the additional overheads)

 

[Haggisman]

I was looking at the money expert site earlier, although looks like I didn't take some of it on board. Trying to do 20 things at once this evening..

All the cards are cut up and binned anyway so I don't use them, so that could well be an option if it's as simple as "I want to close the account and pay you back *** pounds a month with no interest.

That's essentially what an IVA is.

 

[DominicStar]

The only way you can run up those sorts of charges in the first place is by being an irresponsible idiot with your money...

Not always quite true. Mine with Abbey would have been several hundred pounds through no fault of my own had someone not stepped in and lent me money to cover £80 charges, made as a result of not being able to enter the bank during the day to pay in cash due to broken doors and the staff accepting that but not caring anyway.

There is nothing I can do about it at the minute either, as the FSA, unashamed supporter of banks in the current scenario, is letting them hold it even though the complaint is about Abbey directly and nothing to do with the fairness or legality of overdraft charges. I fully expect to have to take them to court after the legal battle.

Bank charges are one of the biggest rip offs, and that is why there is currently a court case to determine the fairness of the charges.
I remember one Bank worker admitting that it probably cost the Bank £2/3 to bounce a cheque or reverse a direct debit

I worked for Northern Rock for a while and I fail to see how it even cost half of that to be honest. Automated letters in a big pile for starters, one or two staff could envelope several hundered in a couple of hours. Even if the account transactions were entirely manual, which I doubt, you could feasibly input 150+ debits to accounts using their systems anyway. Maybe a little tiny bit more for a cheque but not much.

 

[mrmoose]

I'm sure you were the same person the other day who was trying to buy £200 worth of clothes for your holiday but your card declined.

As Amps said, ring up your credit cards rentention or rates team. Ask if there has been a recent reprice on your account - increasing your interest rates. If so, ask if you are still within the cooling off period in which you can "opt-out" of the reprice and do it. This will freeze the rates at what they were previously (eg. 15.9 instead of 24.9).

Ibiza will be seriously expensive. Don't go too overboard.

 

[mattheman]

You would think a big organisation such as a Bank would get something as important as a credit agreement correct first time

incorrect, they lose misplace things, for example good percent of morgages that have been sold on can't be traced.

 

[mattheman]

I have been selling my assets since the beginning of the year..
PC just went to a mate today for 600 notes.
There's not a lot left to sell now.

remember any cash you get if you really sold your stuff should not be placed in a bank account

 

[lee32uk]

incorrect, they lose misplace things, for example good percent of morgages that have been sold on can't be traced.

I meant the terms and conditions within the credit agreement.I know they lose things, or in my case shred things.

 

[lee32uk]

Since when did avoidable service charges have to be justifiable? They are charges for a service, and as such as long as the charge is clearly stated, the amount is irrelevant. I just hope the court rules sensibly on this matter and accepts that the alternative is massive inconvenience for everyone who can manage their money correctly. (If you don't understand why, research how maestro, visa debit and direct debits actually work, to understand why Banks don't want to put in full 'in front' checking of all transactions, and why responsible consumers should not have to pay for the additional overheads)

Of course the amount is relevant.They cant just decide to charge 'x' number of pounds.The charges have to be proportionate to their costs.Under the Unfair Terms in Consumer Contract Regulations the charge should not exceed the cost to the provider.
Obviously the Banks disagree and thats why there is an ongoing Court Case which the Banks are now taking to The House of Lords.

 

[Fuzz]

I'm sure you were the same person the other day who was trying to buy £200 worth of clothes for your holiday but your card declined.

Yes that was me. As I said I am not in direct "dire straights" as it currently stands I am just sick of seeing what I do pay back to the card companies get swallowed up by interest.

 

[HarryPainful]

Yes that was me. As I said I am not in direct "dire straights" as it currently stands I am just sick of seeing what I do pay back to the card companies get swallowed up by interest.

Well get your priorities straight then and pay YOUR debts!

You are in no position to do up your car or go on holiday, never mind be buying £200 worth of clothes for it!

Jesus wept...