Mildly interesting article....

[dannyboy660]

...which I'm not sure if I'm allowed to post a link to but, here it is.

Will the debt collector call?Â*-Â*Dealing with debt on MSN Money UK

My apologies if it's already here somewhere, but I couldn't see it.

How about..

"We want to see all lenders doing everything in their power to avoid things getting to this stage. This means treating borrowers in arrears fairly and sympathetically, and being willing to negotiate with borrowers in trouble," she added.

Hmm. More chance of getting peed on by the Pope, missus.

"So far from being sympathetic to the plight of those struggling, perhaps it's in the banks' collective interest to assist those they once funded back in the black - it may be the only way they can get their money back."

Banks dump the debts and arrears on DCA's who's aggressive, disrespectful, and often downright unlawful approach to collections alienates former customers who then find a way to fight back.

What do they expect???

Poor banks. What a shame. My heart bleeds for them, and the vermin they employ to bully.

That's my daily whinge.

[dannyboy660]

I can't be bothered to moan on a Sunday morning. The Lord (Lloyd-Webber) might give me a withering stare and shrivel my tangerines, so I'll let the BBC say it for me.

BBC NEWS | UK | Problem debt 'hitting affluent'

[zazen.warrior]

There's a lot of it about.

[creditcardmug]

A lot of people are in denial/not accepting their situation is untenable, sooner or later they have to accept that outgoings exceed incomings.
Thats when they have no choice but to default on loans/cards etc, as happened to me.

I think far more people will be going down this road soon given the worsening economic climate

[zazen.warrior]

More cuttings.

Now desperate middle class families face huge debt crisis as more and more professionals plunge into the red | the Mail on Sunday

[dannyboy660]

..and today some good news. It seems NCO have suffered some eye wateringly enormous losses. InsideARM: NCO Group Reports First Quarter Loss on Acquisition Expenses at least in some areas. Nicely glossed over though, I must say. Full marks to their auditors and accountants no doubt.

Before you say anything, I do realise that's in US, but collections just get tougher and tougher as people concentrate on the priority debt.

I think we'll soon be able to 'run a book' on which of our favourite UK DCA's will be first to go down the tubes, when they can't get funding to buy more bad debt.

Still, it's nice to know it's not all good news for the vultures in these difficult times Mr Brown and Mr King are promising.

[dannyboy660]

Did anyone pick up this story???

BBC NEWS | UK | UK Politics | Blair was chased over unpaid bill

Be VERY careful what you say here on these threads - some very illustrious people may be dealing with our favourite DCA's...

[JonCris]

Wonder who got the nasty phone calls 'im or 'er

Did anyone else note that Tone managed to obtain a 200% mortgage

apparently it's being suggested the extra was to fund additional property purchases which if true might be unlawful or even illegal

One things for sure it wasn't very prudent for the bank who loaned the money. In a rising market giving 125% of value is one thing but 200% borders on the incompetent. Wonder what the lenders shareholders or savers think of that

[babybear39]

That's politicians for you

IMO anyone who wants to be one, should NEVER be allowed

[JonCris]

Yeah but you have to remember that it's an interest only mortgage & your paying for it while the extra money he got may have gone to pay outright for additional property which he will now own. free gratis all at the expense of the taxpayer

[cashins]

Did anyone pick up this story???

BBC NEWS | UK | UK Politics | Blair was chased over unpaid bill

Frankly, I'm amazed he has ever paid anyone anyway.

[JonCris]

Don't you get it............... he never paid for anything we did

[dannyboy660]

I know many of you will have already seen this, but here's a link Credit Today online which might bring a few smiles to those who follow the (mis)fortunes of our favourite DCA's.

Seems they're finding it a bit tough at the moment, and some may not even survive. Diddums.

[lookinforinfo]

The bad news about that article Danny is that the most likely ones to survive will be the nasty ones who flout the Law and are already very aggressive in their collecting methods.
They will become even more determined to squeeze every last penny out of their unfortunate victims.
We can only hope that the regulatory forces pull their collective fingers out
but do not hold your breath. The lucky customers will be the ones who find
forums like ours to counteract the worst excesses of those DCAs. The old and vulnerable with no access to the internet will be at the mercy of those
companies who do not know what mercy is.

[dannyboy660]

Originally Posted by lookinforinfo

The lucky customers will be the ones who find
forums like ours to counteract the worst excesses of those DCAs. The old and vulnerable with no access to the internet will be at the mercy of those
companies who do not know what mercy is.

I hadn't really thought about it like that, but you're absolutely right.

[babybear39]

Originally Posted by lookinforinfo

The bad news about that article Danny is that the most likely ones to survive will be the nasty ones who flout the Law and are already very aggressive in their collecting methods.
They will become even more determined to squeeze every last penny out of their unfortunate victims.
We can only hope that the regulatory forces pull their collective fingers out
but do not hold your breath. The lucky customers will be the ones who find
forums like ours to counteract the worst excesses of those DCAs. The old and vulnerable with no access to the internet will be at the mercy of those
companies who do not know what mercy is.

Unfortunately, you're correct and it sickens me that the regulatory bodies WILL NOT act

[sosumi]

We'll see. My gut feeling is that a lot of things are changing.

[sosumi]

Originally Posted by dannyboy660

I know many of you will have already seen this, but here's a link Credit Today online which might bring a few smiles to those who follow the (mis)fortunes of our favourite DCA's.

Seems they're finding it a bit tough at the moment, and some may not even survive. Diddums.

Regrets, they've had a few, but then again...
Let's hope the regulatory bodies will give them many more.

[JonCris]

The DCA's will react like a wounded animal when cornered. They will resort to any tactic legal or illegal they can think of in order to stay in business. After all most of them are unemployable anywhere else

[sosumi]

From Credit Today June 2008: