CAG & the economic collapse

[mr.ton]

Does anyone else think like me in that...i reckon CAG was largely to blame for the economic chaos since September last year?

The amount of money that must still be owing, that has never been repaid thanks to CAG must be astronomical

Lets hope 2009 is just as successful

[beetzart]

Banks like to make people feel like pariahs when they are in debt. That we have no rights or legal comeback whatsoever. All these years we have been hoodwinked and scared of that grizzly wolf at the door. When all along, well since 1974 at least, we have had the power to fight back.

 

Nice idea Mr Ton I am sure that CAG has made some sort of impact. I think we should campaign for some sort of amnesty of unenforceable CCA's. Banks would have to declare all their unenforcable debts and wipe them out!

[fuzzybobble]

I think all financial institutions should be regulated by a true independant body.

 

They should be forced to work with people having debt problems and really try to help them instead of making the situation worse like they do now. Then they'd get more respect and people would repay what they owe.

 

Before passing on an account to a DCA they should have to have their paperwork stamped by the court to prove it's enforceable and they have a legal right to collect the money. A copy of this should be sent when the DCA makes first contact with the debtor.

 

DCA's should be stopped from first contact threats of court, bailiffs etc on the first contact. After all treating people as a "won't pay" from the start gets them nowhere, as they've now found out thanks to CAG.

 

Banks shoud be made to check all their loan and Credit card accounts. If any of the agreements are missing or unenforceable, then the account should be written off, and not sold to a DCA.

[Werner M]

.....I drink to that !!(tonight).... " HAPPY NEW YEAR" .........Werner M.

[Fred Bassett]

Does anyone else think like me in that...i reckon CAG was largely to blame for the economic chaos since September last year?

The amount of money that must still be owing, that has never been repaid thanks to CAG must be astronomical

Lets hope 2009 is just as successful

 

Personally I doubt it. The number of registered users of the CAG is 195,000 but how many active members are there? 5,000?, 10,000? who knows?

 

Debt collection is a good enough business that companies like Cabot are still buying debts by the bucketload, seemingly without bothering in all cases to check whether what they've bought they will be able to collect on. It would be interesting to know the figures but I would guess that they are still cowing the vast majority into submission and the CAG and others are still just a minor inconvenience. What we have to aim to do is make this factor a major inconvenience - to the point where companies like Cabot think twice about wholesale acquisition of debts.

 

I think we have made a difference though - would the '13' have been bought to the attention of the OFT without the likes of CAG? Unlikely I think. They are treading more carefully now, responding to complaints more diligently and generally speaking being more courteous (my opinion). That must have an impact on their bottom line which can only be a good thing.

 

Every person that finds the CAG, demands to correspond in writing thus disarming the threat monkeys' only weapon, challenges the validity of their agreements, makes complaints that have to be answered and just, generally, stands up to these people is one more fraction of a percentage point off their profits. Eventually this will start to hit them where it really hurts.

 

Regards.

 

Fred

[godpikachu]

I think all financial institutions should be regulated by a true independant body.

 

They should be forced to work with people having debt problems and really try to help them instead of making the situation worse like they do now. Then they'd get more respect and people would repay what they owe.

 

Before passing on an account to a DCA they should have to have their paperwork stamped by the court to prove it's enforceable and they have a legal right to collect the money. A copy of this should be sent when the DCA makes first contact with the debtor.

 

DCA's should be stopped from first contact threats of court, bailiffs etc on the first contact. After all treating people as a "won't pay" from the start gets them nowhere, as they've now found out thanks to CAG.

 

Banks shoud be made to check all their loan and Credit card accounts. If any of the agreements are missing or unenforceable, then the account should be written off, and not sold to a DCA.

 

 

yeah, there definatley SHOULD be greater regulation of the financial sector, as for too long now banks, credit agencies and DCAs have been getting away with the tired old "we thought we were acting properly" excuse, and the good old "we are a multinational company, with a yearly turnover of billions of pounds, it is inconceivable for us to make a mistake!" fob off answer to everything.

 

one thing would be to do away with call centres etc, as to be honest, they are a complete waste of space, theres no such thing as "customer service" any more, its been replaced with "customer sales", all they are bothered about is selling you something, it doesnt matter if youre ringing up to ask the time or to make a serious complaint, they just want to sell you something, and its pathetic.