should people use debt management companies...discussion thread

[Peterbard]

On 28/11/2019 at 00:45, Andyorch said:

 

Can you point to that Admin of the Forum which stated that ?

OK for the sake of this thread, I will rephrase. Do you agree that debtors should"direct quote""put their heads in the sand" about their debts?

DX100 same post

[Peterbard]

On 23/11/2019 at 02:54, dx100uk said:

its a bit like fox hunting..a whole financial industry over several generations grew from out of needless cruel sport and eventually was deal with.

 

debt is the same.

 

in this case there are two major players...

 

Debt collection agencies

Debt management companies.

 

neither are necessary but have again been allowed to grow over several generations...

 

the simplest way to deal with both is for everyone to stop paying them and both industries will collapse overnight.

 

there is no need for either of them to exist, they financially support each others existence in an ever increasing circle.

 

most threads in this very same forum portray the sad results of blindly paying both.

So when do you say people intend to pay, you seem to have removed both options available, and Andy says, you are not recommending not paying at all?

 

You see, you are not talking about harassment or any of the other things refer to, not at all, Many times you don't even ask the debtor about it. YOu are just preaching debt evasion, plain and simple. ( and yes it's evasion :))

[Peterbard]

I defend no one as I do not indict, I merely report the facts as I see them. I am afraid you are blinkered probably by experience. 

No ones fault.

 

When no creditor will forward the cash for the mortgage, for fear of someone justifying none repayment in this way, we have young couples with no chance in life, no home of their own.

 

Making excuses about the way loan debts are enforced, does not change this.

 

Loans have to be repaid, what you preach is a philosophy of despair.

 

The accountant in me objects every time I see this.

 

"You are defending the likes of Lowell and Capquest, who brought that debt for maybe 5 pence on the pound, and are looking to make the 95 Debt buy debts for what they are worth. It has absolutely no effect on the debtor, he still only owes what he owed on termination.

 

The market value of the rights under the contract(which is what he buys), depends on how likely or easily he will get a return on his investment. He my get nothing at all, as with many of the cases on here. He may buy a hundred such debts and barely break even.

 

Even if he got full value he would be short , by what he paid to the OC. So no, not as black and white as you think

 

As a final thought, A question. Say you had a firm where you issued loans for those who were less well off.

 

Baring in mind, that if you were seen to be to soft, no loans would ever get repaid, and then you would have no money to lend anyone else?.

 

A question all credit unions have to face.