I LOVE this thread!!

Banks/CC company's trade on fear if you owe them money and for whatever reason can't pay them back,,,,the truth is in certain circumstances, they will do sweet FA if you can't pay them back!........how do I know this?......I took the institution for around £30k a couple of years ago, and no I didn't fraudulently obtain this money, I simply played them at their own game.

I'm from the UK so this probably won't apply to everyone, but I had debts with various CC companies and my bank, well if you can't pay them invariably they will sell on your debt to a debt collection agency for a nominal fee, say a £10k debt for £800, but obviously the DCA will want to collect the full amount........ask them for a true signed copy of the CCA (Consumer Credit Agreement).......odds are they won't have it!.......this means your debt is un-enforceable in a UK court!

I'm not sure how this would work in other countries, but it's worth looking into.

I should also point out that I am by no means some sort of con artist, the banks and CC companies put me in this position with their default charges.......I even managed to get a refund of £1000 in lieu of default charges from Barclay's bank.......just remember that with all the bail outs.....they owe us more than we owe them!!!


p.s anyone who wants help with these leeches, just send me a u2u





Argyll

B of A is F of S. I Love how the government can just take our money without our approval and do what they want with it and then send us the bill. Myself and everyone I know basically said "Let em Fail" , yet somehow the MOAB or "Mother Of All Bailouts" happens and now , the banks have all of their books balanced & uncooked yet are still not lending. If I was in her position I'd do the same thing.

well i can see where she's coming from if indeed she never fell behind her payments and all. chase recently highjacked the rates on my wife's card. this was right when the law past, however we did talk to them and did not get ripped off too much, from 12% to 18% only, this was done by simply talking to them, maybe we got lucky with the right person of the phone. However i do know of a few people who have had their rates gone from 10% to 30% overnight with no chance of better deals.
BoA is a scam indeed, they charge you a percentage to cash a check there if you do not have an account. my company issues payroll thru BoA and when i first went to cash my check (i dont have a bank account, i'd rather hang on to my cash money) they told me i had to pay the fee for not being a customer of theirs and that if i wasn't happy with that i could go to a moneybox where it would be more, in fact it is less and better service. Why would they charge me on my money that i earned for not being a customrer when it is their customer writting me the check? complete load of bullspit.
anyway i'm already doing what is lady is doing for the past 8 years, i'm not a citizen of this country, but when i first came here i got offered to start a credit by verizon by buying my phone on credit. i had the money for it but the guy said it would be the easiest way to start a good credit. so i did it. Well 2 years go by and i decided to get a credit card for college, just in case (my family was overseas so in a pinch it would help) i did everything by the rules, never used more than $200 on a $5000 limit (pay for what i want with the cash in hand is better) always made the payments and all.later on i went on to tour as a sound engineer with bands around the world for months at a time, of course, missed a few payments and found myself in collection. i tried to explain my case, i even went to the bank with my passport to show them proof of travel, and how i couldn't get the mail and all (this was before the whole internet account payments and all) they still refused saying it was in collection and i had to deal with them. the collection in turn, put their own fees on the debt. so i just didn't pay and now i have about $1000 in collection from 2 different accounts. i could care less about my credit score since it probably won't be used soon. i plan on buying my house in an other country with the money i've got.

I guess the message is, buy what you want only with the cash you've got in hand.

Originally posted by liquidsmoke206
booo hoooo hoooo!!! the banks are screwing me....yeah no duh...

Here's what I dont get....who the hell actually uses credit cards!???
Why isn't everyone a badass like me and throw cash down when you want to buy something...

You want something?....work, save, buy....done.

JEEEEEZUS, do I have to write a book called HOW TO NOT SUCK AT LIFE for all these cretins....

I had a bank of america credit card too...hadn't used it in like 2 years so they just closed it for me...good riddance...I mean, why would I use a credit card anyways?

Unfortunately for many, that's not the reality we live in.
Many people need credit cards for various things. As example, what happens if your furnace goes out in the middle of winter.... I know you're going to say you should have saved but if your wages were cut because of something known as a BAD ECONOMY, you might need to rely on a credit card.
I myself run a construction business and I don't have thousands laying around to pay for materials for jobs so I need to use a credit card until the invoice is paid.

What happens if your child gets sick and needs a lot of expensive medicine?

There are many reasons we need credit cards. That is the true REALITY.

I don't agree with the woman in the video, it illustrates the obscene sense of entitlement we have in this country. How about this? Instead of revolting against banks simply spend less than you make and pay your balance in full every month. What happened to personal accountability?

Originally posted by Funshinez
I don't agree with the woman in the video, it illustrates the obscene sense of entitlement we have in this country. How about this? Instead of revolting against banks simply spend less than you make and pay your balance in full every month. What happened to personal accountability?

Of course we have responsibility but so do they. It's a 2 way contract that is engaged by both parties, "in good faith". If one of the parties violates that "good faith", the contract is null and void.

Let's look at it this way, let's say you let your neighbor borrow your weed wacker expecting that your good neighbor is going to return it in a reasonable amount of time as the neighbor knows you obviously need to use it too. Now when that neighbor fails to return the weed wacker for months and keeps making excuses when you ask him about it...wouldn't you get upset?
Now neither of you entered into a written contract but you can argue there was good faith that both of you understood that the "borrowing of the item" wouldn't be abused.

Whether I agree with her or not, I can't say that I blame her. My friend made every car payment and house payment consistently. When the housing crisis bloomed up, they jacked up the interest rates on his home, and they were forced into filing for bankruptcy. It protected them from collection actions, but then the car people took their car, despite them being up on their payments, because the loan had "become a bad investment." (Even though they could have gotten way more money out of the continual car payments than they could for the car.)

Then they tried to say they owed money for the car they no longer had, despite the bankruptcy protection. It was ridiculous. I can totally see someone just getting fed up.

I've been thinking of doing something like this myself, and this lady was just the catalyst I needed. I hope she keeps us posted on her progress.

This video makes me laugh actually. I had the same experience with another bank but all it took was one phone call and promise to pay more to bring my balance down and stop using the card for dumbass purchases like cigs and bar tab. My rate went from 13.99% to 29.63% and finally got back to 17.99% which while high is reasonable. You gotta read the fine print on your credit agreement because all banks can jack your interest whenever they feel like it. You can either except the change or close your account and pay off the remainder at the old rate. This whole jacking interest thing came about to get people to close accounts and draw down credit lines for liquidity reasons. Here is some advice for anyone who has had these interest hikes.

1. Offer to pay more money on the account and draw down the amount you owe to look less risky. Making a minimum payments on an account that is maxed out for 2 years is not responsible and shows you as high risk of defaulting regardless of your payments on time no matter how long you have been a customer.

2. Don't utilize more than 50% of your available credit. Utilizing 80-90% of your available credit simply means you buy things you can't afford. I understand some use credit for emergencies but using 1000 dollars and paying minimum payments to pay that off means you will end up spending 10000 dollars.(not actual just an example that it will take you a lifetime to payoff with minimum payments)

3. Don't make minimum payments ever!!!!!!!! Thats how banks make money. If u can't afford to pay off something in a few months then you can't afford it and most likely don't need it.

4. Stop blaming banks for screwing you. They are in the business of making money and as long as you are responsible they won't jerk you around.Making minimum payments for years and carrying high balances is not responsible regardless of you payment history or length of time you have had the account. If you don't like paying interest then don't use the card. Interest only hurts if you take forever to pay things off. Oh by the way I don't work for a bank but I believe in capitalism and if you don't like the system then move.

5. Save your money and pay with cash!!!! It feels so much better to own the tv your watching or the computer you are reading this on.

I understand some of these banks in this country were irresponsible and trying to make up for it now but not all banks are failures. Do the research and use a bank you can trust and do fair business with. They are out there so stop taking credit from someone because they offer it. Most customers who are getting jacked are high risk and don't have a clue how credit works. Don't be preyed upon!!!!



[edit on 9-9-2009 by parrothead0333]