leaving debt behind

[Jaylen Brit 0]

I kinda see what yr saying but thousands of people dont use ANY form of credit and they live just fine...

[ChristinaM 0]

But people don't wan to see that, Isuckspam. We all borrowed money to finance extravagant cars, home appliances and a wardrobe full of designer clothes.

You can't reason with people who won't see that that is not the case - even with well-reasoned argument and statistics.

The Royal Bank of Scotland sent someone to try and kneecap me - despite the fact that we'd made an agreement as to what I would pay. And in fact, over 80% of what I owed was "bank charges" - lates fees, monthly overdraft fees, non-payment fees (even when I did pay!). They more than quadrupled my debt in less than six months. Barclays Bank called me every other day to try and get the amount that I was paying increased - even though they knew I couldn't pay it. Ironically, my credit card company were the most understanding and took what I could give them.

In all fairness, no the Student Loans Co. is not predatory. To me, it's just that the debts I have which are directly affecting my life right now (such as my rent, utilities, credit card debt from immigration) are my priority. Having lived with no electricity or water for a time because they'd been cut off (because I was trying to stop RBS sending men round with baseball bats), I know it's not something I want to live through in winter in Maine. If that makes me a bad person, so be it. The most important thing to me is keeping my husband and I warm, dry and fed right now.

And Jaylen; if they earn enough money to do that, great! A considerable amount of people simply don't.

Edited February 8, 2006 by clmarsh

[JayJay 4]

Lol - you're all right, it's just here's the thing: We Are Not Undrstanding Each Other On This Matter!!!!!

Nobody here is suggetsing you take out a loan and then just...not pay it back *whistles* - I very much doubt anyone's actually done that.

You know what though, I love ya all, but until everyone here actually knows first hand what it's like trying to raise children when one is in debt, and how the interest and monthly charges hit you in the face, you just. Don't. Know. How bad it can get. Believe me sometimes, when you try to arrange a decent payment with the bank, as clmarsh has said, even that isn't enough.

People KILL themselves over being in debt, because they feel so bad.

Personally I have indeed arranged a payment plan with my creditors because as you say, they like to get something rather than nothing, and now that I have a job, I do have something. It's not hard to do - you just write them a letter explaining your situation, and how much you're willing to offer them per month, enclosing a breakdown of your monthly bills if you can. They will usually say yes, and then you can do your thing to pay your debt off, and everything is fine. But my debt is pretty little, really. And I had a nice bank, who I kept in contact with via phone the entire time and who didn't let stupid charges be applied to my account - lucky me!

But on the other hand, I just have no particular problem with people who don't pay. I do, if they don't, well hey - maybe it's about time lenders didn't just say "computer says you can have $4000" and then give them money...maybe it's about time lenders formed back up plans for people with life crises or sudden medical emergencies, or obsessive compulsive disorder, or a complex that makes them go shopping all the time.

After all - tell me this: how is anyone helping anyone by saying "you are bad - you're wrong, morally corrupt and evil to do this!"? How does that help any situation? It doesn't. At the very least, with every single individual situation, you're got to go more into depth and try to find out what exactly is causing the debt to increase.

By the way did anyone watch Good Morning America this morning? Had an interesting section on there about how nasty Debt Collection Agencies can get. Truly horrifying - thank goodness I've never had anything to do with CAMCO - that's an American Agency, too...

[Jaylen Brit 0]

clmarsh - My mum and dad didnt earn a huge amount of money - my dad was a manual worker and his job paid pretty low wages. My mum stayed at home to look after me and my siblings.

They never went out socially (couldn't afford it), holidays were always days out in the car (which one year they had to sell to pay for the roof which was leaking - my dad used to ride a bike to work after that), or no holidays.

When I was kid we never went abroad, didnt have birthday parties (tho we had presents), school trips were out cos they were usually way too pricey and we got a lot of hand-me downs from cousins.

The only debt my parents ever worried about was the mortgage because that was a roof over our heads - anything else we just went without if it wasn't one of the basics.

And we werent classed as poor either - families I knew were poorer, and lived like sardines, and didnt have any luxuries (no tv, no cassette players etc) and new clothes were for birthdays and xmas.

there are a LOT of thing s I have now that I know damn well I could do without - but my generation is much more the 'I want' one than my parents' was.

I don't 'need' credit but I have it - I just don't abuse it.

I KNOW if circumstances change then debt is easy to accrue (without credit cards at ALL - just with borrowing from the bank) and for those people who are genuinely caught then they have my utmost sympathy and respect if they are trying their best to free themselves from it, but there are a LOT of people who can't seem to live without a social life, a dvd player, a holiday when they have debts they could use the money against.

If you have any doubts go along to the local council estate and check out the BMWs in the parking lot with all their owners claiming housing benefits

[RichiJenny 14]

Its crazy, this thread has gone from the OP asking a simple question ' what would happen if.....' to people saying 'if you're in debt, you're not as good as the rest of us' (more or less), to people that have experience with debt, defending the situation.

If people hadnt lectured on the rights and wrongs in THEIR world, and the RIGHT way to live, then some may not have been offended by responses.

...and the RBS are one of the worst for moving goal posts at the moment. They are about as ethical as an individual going out spending a fortune on a credit card for luxury purposes, then going 'underground'.

FACT.

[isuckspam 0]

But people don't wan to see that, Isuckspam. We all borrowed money to finance extravagant cars, home appliances and a wardrobe full of designer clothes.

You can't reason with people who won't see that that is not the case - even with well-reasoned argument and statistics.

The Royal Bank of Scotland sent someone to try and kneecap me - despite the fact that we'd made an agreement as to what I would pay. And in fact, over 80% of what I owed was "bank charges" - lates fees, monthly overdraft fees, non-payment fees (even when I did pay!). They more than quadrupled my debt in less than six months. Barclays Bank called me every other day to try and get the amount that I was paying increased - even though they knew I couldn't pay it. Ironically, my credit card company were the most understanding and took what I could give them.

Yes!

I took out a contract on a phone, supposed to be £50 per month, in the end, despite not using any more minutes or texts than I was allotted, my bill was coming in at like £100 per month. I didn't pay my bill on time a few times, and recieved threatening letters from them, so I then told them I was cancelling the contract, and could pay them, but at the rate of £10 per week. 2 weeks later, I had a letter from a debt collection agency demanding £300, £200 of which was bulls**t invented charges from T-Mobile.

At that point it was pay, or have people knocking at my door. I payed, this then put me at my maximum overdraught limit at the bank, and so, the whole process began again...

It's all too easy to get in to debt, but really hard to get out.

There are, honestly, some debts I could pay before I leave, but I have no intention to. The man's been screwing me for a while, and now I have the oppurtunity to do the screwing...

bend over baby.

[britbird 4]

I significant portion of the high cost of borrowing is because so many people do not pay back those loans - hence the reason why if you have a good credit history you get a better rate of interest.

Quite honestly I don't understand the constant need for people to go into debt to buy things they really don't need (for instance, if you need furniture but don't have much money then get it from Craigslist or from teh second hand adverts, don't take out a loan at a furniture company).

Lots of people are taken in by the 'buy now pay nothing for 12 months' offers as well. They don't take the time to read the small print, and frankly that's their fault.

I understand people getting into financial difficulty and having to pay off their rent or medical bills, but I think the vast majority of people who get into loan trouble are not having problems with their mortgage or med bills, they are simply overspending on stuff that in reality they want but do not need.

[Sister Fracas 5]

Fiance will not be able to pay off all his debt before he gets here. It'snot a huge amount, but substantial amount. He is afraid that if he tries to go back to England for vacation that they will hold him at the airport and won't be able to come back to the U.S.

I dont know but he told me banks can prosecute if debt is over a certain amount and he's afraid hed get arrested or something at the airport because theyd flag his passport. I told him that sounds crazy.

Would they really do that??

No, they won't flag his passport and arrest him at the airport.

As for the rest of this thread....talk about spiralling out of control...SHEEEESH! A whole hell of a lot of judgements out there. Glad some people are perfect.

[roombarob 0]

There is much money to be made in high risk credit, more so than the lower risk steady payers. Just look at the bonds market.

People seem to be focusing on how debt is accrued. It isn't always through ostentatious purchases and even if it is, circumstance changes.

Most people have a mortgage, good luck if you cant move to be with your loved ones because the market dropped and left you with negative equity and a debt you cant pay. Or pray that you don't get sick whilst waiting for your medical insurance to start. Or have to live off credit cards because you lost your job or cant get one in another country.

The OP wants to know facts about what can and can't happen as a direct result of defaulting on debt; they didn't ask for a bunch of moralistic do gooders telling them they shouldn't have bought that plasma tv.

[britbird 4]

I want a plasma TV.

[Trompe le Monde 1,107]

It seems like the big problem with leaving debt behind is that you never know if you will ever have (or want) to return to your home country -- no one knows what life will bring -- and when you do you might want ot be able to get a mortgage, a credit card, whatever and you will have problems doing that.

Just sayin'

[jkage 0]

http://www.bankrate.com/natl/green/chk/basics1-6a.asp

http://www.bankrate.com/natl/default_frame.../20060208a1.asp

Check this out..its about a company called ChexSystems that tracks your banking history at least between the US and Canada I dont know about international

J

[Kotae 0]

LOL IM going to burn in hell im sure.

Im happily married to a wonderful American Lady now.

The cake of life is sweet but the cherry is the debt of 40k I leave behind.

Didnt know that was the bonus when I fell in love but hey I look on it as a wonderful Wedding present from the U.k. credit card companies.

Fret not Debt not happy life indeed.

X

Hey heres a thought in seven years when my debt in the U.k. is clear can I run up the debts here and then run away with my life to England Debt free ?

[RichiJenny 14]

You're dead right there Mate. Why worry...its not your problem now.

Did you send your wedding registry to Am-Ex, Barclaycard, LLoyds Bank too?!! lol

[VisagirlNJ 0]

LOL IM going to burn in hell im sure.

Im happily married to a wonderful American Lady now.

The cake of life is sweet but the cherry is the debt of 40k I leave behind.

Didnt know that was the bonus when I fell in love but hey I look on it as a wonderful Wedding present from the U.k. credit card companies.

Fret not Debt not happy life indeed.

X

Hey heres a thought in seven years when my debt in the U.k. is clear can I run up the debts here and then run away with my life to England Debt free ?

lol thats too funny. Good for you. If anyone wants to pay if from the US then go ahead. If you don't want to pay it then it's your choice too. This is why I shouldn't even bother posting because people always have to make the replies all about them. All I wanted was a simple answer and I don't need anyone's lectures. Do whatever you want with your debt as long as you're happy. If it means that you don't want to pay it once you move then don't worry about it. The world is not going to end because of it.