Debt

[terryd 8,538]

Some times you have to drop a clanger to learn from it. I did and never made that mistake again now I earn the basic the bills are paid family are happy and doing fine and I get time for my hobbies and I never borrow. If we don't have the money we don't get

[j j m 6,553]

we all make mistakes with money mate,but some dont learn bye there mistakes and just carry on as if its all just going to go away

[walshie 2,804]

The really funny thing I find is the person who is defaulting on their telly or car or whatever has probably generated more money than the person slagging them off !!........their debt would have been sold somewhere in the world as something like a credit default swap.....some broker has then bet against them being able to repay.......probably the same broker who provided the credit

 

So he collects the interest for a while until they can't pay, then he collects when they default and the best bit is they still owe him the money and he owns the kit.....he can then Persue them in court and get even more interest or he can once again sell their bad debt.

It's f***ing brilliant !!

 

You can shove your "Right thing" up your hole, the bad debtor is probably worth more money short term !! Lol lol

 

I normally agree with most of your posts Wilf, but this makes no sense. If you take your example of the car, the credit broker receives a few interest payments, then sells the debt for a small percentage. So he's lost out.

 

The new company who has bought this debt has paid this percentage hoping they will get something back - all the time on a car that is getting worth less and less. It seems the in thing these days to rack up debt then declare yourself bankrupt - so they then get nothing - or might just get their money back flogging the car at auction.

 

To my mind, that isn't generating money, It's just shoving the same money around. I'm not in the least concerned about the finance company because their interest rates are set so that even with the non-payers, they still make a profit overall. I'm more concerned with ME. When I go to the same company to buy a car, part of my payments are going to finance a car for someone who isn't going to pay for it.

 

As I said before if someone genuinely falls on hard times, or their company goes bust, that's one thing, but to take on finance not knowing or caring if you can pay it back stinks, Don't forget a lot of these companies who do go bust are because of non-payers. Whether that's because their customer doesn't pay, or their customer's customer doesn't pay is neither here nor there. It all goes back to the non-payer.

 

Bad debtors just make it harder for everyone else. I wouldn't feel right with myself if I didn't do the "right thing."

[Lab 10,979]

 

 

The really funny thing I find is the person who is defaulting on their telly or car or whatever has probably generated more money than the person slagging them off !!........their debt would have been sold somewhere in the world as something like a credit default swap.....some broker has then bet against them being able to repay.......probably the same broker who provided the credit

 

So he collects the interest for a while until they can't pay, then he collects when they default and the best bit is they still owe him the money and he owns the kit.....he can then Persue them in court and get even more interest or he can once again sell their bad debt.

It's f***ing brilliant !!

 

You can shove your "Right thing" up your hole, the bad debtor is probably worth more money short term !! Lol lol

I normally agree with most of your posts Wilf, but this makes no sense. If you take your example of the car, the credit broker receives a few interest payments, then sells the debt for a small percentage. So he's lost out.

 

The new company who has bought this debt has paid this percentage hoping they will get something back - all the time on a car that is getting worth less and less. It seems the in thing these days to rack up debt then declare yourself bankrupt - so they then get nothing - or might just get their money back flogging the car at auction.

 

To my mind, that isn't generating money, It's just shoving the same money around. I'm not in the least concerned about the finance company because their interest rates are set so that even with the non-payers, they still make a profit overall. I'm more concerned with ME. When I go to the same company to buy a car, part of my payments are going to finance a car for someone who isn't going to pay for it.

 

As I said before if someone genuinely falls on hard times, or their company goes bust, that's one thing, but to take on finance not knowing or caring if you can pay it back stinks, Don't forget a lot of these companies who do go bust are because of non-payers. Whether that's because their customer doesn't pay, or their customer's customer doesn't pay is neither here nor there. It all goes back to the non-payer.

 

Bad debtors just make it harder for everyone else. I wouldn't feel right with myself if I didn't do the "right thing."

Perfect. Wish I could write it down like this.

[WILF 47,353]

 

The really funny thing I find is the person who is defaulting on their telly or car or whatever has probably generated more money than the person slagging them off !!........their debt would have been sold somewhere in the world as something like a credit default swap.....some broker has then bet against them being able to repay.......probably the same broker who provided the credit

So he collects the interest for a while until they can't pay, then he collects when they default and the best bit is they still owe him the money and he owns the kit.....he can then Persue them in court and get even more interest or he can once again sell their bad debt.

It's f***ing brilliant !!

You can shove your "Right thing" up your hole, the bad debtor is probably worth more money short term !! Lol lol

 

I normally agree with most of your posts Wilf, but this makes no sense. If you take your example of the car, the credit broker receives a few interest payments, then sells the debt for a small percentage. So he's lost out.

 

The new company who has bought this debt has paid this percentage hoping they will get something back - all the time on a car that is getting worth less and less. It seems the in thing these days to rack up debt then declare yourself bankrupt - so they then get nothing - or might just get their money back flogging the car at auction.

 

To my mind, that isn't generating money, It's just shoving the same money around. I'm not in the least concerned about the finance company because their interest rates are set so that even with the non-payers, they still make a profit overall. I'm more concerned with ME. When I go to the same company to buy a car, part of my payments are going to finance a car for someone who isn't going to pay for it.

 

As I said before if someone genuinely falls on hard times, or their company goes bust, that's one thing, but to take on finance not knowing or caring if you can pay it back stinks, Don't forget a lot of these companies who do go bust are because of non-payers. Whether that's because their customer doesn't pay, or their customer's customer doesn't pay is neither here nor there. It all goes back to the non-payer.

 

Bad debtors just make it harder for everyone else. I wouldn't feel right with myself if I didn't do the "right thing."

Have a look at how much money the investment banks made betting against the "junk" status debt......debt they were selling as AAA rated

[Tiercel 6,986]

 

The really funny thing I find is the person who is defaulting on their telly or car or whatever has probably generated more money than the person slagging them off !!........their debt would have been sold somewhere in the world as something like a credit default swap.....some broker has then bet against them being able to repay.......probably the same broker who provided the credit

 

So he collects the interest for a while until they can't pay, then he collects when they default and the best bit is they still owe him the money and he owns the kit.....he can then Persue them in court and get even more interest or he can once again sell their bad debt.

It's f***ing brilliant !!

 

You can shove your "Right thing" up your hole, the bad debtor is probably worth more money short term !! Lol lol

 

I normally agree with most of your posts Wilf, but this makes no sense. If you take your example of the car, the credit broker receives a few interest payments, then sells the debt for a small percentage. So he's lost out.

 

The new company who has bought this debt has paid this percentage hoping they will get something back - all the time on a car that is getting worth less and less. It seems the in thing these days to rack up debt then declare yourself bankrupt - so they then get nothing - or might just get their money back flogging the car at auction.

 

To my mind, that isn't generating money, It's just shoving the same money around. I'm not in the least concerned about the finance company because their interest rates are set so that even with the non-payers, they still make a profit overall. I'm more concerned with ME. When I go to the same company to buy a car, part of my payments are going to finance a car for someone who isn't going to pay for it.

 

As I said before if someone genuinely falls on hard times, or their company goes bust, that's one thing, but to take on finance not knowing or caring if you can pay it back stinks, Don't forget a lot of these companies who do go bust are because of non-payers. Whether that's because their customer doesn't pay, or their customer's customer doesn't pay is neither here nor there. It all goes back to the non-payer.

 

Bad debtors just make it harder for everyone else. I wouldn't feel right with myself if I didn't do the "right thing."

 

Every time a broker gives a loan he takes an insurance policy against default. It costs him nothing because the borrower pays for it. If he then gets 20% of the interest before default he then claims on the insurance. So the broker has made 20% and had his money back. The insurance company then own the debt and they sell to companies that try and get the monies owed.

 

TC

Edited November 24, 2015 by tiercel

[DIDO.1 22,844]

I'm going to get into this money lending business!.....my great aunty was Jewish!

[walshie 2,804]

 

 

The really funny thing I find is the person who is defaulting on their telly or car or whatever has probably generated more money than the person slagging them off !!........their debt would have been sold somewhere in the world as something like a credit default swap.....some broker has then bet against them being able to repay.......probably the same broker who provided the credit

 

So he collects the interest for a while until they can't pay, then he collects when they default and the best bit is they still owe him the money and he owns the kit.....he can then Persue them in court and get even more interest or he can once again sell their bad debt.

It's f***ing brilliant !!

 

You can shove your "Right thing" up your hole, the bad debtor is probably worth more money short term !! Lol lol

 

I normally agree with most of your posts Wilf, but this makes no sense. If you take your example of the car, the credit broker receives a few interest payments, then sells the debt for a small percentage. So he's lost out.

 

The new company who has bought this debt has paid this percentage hoping they will get something back - all the time on a car that is getting worth less and less. It seems the in thing these days to rack up debt then declare yourself bankrupt - so they then get nothing - or might just get their money back flogging the car at auction.

 

To my mind, that isn't generating money, It's just shoving the same money around. I'm not in the least concerned about the finance company because their interest rates are set so that even with the non-payers, they still make a profit overall. I'm more concerned with ME. When I go to the same company to buy a car, part of my payments are going to finance a car for someone who isn't going to pay for it.

 

As I said before if someone genuinely falls on hard times, or their company goes bust, that's one thing, but to take on finance not knowing or caring if you can pay it back stinks, Don't forget a lot of these companies who do go bust are because of non-payers. Whether that's because their customer doesn't pay, or their customer's customer doesn't pay is neither here nor there. It all goes back to the non-payer.

 

Bad debtors just make it harder for everyone else. I wouldn't feel right with myself if I didn't do the "right thing."

 

Every time a broker gives a loan he takes an insurance policy against default. It costs him nothing because the borrower pays for it. If he then gets 20% of the interest before default he then claims on the insurance. So the broker has made 20% and had his money back. The insurance company then own the debt and they sell to companies that try and get the monies owed.

 

TC

 

 

In the case above (a car) the insurance company would only pay for the part of the debt that has been defaulted on, so the broker doesn't "make" anything as such and the borrower may or may not have even paid the indemnity by then. The insurance company then sells the debt for peanuts. Even if the car is repossessed it will be put in an auction, thereby probably losing more money. It's lose-lose all the way down the line.

[WILF 47,353]

The United States is 17 trillion dollars in debt, they are never going to pay it off......same as we are never going to pay our off.

[walshie 2,804]

The United States is 17 trillion dollars in debt, they are never going to pay it off......same as we are never going to pay our off.

 

That's because they haven't had the bailiffs round.

[j j m 6,553]

so its a good game to be in debt collecting,if you can take the stick i could not do it my self

[terryd 8,538]

banks are a lot to blame they see people paying there minimum payment on credit cards for months at a time but instead of stopping it there and having a chat they lob a few loans at you and up the limits because you are not defaulting

[WILF 47,353]

banks are a lot to blame they see people paying there minimum payment on credit cards for months at a time but instead of stopping it there and having a chat they lob a few loans at you and up the limits because you are not defaulting

 

Exactly, this is why I say they want people in debt, the whole world

Is fuelled by debt.

Defaulters are not scumbags, they are part and parcel of the world economy.....it's how the system is set up.

[nans pat 2,575]

I'm going to get into this money lending business!.....my great aunty was Jewish!

bad idea..there was 1 here was lending money and taking the dickie books,dla books.as security agin the loans,anyway he was 6,packed [shot in the ankles knees n elbows]and told to be on the sea cat when he left hospital,parasites they are.

[Brewman 1,192]

 

I'm going to get into this money lending business!.....my great aunty was Jewish!

 

bad idea..there was 1 here was lending money and taking the dickie books,dla books.as security agin the loans,anyway he was 6,packed [shot in the ankles knees n elbows]and told to be on the sea cat when he left hospital,parasites they are.

Was that one in the news at the time?