*** What should i do? A+ vs Citifinancial (DLC) ***

[A+]

Enron, thanks so much for your post, REALLY appreciated. You certainly know your stuff. Yes I am pretty up to speed with the money creation, money as debt reality (some say theory, which it isn't). Michael Ruppert of Collapse the Movie is a man worth listening to on that score, youtube him, it will keep you interested for hours although I would be surprised if you hadn't heard of him. Once you realise that this world is designed for us to be farmed and milked like cows in a parlour, whether its taxation, interest on debt, shooting foreigners to boost our economy all in the name of the flag etc, its a slippery slope towards the sordid truth of our world.

 

Getting back to it, you made some very interesting points and clearly you have been where i am and got many T Shirts for the privelege!!

 

I am not sure whether you are advising me exactly on what to do or not, but I think i can take from your words that I should not feel downheartened and should just quote my rights back at them and try to forget about it. Good advice all round there.

 

The bankruptcy thing still stands and may present an easier life than fighting with morons about laws they should have been trained in, in fact were trained in cos i know the company who trained em!!!

Thanks again, MUCH appreciated. Keep up the great work, and do something about that filthy username will ya

[coledog]

Well said Enron - remember A+, these people claim you owe them money, as the Americans are very keen to say. that is 'their problem' not actually yours. If you can realistically settle you legitimate debts that is fine and, what everyone is trying to do, but no one has the right to threaten and intimidate in order to make a quick buck.

[A+]

True CD thanks, the only problem is that even if i could settle (no chance in hell) i would have to settle them all because the ones without CCAs would make my life hell. So ironically, assuming i could settle (which i certainly can't!), their approach screws up their industry!!!! HA HA HA HA

[coledog]

Personal decision - but get the best advice!

[A+]

Thanks, i take it you mean advice about bankruptcy? If so, would you suggest an insolvency lawyer? I am flat broke, so may have to read up myself but i take it you generally mean on the law surrounding bankruptcy process

[coledog]

Well - the best advice is probably on CAG, to be honest. CAB will give you names of insolvency consultants who offer free advice but you have to weigh up how this will affect you, where do you want to be in 5 or 6 years time? Have you anything to loose? It is a very personal decision and not one to taken lightly if you are feeling threatened.

[coledog]

It costs over £450 plus by the way but there are schemes to help if you don't have the funds.

[A+]

crikey didn't know it cost that much. That might have made my mind up for me!

Where i want to be in 5 or 6 years, i thought it was discharged in 12 months and back to a clean slate?!

[Enron]

I've probably dealt with something like 20 DCAs in my time – accounts get passed round on a virtual merigoround.

 

A lot of what these companies do is to pressurise and generally be unpleasant as possible in the hope that they will unnerve someone to the extent that they will cough up money. Breaching various laws and so forth normally don't stand in the way, but certainly they begin to take notice if complaints are sent to The Office Of Fair Trading, or your local Trading Standards become involved if they overstep the mark (and the DCA is informed of such action).

 

Essentially though what is at issue here is effectively monopoly money with purchasing power. Central banks have the power to create money from nothing (the UK came off the gold standard in 1933, post the Gold Standard Act 1925), commercial banks likewise can create money from nothing similarly through their ledgers.

 

With regards to whether I am advising, ultimately any decisions are upto you.

 

I know people that have gone bankrupt, and despite societies view on it there is no shame, it's just bits of paper. Standard practice is to discharge someone after 12 months, but there is a mark on your credit file for 11 years..... that said you'd probably be reluctant to borrow from any of these sharks again. Though it's obviously wise to weight up all the options, and consider the effect on your property ownership (if you own one) etc etc.

 

Citi played underhand and breached their own internal guidelines with regards to a customers right of access to information (re s78(1) CCA)).... but then again from previous experience I didn't expect them to play fair when faux money was at issue. And I love a bit of mental combat.

 

With regard to Hillesden i'd be tempted to keep any correspondence to a minimum, maybe ignore this letter, the more you feed this beast the more they are likely to continue against you if they believe you are rattled.

 

--

I have something of an interesting video, an interview with a US bank regulator, which certainly demonstrates that banking is rotten to the core:

 

[coledog]

Yes - do not be forced into bankrupcy by the likes of Citi et all, ignore is a good stategy

[A+]

Thanks both of you, very well said again Enron. I will watch that video shortly.

 

I won't be pushed into bankrupty, certainly not. If anything its the other way around. I could have and many say should have gone BR a long time ago, years ago. I have no house, I rent and am on benefits which doesn't cover our outgoings so we are going into debt slowly with close friends and relatives, something I will have to put right. The bankruptcy question is not about them forcing me into it, more like me using it against them. I have that option. As for a mark on my credit file for 11 years, I am certain not only will I not want to borrow again, but they won't be there to borrow from in a few years once the bubble on this faux money bursts. NOTHING continues on forever. Look at the law of doubling. By compound interest, an annual 7% increase means something doubles every ten years. Whether its the price of currency, the economy, the level of household consumer debt, whatever you apply it to the numbers are the same. This increase we have seen since the 70s/80s is just ridiculous and completely unsustainable. This leads me to why I now think i OUGHT to go BR.

 

I expect the law to change. The safety net of bankruptcy in its current form (so easy) I believe was placed under the consumer to entice them to take out massive debts. The timing of it would correlate with the timing of the mass push to get people hooked into many credit cards. In the US, there are something like 2.5 times as many mortgages as there are homes. Make sense of that one?! This bubble WILL burst, and what really worries me to the point of despair is the prospect of waking up one morning to a newsflash that a sudden and immediate dropping of bankpruptcy protections took place while I was asleep, and suddenly I am faced with owning these ALLEGED (and mostly unenforceable debts) FOREVER. More to the point, only one small change in the law could render anyone liable for these debts even without a CCA. Remember this only works for us thanks to the laws, remove them and we are all stuffed. Then look up Debtors Prison on Wikipedia and think is it really so unimaginable that we couldn't revert back to that? Its a scary prospect and whether others believe it or not, I do.

 

What really gets to me, is that to go bankrupt I would have to write off many alleged debts which don't exist on paper and which the creditors have admitted are unenforceable due to lack of a CCA. However my bankruptcy would show me as having defaulted on a huge amount of debt, most of which is interest and unfair BS charges by the DCAs as my alleged debts did the rounds, and this seems grossly unfair.

 

Its a tricky one, I certainly won't do whatever anyone says, but all comments are very helpful for me in deciding what is best.

 

Thanks again