Old Project Avalon Forum (ARCHIVE) - View Single Post - Clear Your Debts 70% of Credit Agreements Are Unenforcable Therefore NON repayable.

Average Joe · 11-05-2008, 11:26 PM

Well Mike you seem to know a lot more about the banking crisis than me, so what do you reckon is the causes.

As for what you said about what banks do.....well nobody said they were saints and the are in it for maximum profit are they not? We know this when we take a loan. What you said, if correct...and sounds good...does seem a bit unethical, but really what difference does this make to you or me if we borrow money?

If you want to borrow money and the rate of repayment is acceptable, that is your only concern surely?

I've had debts before, and suffered with them due to the way they spiral, due to borrowing more to live on because too much income was servicing debts, and it went on. Yeah they made some money out of me alright.

I got out of that situation, it is very doable if you can negotiate the freezing of interest on your cards etc, but I couldn't sleep at night if I basically tried to get it completely written off on technicalities.

Whether the banks deserve it or not is irrelevant to me, morally I wouldn't go down that route.

11-05-2008, 11:26 PM	#40
Average Joe Avalon Senior Member Join Date: Sep 2008 Location: UK Posts: 377	Re: Clear Your Debts 70% of Credit Agreements Are Unenforcable Therefore NON repayabl Well Mike you seem to know a lot more about the banking crisis than me, so what do you reckon is the causes. As for what you said about what banks do.....well nobody said they were saints and the are in it for maximum profit are they not? We know this when we take a loan. What you said, if correct...and sounds good...does seem a bit unethical, but really what difference does this make to you or me if we borrow money? If you want to borrow money and the rate of repayment is acceptable, that is your only concern surely? I've had debts before, and suffered with them due to the way they spiral, due to borrowing more to live on because too much income was servicing debts, and it went on. Yeah they made some money out of me alright. I got out of that situation, it is very doable if you can negotiate the freezing of interest on your cards etc, but I couldn't sleep at night if I basically tried to get it completely written off on technicalities. Whether the banks deserve it or not is irrelevant to me, morally I wouldn't go down that route.