Debt agency contacting you at old address?

[so-crates]

@salmon9077
I think his point was, "if a debt collection agency or bank continue to contact you at an address you have vacated do you have any recourse". I think that has already been answered.

@marfsmal
Can you be more specific (e.g. provide a link) as to which figures you believe refute my point?
My point was quite simple really. While your case is not unique it isn't the norm either - which is I think what you are esssentially claiming in your response. People learn to pay off their credit card debt early because the rates are punitive. Not everyone does, nor do they do so at the same rate but that is no reason to justify not repaying according to the agreed contract.

 

[marfsmal]

@salmon9077
I think his point was, "if a debt collection agency or bank continue to contact you at an address you have vacated do you have any recourse". I think that has already been answered.

@marfsmal
Can you be more specific (e.g. provide a link) as to which figures you believe refute my point?
My point was quite simple really. While your case is not unique it isn't the norm either - which is I think what you are esssentially claiming in your response. People learn to pay off their credit card debt early because the rates are punitive. Not everyone does, nor do they do so at the same rate but that is no reason to justify not repaying according to the agreed contract.

On the first point, I'm female, and were any debt collection agency to harass me at an old address that they have confirmed in writing they know I no longer live at then I would take my chances in court for sure. And I would call it harassment if it happens more than once and were it to result in any damage to myself. But yes, one would have to allow for a one-off 'error' as you mentioned above.

On the second point: I know that credit card loans outstanding were at 1,500m in 2003, and 2,700m by 2011 which is from Central Bank report in 2011.
A lot of this is down to people being granted 2 or more credit cards each.

Are you trying to say that those people with 2 or more credit cards who might now be jobless, studying, working part-time, in and out of work, or unemployed, for example are all diligently paying back their credit cards every month, and that people with problems now are not the norm?
That may have been the case in the past, but it isn't now.

Have you any figures to back your argument that my case isn't the norm?

 

[dereko1969]

I have paid back the principal borrowed, I have paid charges when it went over the limit, late payment charge, etc. and I have paid bucketloads of interest which the bank now or did enjoy. Just as I too enjoyed the credit.

But you haven't paid off all the money you owe the bank and which was clearly spelt out in the terms and conditions of the credit card and to which you agreed when you took advantage of the credit line afforded you by the bank.

That is why you have a debt collection agency contacting you at an address provided to them by you, which is no longer valid, and you were seeking in your OP some angle from them doing this. As I already pointed out to you, there is unlikely to be any impact on your reputation as you do in fact owe the money, a statement of fact cannot be libellous.

 

[marfsmal]

But you haven't paid off all the money you owe the bank and which was clearly spelt out in the terms and conditions of the credit card and to which you agreed when you took advantage of the credit line afforded you by the bank.

That is why you have a debt collection agency contacting you at an address provided to them by you, which is no longer valid, and you were seeking in your OP some angle from them doing this. As I already pointed out to you, there is unlikely to be any impact on your reputation as you do in fact owe the money, a statement of fact cannot be libellous.

No. The banks took advantage of people's ignorance of finance and banking. Even basics such as compounding were and aren't properly understood by the 'masses' the CB and accountancy firms, etc. refer to. Even now how many people properly understand or appreciate the concept?

Let me make this clear. There are far better 'angles' if you want to escape debt than to take an agencv to court for sending letter to an old address.. That's why I asked specifically about what to do in the scenario that a debt agency contacts you at an old address, and not about 'how to escape my debt'. Someone made a comment about my trying to escape debt and that has sadly dominated the rest of the discussion.
I only remain here to stand my ground and make my case because there are thousands experiencing something very similar to me.
You and others are struggling to understand this. Why? Do you like the idea that someone would try to go down that route in order not to pay their debt, or do you just like to argue it here and try to do me down? I don't know about you, but despite my financial problems, I still live a fulfilling life where it matters.

Re. the infamous T&C I agreed to. Yes, I signed those terms and conditions, but I simply did not understand APR.

When I got other personal loans, namely one student and one car loan, they stated clearly what the total interest would be were I to pay the monthly installments over whatever the agreed term of the loan was.
And, I paid these back without any issues.

My issue with credit card debt is that I did not properly grasp the perils and how interest compounds, accumulates, and accelerates. Added to that the other range of charges, it is really and truly the worst form of credit out there. But I did not know that at the time. I was right out of college, and as I said, I had a good middle class background and never struggled with money. While in college I had my weekly budget and I stuck to that- it was easy, low costs, and same week in week out. I worked during summers, saved, and it was simple.

Credit cards came in then with the boom times, and were given to people that really should not have been allowed to hold more than one at best.
The banks were negligent here also- so, why should I be the only one to pay? Or in my case, keep paying? They've got their principal, charges, interest and then some. I'm not interested in persecuting myself, balancing payments, falling behind, being stressed, etc. anymore.

 

[Jim2007]

The banks were negligent here also- so, why should I be the only one to pay? Or in my case, keep paying? They've got their principal, charges, interest and then some. I'm not interested in persecuting myself, balancing payments, falling behind, being stressed, etc. anymore.

Here is the thing, you are an adult now and society grants you a lot of freedom to decide what you want to do, but that freedom comes at a price - responsibility! You are and will be held to account for the consequences of your decisions. You can not expect the rest of society to be responsible for ensuring that you make the right decisions nor pay the price when you do not. Society could not function that way.

And now like never before, your default impacts everyone because the tax payer will be on the hook for it. So you should not be surprised if most people are unimpressed by your default.

My guess is that you really will not get it until the day the sheriff's men knock on your door - if you are in Dublin or Cork, otherwise it will be the county registrar.

 

[Luternau]

As I already said, I wasn't the person who took the thread off-topic.
People immediately wanted to cast their ideas about my agenda, etc. so go lecture them about off-topic. Better use of your time if that's the point you want to make.

That's a debatable point. Your are the one ranting here against the establishment.

Once again, you are happy to blame others but it seems you took the thread off topic yourself.

The question remains-have you ever tried to contact the cc company about paying this off and if so, what happened? Or did you just bury your head and hope they would never find you? Credit cards are not a thing of the boom-they are around before that. An irresponsible attitude to spending money is a thing of the boom and credit cards just accentuate that. It's alwys been said that cc interest rates are very high and to always pay the balance off.

You talk about other people on here or out there with debts-yes there are lots if them. But they are not here posting about not paying back-they are making every effort to pay as much as they can or broker a deal to pay it over x years. Yes they are annoyed with banks etc but by and large they say "I borrowed the money-I knew what that entailed". They would gladly pay less but they are not trying to gerrymander a situation where they can sue the bank because it's sending post to the wrong address.

Rather than slam others , post details about what you have tried to offer and what the banks may have refused etc. That way you might get more people on your side.

Everything else is irrelevant!

 

[marfsmal]

Here is the thing, you are an adult now and society grants you a lot of freedom to decide what you want to do, but that freedom comes at a price - responsibility! You are and will be held to account for the consequences of your decisions. You can not expect the rest of society to be responsible for ensuring that you make the right decisions nor pay the price when you do not. Society could not function that way.

And now like never before, your default impacts everyone because the tax payer will be on the hook for it. So you should not be surprised if most people are unimpressed by your default.

My guess is that you really will not get it until the day the sheriff's men knock on your door - if you are in Dublin or Cork, otherwise it will be the county registrar.

I've paid back the principal, charges, and interest. Where's the loss to the banks or the taxpayer Jim?

What can the sheriff do to someone with zero assets Jim?
Jail? Bring it on!

 

[marfsmal]

Once again, you are happy to blame others but it seems you took the thread off topic yourself.


Rather than slam others ,

How did I take the thread off-topic?
And who did I slam?

 

[Brendan Burgess]

I've paid back the principal, charges, and interest. Where's the loss to the banks or the taxpayer Jim?

and

Should I pay back 20k for what was a 5k loan

I will ask again.

You borrowed €5,000
You are being asked to pay €20,000 in principal and interest and charges
Who was the lender?
What was the APR?
What was the term?
How much were the charges?


If your figures are correct, and I very much doubt it, then they may have overcharged you in which case you are due a refund for anything you were overcharged within the last 6 years.

 

[Jim2007]

I've paid back the principal, charges, and interest. Where's the loss to the banks or the taxpayer Jim?

What can the sheriff do to someone with zero assets Jim?
Jail? Bring it on!

So if you have paid it all back, then why are the debt agency getting in contact with you at all???

 

[marfsmal]

and




I will ask again.

You borrowed €5,000
You are being asked to pay €20,000 in principal and interest and charges
Who was the lender?
What was the APR?
What was the term?
How much were the charges?


If your figures are correct, and I very much doubt it, then they may have overcharged you in which case you are due a refund for anything you were overcharged within the last 6 years.

So, Jim and So-crates make arguments that you don't ask they back up Brendan? I've provided figures from Central Bank report. It's not much, I can go to the trouble of producing more, but what have they provided in defence of their own arguments?


I'll outline it for you but I'd like to see you also

Ask Jim: How I am leaving the taxpayer at a loss after having repaid principal, and interest

Ask So-crates How my type of credit card case is not the norm

Also, I am an ordinary salt of the earth individual with no connection to banks, central bank, etc. Can the other contributors say the same?
Do either of them (or indeed others) gain from my likes paying back endless amounts of interest after having repaid principal and interest?

Disclose all, please.

 

[marfsmal]

So if you have paid it all back, then why are the debt agency getting in contact with you at all???

Don't like to say it but you're sounding pretty vacuous at this stage Jim...
No means to defend your arguments, eh? Full disclosure here, eh?

 

[Luternau]

How did I take the thread off-topic?
And who did I slam?

Me for one!

You are making spurious arguments here. It's not my thread or Jims or Brendans -it's yours!

You quote generic figures from the CB-what relevance is this to your debt?

Give facts related to your case-otherwise what's the point of this thread? Unless you want it to be a rant....?

Let's forget about the taxpayer - why should borrowed money plus interest not be paid back in full to whom ever demands it? What makes your case different to a normal credit agreement?

 

[casiopea]

Re. the infamous T&C I agreed to. Yes, I signed those terms and conditions, but I simply did not understand APR.

.....

My issue with credit card debt is that I did not properly grasp the perils and how interest compounds, accumulates, and accelerates. Added to that the other range of charges, it is really and truly the worst form of credit out there. But I did not know that at the time. I was right out of college, and as I said, I had a good middle class background and never struggled with money. While in college I had my weekly budget and I stuck to that- it was easy, low costs, and same week in week out. I worked during summers, saved, and it was simple.

Credit cards came in then with the boom times, and were given to people that really should not have been allowed to hold more than one at best.
The banks were negligent here also- so, why should I be the only one to pay? Or in my case, keep paying? They've got their principal, charges, interest and then some. I'm not interested in persecuting myself, balancing payments, falling behind, being stressed, etc. anymore.

Hi marfsmal,

You have answered most of your own questions here. You are responsible for the debt (not the tax payer) for the above reasosn that you list about yourself. You didnt understand APR. I can emphatize your description above sounds a lot like me and something similiar did happen to me (I paid everything back in full). Not completely understanding something or the ramification of something doesnt mean its unfair though and indeed its part of life (it felt very unfair though - as I said I can emphatize). The college section, managing your budget, your financial background are a bubble or cocoon and then when we move from that family / college environment into the next stages you are exposed to more opportunities and also more risk. It has its upside and downside.

Credit cards came in then with the boom times, and were given to people that really should not have been allowed to hold more than one at best.

Hmmm, its not that black and white - there were financial evaluations giving out credit cards and yes they could have been stricter but then there would have people on here moaning about the nanny state and not being able to take advantage of opportunities out there unless they are already very affluent. We have to take some personal responsibility.
A good life lesson is if something is too good to be true - then its not really true.

Good luck. I know it seems unfair (I genuinely was in your place) but its not - and unfortunately life really can be unfair sometimes.

Cas.

 

[Gerry Canning]

Marfsmal;
In answer to your original Question , have you a case for going after the Debt Company?

Simply, you don,t have a (winnable) case . The comments will mirror what a Judge will decide . I think as per Cas you have made your point. The Old Saying holds true ie Buyer Beware. That said ,we genuinely trusted our Banks!!.