Banks are 'hounding borrowers to suicide'

I notice there is some defence of the banks here.

The person that was making explained that the banks have already written off the debts on their books. Yet they continue to aggressively pursue the person owing the money even when they have no means to pay it.

I believe this is inexcusable.

Originally posted by Chesster
Umm, the worse that can happen is you lose your home... if you aren;t a horrible person you should have family or friends to stay with.

Or really, they just call and hound you. Just hang up the phone and get an unpublished number. Or better yet, have fun with them, remember the person calling you is paid to get money. If you tie him up in redundant question answer/story sessions, the companies will lose even more money eventually driving them out of business if enough people just take the time to entertain themselves. Screw the collectors, they have no power to lock you up or take away freedom. You just can't get credit again, so do it the old fashion way pay for it with cash.

It's so easy to avoid these people. Why kill yourself unless you are a mental midget.

You are correct. Most debt collection companies buy up huge blocks of debt at .10 or so on the dollar. What they recoup is their profit. You keep hounding em back requesting proof of debt etc. they will just toss you into the "why bother with this guy pile" and move on. They make commission. An out of state collection agency doesn't have the resources to come for you in court anyway. If so let em then they gotta do it all over again. You can't pay your mortgage move. Who cares. Bad credit rate means nothing anymore hell does anybody have good credit anymore or even want it? Get a debit card at the bank if you like plastic.

Originally posted by dolphinfan
reply to post by JibbyJedi

 

Suicide is tragic no matter what the cause. Banks and their collection tactics don't cause it. They might be a contributing factor, but certainly don't cause it.

I would understand a 'contributing factor' and a 'cause' to be one and the same thing.

I have some experience on this matter, When I was younger I took out a few loans, couldn't pay it back and was hounded night and day by banks asking for their money back. Obviously it was my own fault but when you're offered money on a plate you take it don't ya.

Came close to calling it quits and jumping off a tall building but luckily came to my senses and got in touch with a debt management company, They sorted everything out for me and now I'm on track to paying the money back (albeit slowly)

I now use my experiences to teach others of the dangers of borrowing money, haven't actually helped anyone yet but I'm sure someone will heed my warnings one day!

reply to post by JohnySeagull


You would be wrong. A contributing factor is part of the whole. The gent loses his job, he loses his car then his house, his family breaks down, he starts to drink heavily, the bank is hounding him, other things. He kills himself. None of the items were the cause in and of themselves, all were contributing factors.

Originally posted by dolphinfan
reply to post by JohnySeagull

 

You would be wrong. A contributing factor is part of the whole. The gent loses his job, he loses his car then his house, his family breaks down, he starts to drink heavily, the bank is hounding him, other things. He kills himself. None of the items were the cause in and of themselves, all were contributing factors.

Of course I am wrong Sir!

I am always wrong.

For every right there must be a wrong and I am that wrong.

You are welcome.

Many things factor in.. but the basic thing with the suicides ( I believe) is that we have lost our sense of what success in life is. These days its all about material possessions and that being the determining factor. Its been this way for generations, but if it was even possible ( which I question) to change things, it made much more sense to measure success by life accomplishments and the ability to care for you family unit. Not in what material junk you can give them.. but things that matter. The problem is that the "things that matter" have changed. What "they" tell you matters as a sign of success are overpriced useless things.. and then "they" provide you the means to get it with credit cards and etc. People seem frantic to compile all of this junk and then make sure everyone sees the outward display so they can be seen as "successful".

Just an example:
Now, many teens gets a car on their 16th birthday. THATS what matters to the average US American parent. When I was 16 the big thing was giving me my OWN first firearm .. a well used one.. to have my own way to hunt and etc. It was even behind times then when he gave it to me as kids back then were starting to gets cars given to them, but now I see what my father was trying to do.. to emulate what his dad did.To give things that made survival possible and lend a sense of accomplishment for listening to instruction and showing responsibility with something that has the ability to kill another. A hard won mark of some maturity and responsibility. A Car is a loaded weapon, but we hand them to unaccomplished and irresponsible children now. We hand them things that require no work to gain and no responsibility to display previous to getting them. We even pay their insurance and gas when they have no job because "riding to school on a bus to isnt cool". We perpetuate this nonsense... and supply the banksters yet another generation to financially enslave through their own stupidity and irrational decision made in youth.

Anyway, when a man or woman who is head of his or her household has "failed" in this false show of accomplishment.. they see no way out other than death. They are as dysfunctional as the odd ideals of accomplishment they follow. If people simply had a change of mind or paradigm, the banks and financial institutions would adjust their practices to reflect the change. Their fees and interest rates would certainly drop to entice shrewd investment by rational mature people. If those who live in this fantasy of accomplishments simply changed their minds, saw what was truly a sign of accomplishment, and lived within their means things would start to change. I do NOT see this current generation that are young adults doing anything more than making it much much worse... and then blaming everyone else in previous generations when it isnt handed to them.

As it is.. everyone thinks they are ENTITLED to a home and a car as soon as they turn 18. They are ENTITLED to things they have not made correct decisions to acquire in time with work and patience. It is the age of instant gratification and entitlement. Instant families, instant success, instant wishes granted because "they" have infected you with false ideas that bind you to working simply to pay a bank and happily be a slave.

How to fix it? Who knows what would truly work other than an EMP wiping out the entire planet's instant gratification lifestyle... but I can tell you Gen Y isnt going to do squat but gripe and whine a lot .

Originally posted by JohnySeagull
I notice there is some defence of the banks here.

The person that was making explained that the banks have already written off the debts on their books. Yet they continue to aggressively pursue the person owing the money even when they have no means to pay it.

I believe this is inexcusable.

edit on 13-5-2011 by JohnySeagull because: (no reason given)

Banks are crooks. They have mortgage insurance built into the loan. You default they collect 80-90% of the money from the insurance company AND get the house to resell. Then if you have a second mortgage they can sue you for that too. That is why the fed plan to help folks out never worked. Banks don't want it to. They get their money now instead of waiting for the life of the loan and the house to re-sell. I'm so sick of these banks I'm actually thinking about just stopping my payments and see how long I can last and then say here ya go and move. I know in my state once they foreclose which will take a while to begin with one can file a delay of sale notice for up to 12 months before they can get their greedy hands on it. I think I could go at least 18 months. By then the dollar will have collapsed and the banks running for cover anyway so who knows what will happen at that point. Could well be rioting in the streets.

The legendary irish spirit of resistance to tyranny is still alive and well apparently!

Go Ireland!! TELL THE BANKERS TO SHOVE IT UP THEIR BUTT like Iceland did!

I don't beleive in the Bible, but I always enjoyed reading these verses...

Luke 6:35 But love your enemies, do good to them, and lend to them without expecting to get anything back. Then your reward will be great, and you will be sons of the Most High, because he is kind to the ungrateful and wicked.

The Beatitudes

He said:
3 “Blessed are the poor in spirit,
for theirs is the kingdom of heaven.
4 Blessed are those who mourn,
for they will be comforted.
5 Blessed are the meek,
for they will inherit the earth.
6 Blessed are those who hunger and thirst for righteousness,
for they will be filled.
7 Blessed are the merciful,
for they will be shown mercy.
8 Blessed are the pure in heart,
for they will see God.
9 Blessed are the peacemakers,
for they will be called children of God.
10 Blessed are those who are persecuted because of righteousness,
for theirs is the kingdom of heaven.

11 “Blessed are you when people insult you, persecute you and falsely say all kinds of evil against you because of me. 12 Rejoice and be glad, because great is your reward in heaven, for in the same way they persecuted the prophets who were before you.

We need to start living like our grand parents did 70years ago. If they didn't have the cash to buy it they SAVED money and then they bought it. This generation doesn't do that. They live outside there means of income and complain when things go wrong.

Originally posted by Becoming
If people can't afford to pay the piper then they shouldn't ask for his help.

Banks are trying to get what is theirs, if someone owed you a few thousand dollars and they wouldn't pay up I imagine you would be burning up their phone lines also.

Banks aren't to blame. People who borrow more then they can afford are.

I don't know about Britain, but here in america, the banks were given enough taxmoney to pay for every mortgage in the country!!! then, well, consider, they sliced and diced that mortgage and pooled them together, made securities out of them, and some of them, they sold off more than once!!! then well, alot of these people will make good on their debts, and the interest they will pay back for that loan will be about as much as the principle by the time they do.....so, lets see...that's one, two......four times at least that the bank has been paid!!!! considering how much of that payment came in the form of bailouts of taxpayer's money, well, can we at least get an honest foreclosure practice that doesn't rely on robosigners and fraud???
no, of course not, because, well, although they are being p aid back this money multiple times, well, they failed to keep the titles of these properties clean, which is why they had to resort to fraud to have the signatures on the foreclosure papers....I've checked out some of these foreclosures, they are being sold with quit claim deeds, or worse, deeds that give only limited guarentees of ownership!! if a person buys off a home, and decides to sell it, and contacts a title insurance company to insure it for sale to another person. well, if that title insurance company comes back and says that it's not insurable because of the banks neglect....well, that home has just been devalued.....ALOT!!! not too many people seem to be talking about that aspect though...
so, let's see, we are to pay the bank back four times over for a home that has lost probably at least half it's value because of the neglect and fraud perpetrated by the banks and wall street???

my response to this, and I got a feeling it would be perfectly accepted by a court, is.............
you broke it, you've bought it!!! they have broke the chain of ownership to the notes, shredded the notes in at least some cases, didn't keep track of those notes, failed to record the transactions in the appropriate places, and now, no one knows who actually has claim to the house!! the title insurance companies are gonna look at the history of the house, find that the history is a mess, and who knows weather or not there is any claim on it, and well, they aren't gonna want to touch it....so, no bank is gonna want to give a loan out for it, since no title insurance company is gonna want to insure it!!!
the banks and wall street broke the system, they can have the house, and well, I don't owe them any money, they don't owe me any money, my c redit stays intact, and we just go our separate ways...
they broke the system, they own the house!!