Rankine screwed !! :D More trouble for CMCs - debt buyers threatened with prosecution

[ROBSTER]

Re: Rankine screwed !! More trouble for CMCs - debt buyers threatened with prosecu

18. Momentum has provided us with no evidence that the effects of cancellation on it or its directors will be severe. Mr Rankine has asserted that the application is having "a catastrophic effect" on Momentum’s business but his witness statement does not expand on this. Nor does any documentation demonstrate that, apart from a standstill on the Credit Card Killer activity, hardship is being suffered by Momentum’s directors or staff. In this connection we note that Momentum has recently issued a number of releases in which it states that it is trading and continuing "business as usual". Consequently it must still be earning substantial fees.

Very worrying...how are these people going to be able to get their fees back.

Many of these "clients" paid these fees out of desperation now the government wants to increase the monthly payments to credit cards as well !

What chance have they got?

[WendyB]

Re: Rankine screwed !! More trouble for CMCs - debt buyers threatened with prosecu

Well if Rankine can afford Mishcon as his brief, he and his company are hardly on the breadline are they?

With regards to increasing the monthly payments, I think this could only be a good thing in the long run. It would reduce the amount of interest payable over the term, and also if people realised they would have to pay more each month, it might stop them going in over their heads in the first place and borrowing sums of money knowing that they only have to pay a very small amount back, which is very tempting to some people.

[ROBSTER]

Re: Rankine screwed !! More trouble for CMCs - debt buyers threatened with prosecu

Well if Rankine can afford Mishcon as his brief, he and his company are hardly on the breadline are they?

Agree, but who's money are they spending?

With regards to increasing the monthly payments, I think this could only be a good thing in the long run. It would reduce the amount of interest payable over the term, and also if people realised they would have to pay more each month, it might stop them going in over their heads in the first place and borrowing sums of money knowing that they only have to pay a very small amount back, which is very tempting to some people.

I absolutly agree, people should pay 100% per month to take things to the Nth degree. But for the "Consumer Minister" to suggest that "the goals should be moved" at this stage of the Credit Crunch is at best arrogent and at worst taking the p... out of the people he exepects to vote him back in.LOL.

Where has the Consumer Minister been in the Bank Charges fiasco???

Cant remember hearing too many wise words from his office !

[charitynjw]

Re: Rankine screwed !! More trouble for CMCs - debt buyers threatened with prosecu

So, Basil Faulty eh!


cnjw

[hunter_01]

Re: Rankine screwed !! More trouble for CMCs - debt buyers threatened with prosecu

Hello, I've just come accross this thread & I was surprised that no-one has provided a link to my discussion with curlyben and Amethyst in regards to the debt sale concept brought about by Mr Rankine.

I'm sure everyone thats aired their views in this thread has done so after researching the facts....or have you just gone along with the crowd without actually researching the subject in detail impartially.

I'll provide a link to the thread. I'm sure people will find it interesting that neither curlyben nor Amethyst have managed to succesfully defend their initial positions within the thread.

Its a must read:

Momentum Network / CCK - Legal Beagles

[Amethyst]

Re: Rankine screwed !! More trouble for CMCs - debt buyers threatened with prosecu

Thank you hunter, it is indeed an interesting thread.

I don't believe either Curlyben nor myself have made any comments which require defending, we are all simply trying to work out the legalities used by such debt buying companies.

[EXC]

Re: Rankine screwed !! More trouble for CMCs - debt buyers threatened with prosecu

Hello, I've just come accross this thread & I was surprised that no-one has provided a link to my discussion with curlyben and Amethyst in regards to the debt sale concept brought about by Mr Rankine.

I'm sure everyone thats aired their views in this thread has done so after researching the facts....or have you just gone along with the crowd without actually researching the subject in detail impartially.

I'll provide a link to the thread. I'm sure people will find it interesting that neither curlyben nor Amethyst have managed to succesfully defend their initial positions within the thread.

Its a must read:

Momentum Network / CCK - Legal Beagles

Blimey thanks hunter - nearly missed that. I often find that I overlook vital links unless the font size is increased.

Momentum Network / CCK - Legal Beagles


Be sure to let me know if there's anything else I can do for you and your ego.

[righty]

Re: Rankine screwed !! More trouble for CMCs - debt buyers threatened with prosecu

Well if Rankine can afford Mishcon as his brief, he and his company are hardly on the breadline are they?

With regards to increasing the monthly payments, I think this could only be a good thing in the long run. It would reduce the amount of interest payable over the term, and also if people realised they would have to pay more each month, it might stop them going in over their heads in the first place and borrowing sums of money knowing that they only have to pay a very small amount back, which is very tempting to some people.

Wot!! Please name the "some people" or anyperson who has taken on debt on the basis that they'll not have to pay it back ........... I know I don't know any such person

[WendyB]

Re: Rankine screwed !! More trouble for CMCs - debt buyers threatened with prosecu

Wot!! Please name the "some people" or anyperson who has taken on debt on the basis that they'll not have to pay it back ........... I know I don't know any such person

I meant that they would only have to pay back a small amount every month, not that they wouldn't have to pay it back at all. Presuming your post was meant to be tongue-in-cheek Righty - we could really do with a T-I-C smiley cos it doesn't come across that well in typewrttin coenta does it?

[veilside01702]

Re: Rankine screwed !! More trouble for CMCs - debt buyers threatened with prosecu

Interesting debate..... but I cannot see how anyone can sell their debt on!
If you use your free will and decide to borrow money, sign an agreement that is legally binding, spend the said money and then try to get out of the debt......... You as dishonest as some financial institutions..... 2 wrongs do not make a right......

I am currently arguing a debt under the Consumer Credit Act 1974 and agree I borrowed money and should repay it..... no argument there....
But when the banks act contrary to the Consumer Credit Act, think they are above the law or use threats and bullying tactics on people who can't afford to pay their debts, for legitimate reasons. This is where I agree on using the very same laws and Act's to defend ourselves, but not to attack.

I can't stand the idea of people just trying to get out of repaying debt..... it's morally wrong!

In my case I just wanted to see the agreement and how they can change a credit card to a loan without permission. I suddenly had a credit card turned into a loan at 16%, but they were offering loans at 7.9%.... I felt this unfair so asked for a copy of the executed agreement to see my rights...

I will pay my debt, but want the banks to become human again and not just automated with no sense of honesty, understanding and decency. Probably too much to ask for in our computer controlled world......

Bring back bank managers who care about us customers......

Sorry rant over.....