What debt collectors MUST LEARN is most people don’t default on debt because they are fraudsters that borrowed money they never intended to pay back. They have defaulted on debt because the CAN’T PAY IT BACK.
Awareness needs to be increased around the topic of what we call Ponzi debt. This is as we see it, borrowing new money from different places to pay back old debt, essentially robbing Peter to pay Paul.
Debt collectors that want their money telling people to get 4 payday loans so they can have their money are evil and they have to stop!
OK, you could argue the British government do this all the time, debt that is about to come due can’t be paid back. It can only be paid back by selling more debt. This is just as bad.
Personal messages from people on the consumer action group forums have shown me that stunning lengths debt collectors will go to, to get the money they think they are owed.
- Get the money off your parents or your grandparents – they have a house they can get equity release they just have to sign some bits of paper
- Go to XYZ company and get them to cash in your pension, then you can pay the money you owe, its very simple
- Go find a new rich boyfriend or girlfriend and get the money off them
- Borrow the money from an unregulated loan shark in the back room of some dodgy nightclub
- Don’t pay your mortgage for a couple of months and give us that money – you’ll catch up the arrears eventually
- Photoshop your wage slips/bank statements with much bigger numbers on them so you can qualify for a secured loan on your home – you don’t need perfect credit for that