Can i write off my payday loan debt?

Discussion in 'Writing Off Debt' started by Robotick, Feb 2, 2015.

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  1. Robotick

    Robotick Newbie

    I have been experiencing financial hardship for a while now. After I lost my job my medical bills got out of hand. To make things worse my partner left me and I was left fending 4 children all under the age of 9. Things quickly got out of hand and my emergency fund ran out in a few months and I could not get another job because my health started to deteriorate.

    After maxing out my credit cards I eventually got a job at a lower pay and used payday loans to service the credit card. I'm now in a position where I can't make ends meet and was hoping if anyone could give me advice on how to write off my debt. I know this might sound unethical but I needed the money more than them and paying off these debts would mean that my kids would have to starve. My position is what it is and I would appreciate any help on the matter.
    Shobir and Sadia like this.
  2. Simrin

    Simrin Newbie

    I'm really sorry to hear about your circumstances. Instead of writing off your debt have you considered going on a debt management plan. I have been in debt and getting on a debt management plan enabled me to stop interest and only pay off what I can afford.

    All you have to do is fill out an income and expenses form and then find a reputable debt counselling non profit company who contacts the creditors on your behalf. All the creditors will get a prorata payment from any excess income you have at the end of the month. Hope this helps.
    Shobir and Sadia like this.
  3. Robotick

    Robotick Newbie

    Not really looking for a debt solution. I'm more interested in writing off the debt because I'm fed up paying it. I know some of the readers of this forum will think this is outrageous but think about the following. If my $50,000 debt was wiped off the quality of my life would increase more than you could imagine. If the banks wrote off $50,000 it would be peanuts for them. It might be immoral but I've learned my lesson and just want a damn clean slate. No more debt counselling advice.
    Shobir and Sadia like this.
  4. Sadia

    Sadia Administrator

    It has been done in the past but it really depends on your assets and liabilities. If you simply cant afford to pay off the debt one route is bankruptcy or delinquency. If you do have assets then it becomes a more complicated matter as these will have to be sold in order to recoup or pay for the debt. If you've got a home which has equity then the process might be a little more complicated.
    Shobir likes this.
  5. Robotick

    Robotick Newbie

    I don't really have any assets other than my car which is worthless. I have considered bankruptcy but its not something I want to do as I might need access to credit in the future to buy a home for my kids. I think I'm being misunderstood here, I JUST WANT A CLEAN BREAK FROM THE DEBT AND I DONT WANT TO DAMAGE MY CREDIT FILE.
    Shobir and Sadia like this.
  6. Sadia

    Sadia Administrator

    This might sound like a little wacky but here goes. Before you understand the process you need to understand the system.

    When you deposit $1 into a bank account the bank lends out $10 because the likelihood that everyone will want their money back is low. Sometimes there are runs on banks but these banks can borrow from other banks to make up the shortfall. What many people are doing is asking the banks some difficult questions such as is there a real deposit that was lent to me or was it just made up money? The banking system as we know it is corrupt and asking these questions can help you to write off these debts as the banks cannot answer these questions.

    Some of the questions you should be asking is (Ref:

    1. Validation of the debt (the actual accounting);

    2. Verification of your claim against me (a sworn affidavit or a hand signed invoice in accordance with The Bills of Exchange Act (1882) );

    3. A copy of the contract signed by both parties and therefore binding both parties.

    4. Please also provide me with a true and certified copy (NOT photocopy) of the Original Note (Credit Agreement), under penalty of perjury and with unlimited liability and confirm that this Note, has never been sold. Please also confirm the name of the individual who is the duly authorised representative from your company, who has carried out due diligence under The Money Laundering Regulations 2007 and what actions s/he has taken in relation to this account.
    Shobir and Robotick like this.
  7. Robotick

    Robotick Newbie

    This is exactly what I'm looking for, thanks Sadia.

    These greedy banks have made so much money out of me and its time to turn the table. As I have nothing to lose I'm going to pursue this debt wipe out strategy. The worst that can happen is I delay paying my debt for a while and the best is all my debt will be wiped out. I hope more people think along these lines instead of sitting on their high horse with their lofty morals. We are at Battle with the Banks and we need to teach them a lesson. If you think about it we own the banks after the bailout so why shouldn't they wipe out the debt for people who really cant pay.
    Shobir likes this.
  8. Shobir

    Shobir Administrator Staff Member

    Admin Post
    Great info. Yes a lot of people in America and UK are doing this and it is working. As the word gets out the banks will probably find a way yo close the loophole after they find some obscure law. What this is known as is conditional acceptance. You acknowledge there might be a debt there but you need to be shown proof (Which the banks cant show) before you pay it. Every time you speak to the banks or pay day loan companies you should reassure them that you have every intention of paying once you've been given the proof that the debt really does exist and was not made up and plucked out of thin air. I think you should also do some research on Tacit agreements where you give the banks some time to get the proof or they must write off the debt. You should also look into Estoppel to really scare these banks.
    Simrin and Robotick like this.
  9. Robotick

    Robotick Newbie

    Thanks. I'm looking into these things as we speak. I guess I need to get my skate on if I want to write off these debts and wipe the slate clean. It bee-hooves me that banks can conjure up money and then lend it out as if it was all real and expect to get something back. Its like someone giving me $10 and me printing some fake money backed up with that $10 just in case something goes wrong. I hope someone from the banking sector is reading this. We're coming for you you !"£%^$%^£"!
    Simrin likes this.
  10. Simrin

    Simrin Newbie

    I really dont think this is ethical. You borrowed the money and you are expected to pay it back. When I was in debt I realised that it was my fault and no one elses. I worked my ass off and then paid the money off. Its not really fair if some have to work really hard while others just find a technicality to wipe out their debt. No doubt I will receive a barrage of 'comments' for this post but this is how I see it.
    Robotick likes this.
  11. Robotick

    Robotick Newbie

    Every one is entitled to their opinion. You need to look between the lines before you get on your high horse. Banks lend out money they don't have. The system is stupid enough to accept this money. If the money really doesn't exist then what's the point of paying it bank?

    I don't really care what anyone things and I'm not going to reply any more to this thread. Thank you everyone for the information, its been emotional as well as invaluable. Simrin I hope you open your eyes one day!
  12. admin

    admin Administrator Staff Member

    Admin Post
    This could affect your credit score and credit file so be careful before you pursue this.
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