View Poll Results: Do you think it's immoral to settle your debt for a smaller amount?

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  • Yes, always.

    5 10.87%
  • No, never.

    18 39.13%
  • It depends on if you can afford to pay it or not.

    16 34.78%
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    7 15.22%
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Thread: Is settling your debt for a smaller amount immoral?

  1. #21
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    Re: Is settling your debt for a smaller amount immoral?

    Not at all. If you can negotiate and they accept, its a voluntary contract.


    Now personally I would not do it, but if you can, more power to ya.
    Let evil swiftly befall those who have wrongly condemned us

  2. #22
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    Re: Is settling your debt for a smaller amount immoral?

    Quote Originally Posted by Mellie View Post
    I heard a commercial on the radio the other day about a debt settlement company. One of the scenarios was a guy who owed $30,000 in credit card debt and settled with $12,000. Do you think it's immoral to do this and not pay the entire amount?
    A lot of times these consolidation companies tell you to stop paying your bill in hopes of the creditor wanting to negotiate a settlement.
    They get paid to do this.

    It's sort of a scam on the credit card companies because people who do it can still afford to pay, they just might not want to.
    I was discovering that life just simply isn't fair and bask in the unsung glory of knowing that each obstacle overcome along the way only adds to the satisfaction in the end. Nothing great, after all, was ever accomplished by anyone sulking in his or her misery.
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  3. #23
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    Re: Is settling your debt for a smaller amount immoral?

    I feel that it is immoral to not settle simply because I would be breaking my promise and I consider it to be a matter of integrity to fulfill my promises.

    However, if I am unable to pay it, than I will try to do the best that I can.

  4. #24
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    Re: Is settling your debt for a smaller amount immoral?

    Quote Originally Posted by MyOwnDrum View Post
    Of course I'm not joking, it was hardly a funny post. I feel that companies bear responsibility for aggressive marketing. Credit cards have been irresponsibly marketed, and should be held accountable for that.
    Unless they forced people to get credit cards I don't buy this at all. Someone being an ignorant and weak person is not Citibank's fault. Unless there is fraud involved what you do with your money is all you.

    Spending addiction does similar things to the brain as drugs, on a biological level. People get a 'high' from it, and feel compelled to repeat that experience when the high wears off.
    Your "addictions" (and yes I use that term VERY loosely here) are also not Citibank's fault.
    Wow. Am I awesome or what?

  5. #25
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    Re: Is settling your debt for a smaller amount immoral?

    Quote Originally Posted by megaprogman View Post
    I feel that it is immoral to not settle simply because I would be breaking my promise and I consider it to be a matter of integrity to fulfill my promises.

    However, if I am unable to pay it, than I will try to do the best that I can.



    Banks change terms on people all the time. It's a renegotiaion.
    Let evil swiftly befall those who have wrongly condemned us

  6. #26
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    Re: Is settling your debt for a smaller amount immoral?

    Quote Originally Posted by stekim View Post
    Unless they forced people to get credit cards I don't buy this at all. Someone being an ignorant and weak person is not Citibank's fault. Unless there is fraud involved what you do with your money is all you.



    Your "addictions" (and yes I use that term VERY loosely here) are also not Citibank's fault.
    But Citibank's choice to accept the risk is their own fault, and they deserve anything they get from it.

    Thus, they are entirely responsible for all of the credit defaults they deal with, since they were the one's throwing their money around.

    The debtor only lets Citibank throw it in their direction.
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    Re: Is settling your debt for a smaller amount immoral?

    Quote Originally Posted by Reverend_Hellh0und View Post
    Banks change terms on people all the time. It's a renegotiaion.
    I guess I am just old fashioned in that respect.

  8. #28
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    Re: Is settling your debt for a smaller amount immoral?

    Quote Originally Posted by megaprogman View Post
    I guess I am just old fashioned in that respect.



    If they are willing to jack up rates, play games like hold deposits until after all drafts are proccessed (like in jallman's case), if they are willing to negotiate, there is nothing wrong with it.


    Heck, We renegotiated terms several times on business properties I own... it's no difference in my book.


    If they would not renegotiate, sure, I'm obligated to pay it off, however, if they open that door, there is nothing immoral in trying to negotiate.
    Let evil swiftly befall those who have wrongly condemned us

  9. #29
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    Re: Is settling your debt for a smaller amount immoral?

    Quote Originally Posted by Reverend_Hellh0und View Post
    Banks change terms on people all the time. It's a renegotiaion.
    It's not even negotiation when a credit card company jacks interest rates up with no warning, fails to process payments and jacks your rate up punatively for their mistakes, or just decides to cut credit lines.

    If a person can renegotiate with a credit card company, by all means let them do it. It's not like the cc companies have exactly been fair and ethical in their treatment of customers, either.

  10. #30
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    Re: Is settling your debt for a smaller amount immoral?

    Quote Originally Posted by jallman View Post
    I've done that once in my life and it was to WellsFargo. I had a checking account with them and I deposited my paycheck every Tuesday. One week, they decided for some reason to hold my paycheck for 7 days. They didn't tell me when I deposited it, they had never done it before and I never did get an answer as to why they did it. On Saturday of that week, I had a debit decline. When I went into the bank on monday to find out why the ATM said I was 536.00 in the hole, I found out about the check being held and the 13 overdraft charges at 32.00 apiece. They paid all the charges and called it overdraft protections. I discussed calmly with the banker at first, wanting to know why a 7 day hold was put on my payroll check for the first time in 2 years and without them telling me. I figured since all the charges had been paid, they would just see the mistake and reverse their bank charges, refunding me my money.

    Things got a little more heated when the banker told me that the best he could do for me was to show me how to balance my check register. That was the end of my banking with WellsFargo. When the collector called about it, I told him that I was glad he called because I wanted to know where to present my 438.19 bill for repayment of the money WellsFargo took illegally. They have never called back and it has never shown up on my credit report.
    Well, that's different. If someone ****s you over, I mean.... can't really blame someone for ****ing them over right back. LOL

    I did have to declare bankruptcy once. Thanks to a ****head ex-boyfriend. But I *wanted* to make good on the debt I owed, I just couldn't do it under the current terms I had with all of them. Every debtor that offered me a reduced debt interest free, instead of a full write off, I took it. And I paid them back the negotiated amount. I also did not include any medical bills or my auto loan in the bankruptcy.

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