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

Voters
46. You may not vote on this poll
  • 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%
  • Other

    7 15.22%
Page 5 of 9 FirstFirst ... 34567 ... LastLast
Results 41 to 50 of 85

Thread: Is settling your debt for a smaller amount immoral?

  1. #41
    Matthew 16:3

    Join Date
    Jul 2008
    Location
    Everywhere and nowhere
    Last Seen
    06-24-17 @ 05:05 PM
    Gender
    Lean
    Progressive
    Posts
    45,603

    Re: Is settling your debt for a smaller amount immoral?

    Quote Originally Posted by lizzie View Post
    Wow, I may have to try that. The same thing happened to me, and it really pissed me off, but I thought I had no recourse.
    You always have recourse with a creditor.

    Just stop paying them. In fact, the debtor is in control of the situation. They can dictate whether or not the creditor made a good investment or a bad one.

    Let them know that you can turn their investment into a loss if they decide to be assholes and that you don't really care if your credit score takes a hit.

    Don't be angry at all about it, just be matter-of-fact.

    They are used to getting angry calls, they aren't used to people being very reasonable while telling them what is going to happen if they don't comply.

    They don't want to lose money and you are offering them a chance to not lose money.

    If they refuse, then make sure they lose money. Call back a few times to see if they are happy with their decision to lose money.

    When the bill collectors call, talk to them. Let them know how happy you are with the new arrangement the bank has chosen (which is you not paying the new higher interest rate) and that it has been a boon to your savings. Thank them for their considerate offer. Then try to engage the bill collector in idle chit chat.

    They'll think you are nuts. Which at least offers you the chance to have fun while screwing them.
    Tucker Case - Tard magnet.

  2. #42
    Cheese
    Aunt Spiker's Avatar
    Join Date
    Oct 2009
    Location
    Sasnakra
    Last Seen
    09-10-16 @ 06:10 AM
    Gender
    Lean
    Moderate
    Posts
    28,433

    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?
    I'm in late.

    I don't think it's wrong for a company to give breaks, put off payment and so on. The company/store/bank to which you're in debt to shouldn't continually raise your interest rate, however. But, except for a death of a spouse (thus, a reduced income) or serious illness or injury that prevents you from being able to cover the cost of your intended-to-pay-back-amount people shouldn't be allowed to back away from their financial obligation just because they want to.

    It's personal responsibility and keeping your commitments. If you max out your credit card at $2,000 - and you had a 5% interest added on at that time, during that whole time, then that's what you should be expected to pay back - $2,000 + the interest that you agreed to pay in exchange for being allowed to borrow the money before you even borrowed a penny.

    Credit Cards should also function more like a bank and the use and statement of the credit card should function like a loan and be privy to the same loan laws. Example: when you pull out a mortage on a home you are given a spreadsheet with a payment run, noting when and where your money is expected to be paid/applied.

    But I don't think anyone who commits to borrowing money and agrees to pay back the interest should be able to back away purely because they used poor judgment and overspent.
    A screaming comes across the sky.
    It has happened before, but there is nothing to compare it to now.
    Pynchon - Gravity's Rainbow

  3. #43
    Sage
    lizzie's Avatar
    Join Date
    Oct 2009
    Location
    between two worlds
    Last Seen
    @
    Gender
    Lean
    Libertarian
    Posts
    28,581

    Re: Is settling your debt for a smaller amount immoral?

    Quote Originally Posted by Tucker Case View Post
    When the bill collectors call, talk to them. Let them know how happy you are with the new arrangement the bank has chosen (which is you not paying the new higher interest rate) and that it has been a boon to your savings. Thank them for their considerate offer. Then try to engage the bill collector in idle chit chat.

    They'll think you are nuts. Which at least offers you the chance to have fun while screwing them.
    I love it!
    "God is the name by which I designate all things which cross my path violently and recklessly, all things which alter my plans and intentions, and change the course of my life, for better or for worse."
    -C G Jung

  4. #44
    Matthew 16:3

    Join Date
    Jul 2008
    Location
    Everywhere and nowhere
    Last Seen
    06-24-17 @ 05:05 PM
    Gender
    Lean
    Progressive
    Posts
    45,603

    Re: Is settling your debt for a smaller amount immoral?

    Quote Originally Posted by Aunt Spiker View Post
    But I don't think anyone who commits to borrowing money and agrees to pay back the interest should be able to back away purely because they used poor judgment and overspent.
    See, I look at it differently, I see no problem with the credit card companies being punished (by the defaults they accrue) for their poor judgment in the way that they toss their money around, i.e. allowing irresponsible people to overspend it in the hopes of turning a profit off of the irresponsible people.
    Tucker Case - Tard magnet.

  5. #45
    Sage
    lizzie's Avatar
    Join Date
    Oct 2009
    Location
    between two worlds
    Last Seen
    @
    Gender
    Lean
    Libertarian
    Posts
    28,581

    Re: Is settling your debt for a smaller amount immoral?

    So true!
    "God is the name by which I designate all things which cross my path violently and recklessly, all things which alter my plans and intentions, and change the course of my life, for better or for worse."
    -C G Jung

  6. #46
    Sage
    Cephus's Avatar
    Join Date
    Mar 2007
    Location
    CA
    Last Seen
    Yesterday @ 10:25 PM
    Gender
    Lean
    Slightly Conservative
    Posts
    29,797

    Re: Is settling your debt for a smaller amount immoral?

    Quote Originally Posted by Reverend_Hellh0und View Post
    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.
    There's a big difference between banks playing games like the above and people just deciding that, even though they willingly ran up their credit card balances, they just don't feel like paying it back.
    There is nothing demonstrably true that religion can provide the world that cannot be achieved more rationally through entirely secular means.

    Blog me! YouTube me! VidMe me!

  7. #47
    Matthew 16:3

    Join Date
    Jul 2008
    Location
    Everywhere and nowhere
    Last Seen
    06-24-17 @ 05:05 PM
    Gender
    Lean
    Progressive
    Posts
    45,603

    Re: Is settling your debt for a smaller amount immoral?

    Quote Originally Posted by Cephus View Post
    There's a big difference between banks playing games like the above and people just deciding that, even though they willingly ran up their credit card balances, they just don't feel like paying it back.
    The banks willingly take the risk.
    Tucker Case - Tard magnet.

  8. #48
    Sage
    Hatuey's Avatar
    Join Date
    Oct 2006
    Last Seen
    Today @ 03:22 AM
    Gender
    Lean
    Moderate
    Posts
    42,081

    Re: Is settling your debt for a smaller amount immoral?

    Quote Originally Posted by Blackdog View Post
    Bogus generalizing will get us no place.
    What bogus generalizing? Capitalism has no place for it. Never has had it actually. The coffee beans you use to make coffee? Picked by somebody for 3 cents a bag who is starving. The clothes you buy at Wal-Mart? Made by some kid in China who can't afford to go to school. The plates you have? Made by a woman in Bangladesh whose family lives in squalor. Capitalism and capitalists do not care about morality. It is a simple fact. It is a matter of supply an demand. The immoral exploitation of others is quite irrelevant to a capitalist.
    Last edited by Hatuey; 04-29-10 at 06:18 PM.
    I refuse to accept the view that mankind is so tragically bound to the starless midnight of racism and war that the bright daybreak of peace and brotherhood can never become a reality. - MLK

  9. #49
    King Of The Dog Pound
    Black Dog's Avatar
    Join Date
    Dec 2008
    Location
    South Florida
    Last Seen
    @
    Gender
    Lean
    Centrist
    Posts
    34,547

    Re: Is settling your debt for a smaller amount immoral?

    Quote Originally Posted by Hatuey View Post
    What bogus generalizing? Capitalism has no place for it. Never has had it actually. The coffee beans you use to make coffee? Picked by somebody for 3 cents a bag who is starving. The clothes you buy at Wal-Mart? Made by some kid in China who can't afford to go to school. The plates you have? Made by a woman in Bangladesh whose family lives in squalor. Capitalism and capitalists do not care about morality. It is a simple fact. It is a matter of supply an demand. The immoral exploitation of others is quite irrelevant to a capitalist.
    Our system is not pure capitalism, and never has been. Most people do not support pure capitalism except for some libertarians I know.

    So yes, it is an unfair generalization that adds nothing to the conversation.
    Last edited by Black Dog; 04-29-10 at 06:51 PM.
    Quote Originally Posted by Moot View Post
    Benjii likes the protests...he'd be largely irrelevant without them. So he needs to speak where he knows there will be protests against him and that makes him responsible for the protests.
    Quote Originally Posted by Absentglare View Post
    You can successfully wipe your ass with toilet paper, that doesn't mean that you should.

  10. #50
    Sage
    Hatuey's Avatar
    Join Date
    Oct 2006
    Last Seen
    Today @ 03:22 AM
    Gender
    Lean
    Moderate
    Posts
    42,081

    Re: Is settling your debt for a smaller amount immoral?

    Quote Originally Posted by Blackdog View Post
    Our system is not pure capitalism, and never has been.Most people do not support pure capitalism except for some libertarians I know.
    This is irrelevant. Even an 'impure' capitalism like ours has no place for morality. All those things I mentioned still exist in a system of 'impure capitalism'. So my comment stands.

    So yes, it is an unfair generalization that adds nothing to the conversation.
    Oh but it does. Morality and capitalism are incompatible. It is as simple as that.
    I refuse to accept the view that mankind is so tragically bound to the starless midnight of racism and war that the bright daybreak of peace and brotherhood can never become a reality. - MLK

Page 5 of 9 FirstFirst ... 34567 ... LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •