Incorrect information on Credit Report

Biscuit1018 said:
The credit bureau dont keep documents. Your original creditor does. The changing of an account number doesn't mean much. The debt is there.
They have probably handed it over.

I would be interested to know how much it is... because that influences the level of effort the debt collector will go to to collect.
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Around 300k. I dont think the collectors are just gonna let that amount go.

As I have said the OP has some cheek thinking its ok to do what he is doing just because "bank bad"

I get that sht happens, but no payment arrange made on your end, no I can pay R50 for the next 3 years. Just if I lie low it will go away... cause BANK BAD and mean.

Then annoyed that bank sold debt and how dare the collector ask for money thats not theirs...

I am not a trust fund kid etc, I have been through hard times I have seen my parents go through hard times and take responsibility for their debts during these time and make arrangements to pay what they could....
 
@ManVee I just wanted to let you know you not off the hook with SARS... same goes for everyone else here with bad debt written off...

Bad debt written off becomes full blown income. So that R300k will pop into your income and be subject to your tax bracket.

Also messing with SARS carries a 200% penalty, so not declaring it is full blown evasion.

But then again SARS BAD so I guess no pay either...
 
Snyper564 said:
View attachment 1345694

Around 300k. I dont think the collectors are just gonna let that amount go.

As I have said the OP has some cheek thinking its ok to do what he is doing just because "bank bad"

I get that sht happens, but no payment arrange made on your end, no I can pay R50 for the next 3 years. Just if I lie low it will go away... cause BANK BAD and mean.

Then annoyed that bank sold debt and how dare the collector ask for money thats not theirs...
Click to expand...

Thanks, I saw that after I posted.
I have no idea what their thresholds are.
They have a process to collect and there are 10s of thousands in the same boat with similar amounts.

Impossible to get context here
I understand that some people got into trouble across COVID (w/o being negligent)
I also understand that some loans were given at silly rates. The payday lenders, I hope they go to the wall.

I dont like financial institutions but I am not hoping that people evade their debt.
It gets paid for somewhere usually by the people that do make their payments.
The margin the banks make includes an amount for those that dont pay.

I feel for people that can't pay
I don't feel much for people that are just using the prescription system to evade the debt
But each to their own
 
Biscuit1018 said:
Thanks, I saw that after I posted.
I have no idea what their thresholds are.
They have a process to collect and there are 10s of thousands in the same boat with similar amounts.

Impossible to get context here
I understand that some people got into trouble across COVID (w/o being negligent)
I also understand that some loans were given at silly rates. The payday lenders, I hope they go to the wall.

I dont like financial institutions but I am not hoping that people evade their debt.
It gets paid for somewhere usually by the people that do make their payments.
The margin the banks make includes an amount for those that dont pay.

I feel for people that can't pay
I don't feel much for people that are just using the prescription system to evade the debt
But each to their own
Click to expand...
just to note its almost 3 years old so precovid
 
Biscuit1018 said:
The credit bureau dont keep documents. Your original creditor does. The changing of an account number doesn't mean much. The debt is there.
They have probably handed it over.

I would be interested to know how much it is... because that influences the level of effort the debt collector will go to to collect.
Click to expand...
I see... The debt is a bit hefty and they have been trying to get ahold of me for the last two years or so.
 
Can somebody help me understand the difference between borrowing and not repaying, and stealing? I'm obviously missing something here.
 
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Speedster said:
Can somebody help me understand the difference between borrowing and not repaying, and stealing? I'm obviously missing something here.
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Dont repay friend - stealing
Dont repay bad bank - "not" stealing

And as I said bad debt written off goes straight to income for tax purposes.
But Sars even worse so no pay for them either...
 
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ManVee said:
I see... The debt is a bit hefty and they have been trying to get ahold of me for the last two years or so.
Click to expand...

I may be more conservative than you, but hiding from legitimate debt is perhaps not the wisest source of action.
You know it exists. You acknowledge it is legitimate. You just seem to be using the system to evade.
Prescription laws are there so companies don't do nothing to collect, whack on interest and then try and collect many years later.
They seem to be trying to get hold of you and you are ducking.

Many years back (before cell phones) I moved house to CT and thought I had paid my Telkom Bill
Years later I got a summons for less than a thousand rand
I was mortified. I paid asking them to remove the stain on my record. They wouldn't
Of course that stain is long since gone.

As I said, I don't know your circumstances so I am not judging.
It does seem that you aren't on the side of the angels (meant in a non-religious way because I am not religious).
 
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Snyper564 said:
Dont repay friend - stealing
Dont repay bad bank - "not" stealing

And as I said bad debt written off goes straight to income for tax purposes.
But Sars even worse so no pay for them either...
Click to expand...
I guess I'm trying to figure out when the forum (and forumites) became comfortable with theft. Are we next going to start condoning robbing Makro because the people were hungry?
 
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Snyper564 said:
just to note its almost 3 years old so precovid
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Covid is not the only thing that could cause financial difficulties you bright spark. It's a new day, try and be positive for a change.
 
Snyper564 said:
@ManVee I just wanted to let you know you not off the hook with SARS... same goes for everyone else here with bad debt written off...

Bad debt written off becomes full blown income. So that R300k will pop into your income and be subject to your tax bracket.

Also messing with SARS carries a 200% penalty, so not declaring it is full blown evasion.

But then again SARS BAD so I guess no pay either...
Click to expand...
Hahaha... This is getting hilarious, you're so obsessed with being negative., you're now trying to scare us with SARS. I'm so scared right now. Brother, please start living.
 
Speedster said:
Your solution to financial difficulty is simply to steal?
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I've clearly stolen your joy. I've already explained my reasons for this situation. Next year by this time, the banks will be offering me loans almost every day, at that time I will simply say NO.
 
ManVee said:
Hahaha... This is getting hilarious, you're so obsessed with being negative., you're now trying to scare us with SARS. I'm so scared right now. Brother, please start living.
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If negative is right so be it.

Sleep well...
 
ManVee said:
I've clearly stolen your joy. I've already explained my reasons for this situation. Next year by this time, the banks will be offering me loans almost every day, at that time I will simply say NO.
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Nah, not stolen my joy. Just stolen a little bit om my faith in humanity. I tend to forget how easily theft comes to some.
 
ManVee said:
So if I could not pay because I lost my job, or paid for surgery for a family member. Should I donate my liver to pay back the banks? I really don't understand why you're being so emotional when you don't even have all the facts.
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So we come back to this point.

You chose not to pay for 3 years duck and dive over 3 cards and 300k in total.

You pass me off as some rich kid with some trust fund i saw my parents go through pretty much the same, jobless also had debt etc. BUT they took responsibility for it met with the bank paid what they could during this difficult period.

There is a difference when you do what you can because you take responsibility for your actions.

Life is not fair when the "scummy lawyer" reactivated your debt and that summons comes knocking...

But you do you, carry on doing what you think is "right"
 
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