Incorrect information on Credit Report

vigras rojara said:
Do corporate insolvencies/liquidations also meet your definition of theft?
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ManVee has not declared insolvency
If he did then that would be a legal and moral way of reducing debt

Someone pays for those that aren't paying.
If ManVee cant afford to pay anything, I understand, and there are ways to deal with it.
One can go into Credit Review where a counsellor renegotiates the repayment periods and makes arrangements. They call the dogs off.
Of course it also means you cant take out more debt whilst in review

Hiding from creditors and trying to avoid summons until the prescription period is perhaps not the best way to do this
 
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Snyper564 said:
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, job less 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.
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Would you be more impressed with me if I told you it's more than double 300K in total? You can choke on that for now. From here on I will not reply to any of the abuse from privileged kids like yourself.
 
Biscuit1018 said:
ManVee has not declared insolvency
If he did then that would be a legal way of reducing debt
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Sure, but he's also not a company and with the level of debt he's carrying personal insolvency wouldn't really make sense.

Companies frequently declare insolvency to get out of debt obligations, hence my question of whether this constitutes theft too.
 
Biscuit1018 said:
ManVee has not declared insolvency
If he did then that would be a legal way of reducing debt
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The banks have legal ways to collect debt that they can follow. Quickly go ask them why they've not.
 
I work in debt review. I have seen clients pay as little as R 50 per month to collectors and increase once they are in a better situation or found another job. It's been 3 years. Are you in the same position now as you were 3 years ago and could not pay?
 
ManVee said:
The banks have legal ways to collect debt that they can follow. Quickly go ask them why they've not.
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They may well be doing what they do...
They factor in the cost of collection vs the likelihood of collecting

That a big corporate is inefficient at collection is hardly surprising.
It doesn't make them wrong
 
vigras rojara said:
Sure, but he's also not a company and with the level of debt he's carrying personal insolvency wouldn't really make sense.

Companies frequently declare insolvency to get out of debt obligations, hence my question of whether this constitutes theft too.
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If a company is genuinely insolvent (we are talking SA and not the US now) then so be it.

If a company fakes insolvency then that wouldnt be moral
 
Biscuit1018 said:
If a company is genuinely insolvent (we are talking SA and not the US now) then so be it.

If a company fakes insolvency then that wouldnt be moral
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Which is why I disagree with OP's actions being described as theft.

If he borrowed the money with no intent of repaying it then that definition could be justified, but if he entered into the agreements in good faith with every intention to repay then it could never be regarded as theft.
 
ManVee said:
Would you be more impressed with me if I told you it's more than double 300K in total? You can choke on that for now. From here on I will not reply to any of the abuse from privileged kids like yourself.
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The interest may not be more than the debt amount as far as I understand (correct me if I am wrong). So 600 000 sounds about right if you have been avoiding it for a long time. Interest kills with these loans.

But they might be able to bring it down, or even completely void the interest with negotiations.

Are they allowed to come for your house and assets?

This sounds like a dangerous game, hence why I try not to be in bed with a bank or big corporate and SARS.
 
Devon101 said:
I work in debt review. I have seen clients pay as little as R 50 per month to collectors and increase once they are in a better situation or found another job. It's been 3 years. Are you in the same position now as you were 3 years ago and could not pay?
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I was under debt review but the banks kept asking for more money than what was offered under debt review. Some even pulled out of the agreement (home loans) It then became impossible for me to cope. Now I regret why I went under debt review, as I now have to pay to get removed. Also, my debt would have been prescribed earlier this year.

In short, if I were to re-enter the debt review agreement now, I will not be able to pay all my creditors.
 
vigras rojara said:
Which is why I disagree with OP's actions being described as theft.

If he borrowed the money with no intent of repaying it then that definition could be justified, but if he entered into the agreements in good faith with every intention to repay then it could never be regarded as theft.
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If he had any intent to repay he wouldn't have been running from this for 3 years.
 
RedViking said:
The interest may not be more than the debt amount as far as I understand (correct me if I am wrong). So 600 000 sounds about right if you have been avoiding it for a long time. Interest kills with these loans.

But they might be able to bring it down, or even completely void the interest with negotiations.

Are they allowed to come for your house and assets?

This sounds like a dangerous game, hence why I try not to be in bed with a bank or big corporate and SARS.
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Brother, double 300K, I was talking capital.
 
RedViking said:
Eish.... My condolences. I doubt you going to get away from this without a beating. That's a lot of money to take from someone and not pay it back, specially the big boys.
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Nah, I'll survive and come back to tell you all about it in Jan. I am sure they'd be all over me if the total amount belonged to one account.
 
RedViking said:
The interest may not be more than the debt amount as far as I understand (correct me if I am wrong). So 600 000 sounds about right if you have been avoiding it for a long time. Interest kills with these loans.

But they might be able to bring it down, or even completely void the interest with negotiations.

Are they allowed to come for your house and assets?

This sounds like a dangerous game, hence why I try not to be in bed with a bank or big corporate and SARS.
Click to expand...
The rule of in duplum.
 
ManVee said:
Nah, I'll survive and come back to tell you all about it in Jan. I am sure they'd be all over me if the total amount belonged to one account.
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You don't need to tell me. I'm not interested in what you do with your life, I know how this ends.

But to get back to the OP, let us know what the Credit Bureau said with regards to the wrong information and if they can correct it. You will probably need to contact the big ones as they will usually have this information.

Have you installed ClearScore and see if that shows any information that is helpful?
 
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