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And So It Begins (debtor's Revolt)

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http://market-ticker.denninger.net/archive...ors-Revolt.html

And So It Begins (Debtor's Revolt)

Without comment..... none necessary - she's spot-on, in my opinion, and if you, through no fault of your own (you're NOT a deadbeat) have had this happen to you, then I fully support doing exactly what she is - tell 'em to get stuffed.

Do realize that civil disobedience has consequences, but it also brings a huge breath of fresh air into your life!

I have been contacted by a couple of people who claim that various institutions have mis-reported accounts as "over limit" when they are not, or who have cut lines to the outstanding balance without notice, waited for one more charge to go through (which they honored), reported that account "over limit" and then used that as justification to jack interest rates to a "penalty" rate.

I am assembling evidence for an "expose-style" report on this

Nice lady.

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She was happy enough to spend the money, so she should pay it back. Hasn't she heard of a balance transfer?

sure, but they cut her limit then upped the rate to penalty rate....fares fair.

Banks do this all the time...they need a lesson.

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sure, but they cut her limit then upped the rate to penalty rate....fares fair.

Banks do this all the time...they need a lesson.

Then in future she will be more careful. This has nothing to do with a debtors revolt, its just an idiot yank trying to wriggle out of her obligations by invoking the spirit of the American revolution.

She's debasing the idea of revolution to the point where a revolutionary act is going out and purchasing a sofa on credit and then proclaiming that you're standing up against 'the man' by refusing to pay. Its laughable.

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Then in future she will be more careful. This has nothing to do with a debtors revolt, its just an idiot yank trying to wriggle out of her obligations by invoking the spirit of the American revolution.

She's debasing the idea of revolution to the point where a revolutionary act is going out and purchasing a sofa on credit and then proclaiming that you're standing up against 'the man' by refusing to pay. Its laughable.

No, shes offering to pay the original terms only - because they have conned the higher rate. To stop payments until the other party sticks to the agreed rate isn't dishonest, it's good business. To then cease payments entirely when they don't see sense is also merely good business practice.

(leaving aside that she doesn't owe the banks anything at all because they never gave her anything whatsoever.)

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erm, can't she just Mary-Elizabeth-Croft away her "debt"? :P

She can, but this is something different (and nicer to see in some ways) she believes in the system but still thinks it's ********. :lol:

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Then in future she will be more careful. This has nothing to do with a debtors revolt, its just an idiot yank trying to wriggle out of her obligations by invoking the spirit of the American revolution.

She's debasing the idea of revolution to the point where a revolutionary act is going out and purchasing a sofa on credit and then proclaiming that you're standing up against 'the man' by refusing to pay. Its laughable.

lets hope you dont fall behind on your mortgage.

lets hope your business overdraft is not removed without notice

lets hope cheques you pay in, cash planned to pay some creditors or wages, are not sucked into oblivion by your credit limit being lowered.

you appear to have a sweet view of banking.

This woman and thousands like her have had their goalposts moved. this is unjust and should be resisted. she has offered to pay. she wants her old terms back. nothing wrong with that IMHO

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No, shes offering to pay the original terms only - because they have conned the higher rate. To stop payments until the other party sticks to the agreed rate isn't dishonest, it's good business. To then cease payments entirely when they don't see sense is also merely good business practice.

Any changes they made will within the terms of the contract that she signed, if they aren't then she may have a point but she's not saying this. Its not dishonest to agree to terms and conditions and then stick to those terms and conditions.

(leaving aside that she doesn't owe the banks anything at all because they never gave her anything whatsoever.)

Well you have a point there ;)

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lets hope you dont fall behind on your mortgage.

lets hope your business overdraft is not removed without notice

lets hope cheques you pay in, cash planned to pay some creditors or wages, are not sucked into oblivion by your credit limit being lowered.

you appear to have a sweet view of banking.

This woman and thousands like her have had their goalposts moved. this is unjust and should be resisted. she has offered to pay. she wants her old terms back. nothing wrong with that IMHO

No that won't happen because I've been reading HPC for two years and I'm saving my ass off. If she'd have done that then she wouldn't have been in this trouble, she should have lived within her means.

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Any changes they made will within the terms of the contract that she signed, if they aren't then she may have a point but she's not saying this. Its not dishonest to agree to terms and conditions and then stick to those terms and conditions.

She is sticking with the terms 0- she's saying that BoA didnt stick to their end deliberately in order to invoke a condition she had signed up to that lead to her making higher payments. Whether that's right or not we don't know - but it's excellent grounds for pulling them up short if it's true.

The fact that after she did so they told her to get stuffed is also excellent grounds for then ceasing all dealings with them.

Well you have a point there ;)

She'll find out in an hour or so what's happened.

The banks are completely and utterly ******ed - beyond all belief. Every hour someone else finds out how they work and they are doomed. I'd be amazed if any of the top flight guys live through the current awakening in the US, I really would. Only heavy jail time might do it.

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No that won't happen because I've been reading HPC for two years and I'm saving my ass off. If she'd have done that then she wouldn't have been in this trouble, she should have lived within her means.

I'm guessing you didn't actually watch the video then - given this and the other comments?

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She was happy enough to spend the money so she should pay it back. Hasn't she heard of a balance transfer?

She was paying it back until the greedy lender decided to up the interest rate - despite a ZIRP from the Fed ... but of course only the pigmen at the top of the finance industry are able to access money at those rates, not the consumer.

At the end of the day, the loan is unsecured and she can choose not to pay it back at the risk of being forced into bankruptcy by her creditors at which time her debts will be effectively wiped (if as she claims, she has no assets). Those are the rules of the game - the lender gambled that they would be able to squeeze more cash from her but that has just forced her to play the 'debt default' hand.

IMO her position of just outright defaulting on the debt is a lot more honest than the policy of back door defaulting through money printing/inflation that our Western governments are pursuing.

Edited by Sour Mash

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I'm guessing you didn't actually watch the video then - given this and the other comments?

Yes and she said that she's got a credit card with a balance on it. That means she's overspent.

If she'd been refused credit in the first place she'd have posted a video on Youtube saying how all the nasty bankers were mean because they didn't want to give a responsible person like her credit to go and spend it up with.

The debtor is always at the behest of their creditors, she's leant this the hard way. Lets hope other learn from her mistakes.

Edited by chefdave

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She was paying it back until the greedy lender decided to up the interest rate - despite a ZIRP from the Fed ... but of course only the pigmen at the top of the finance industry are able to access money at those rates, not the consumer.

At the end of the day, the loan is unsecured and she can choose not to pay it back at the risk of being forced into bankruptcy by her creditors at which time her debts will be effectively wiped (if as she claims, she has no assets). Those are the rules of the game - the lender gambled that they would be able to squeeze more cash from her but that has just forced her to play the 'debt default' hand.

IMO her position of just outright defaulting on the debt is a lot more honest than the policy of back door defaulting through money printing/inflation that our Western governments are pursuing.

Nope, she was greedy. Now she can go on a spending diet.

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Yes and she said that she's got a credit card with a balance on it. That means she's overspent.

If she'd been refused credit in the first place she'd have posted a video on Youtube saying how all the nasty bankers were mean because they didn't want to give a responsible person like her credit to go and spend it up with.

The debtor is always at the behest of their creditors, she's leant this the hard way. Lets hope other learn from her mistakes.

Not being funny but your comments don't reflect what she says in the video, or the reality of banking.

That being said I'm going to take a leaf out of her book and stop dealing with you on this issue. :)

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Only heavy jail time might do it.

The way things are going "jail time" will be the best case scenario for banksta's. Pitchforking and public lynchings the worst. I hope this spreads to here too.

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Nope, she was greedy. Now she can go on a spending diet.

we have a government member in our midst.

obey the bankers....obey the bankers...

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Not being funny but your comments don't reflect what she says in the video, or the reality of banking.

That being said I'm going to take a leaf out of her book and stop dealing with you on this issue. :)

I'll sum up the video. She's in debt and now she's being charged interest and lots of it. Tough.

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No that won't happen because I've been reading HPC for two years and I'm saving my ass off. If she'd have done that then she wouldn't have been in this trouble, she should have lived within her means.

I guess you are an employee of some sort...steady wage and job. good luck to you.

By the way, in the US, they wont hire you a car if you dont have a credit card....you are a non person without credit.

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I guess you are an employee of some sort...steady wage and job. good luck to you.

By the way, in the US, they wont hire you a car if you dont have a credit card....you are a non person without credit.

Well thats Ok because I live in the UK and have a credit card.

The only difference is that I know how to use it and pay off the balance each month.

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