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olde guto

Borrowers Face Losing Their Home After Signing Up To An Unauthorised Online Bank

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Borrowers face losing their homes after signing up for some dumbass scheme that would pay off their mortgage for £10 a month (if they promise to cough-up £150k in ten years time) - what could possibly go wrong? A lot by the looks of it.

http://www.thisismoney.co.uk/money/mortgageshome/article-3514575/Many-borrowers-face-losing-home-signing-unauthorised-online-bank.html#comments

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I dont think its even a bank.

Its a debt reorganisation company...if you send one of their vouchers to a creditor, they are on notice you cant pay and the hope is they will write your debt off.

People beleived, however, that receipt of one of these credits was binding on the other party.

Darwin's Alive!

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A Financial Ombudsman Service spokesman says: ....

'There's no way to magic away money that you legitimately owe.'

Unless of course you are a bank and can force a bailin.

Edited by The Spaniard

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depends what kind of debt. Unsecured debt you can bump at any time. Just deny the lenders existence (as well as that of your 999 rating)

Edited by fluteroop

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A Financial Ombudsman Service spokesman says: ....

'There's no way to magic away money that you legitimately owe.'

Unless of course you are a bank and can force a bailin.

And yet credit money can be magically made into existence.

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'There's no way to magic away money that you legitimately owe.'

He might be right but they know many ways to magic away money that belongs to others.

Those sort of tricks are only for the old boy network, the bankers and the other crooks.

Financial regulators - pah.

Edited by billybong

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