Can We Sue Credit Card and Mortage Companies?

[crh3675]

I don't mean to imply the companies have no blame, but you really can't blame them for the decisions of the consumer.

I can't really say there are "consumer decisions". These "decisions" are what is marketed by the big companies to consumers. Yeah, sure, you don't have to buy that cool new iPod or the new Wii, but marketing has shown it to you so much that you feel like you "need it". What they don't tell you is that once you spend the $400-$600 on that new gadget (which was already a budget buster), you will then spend more than $1,000 during the lifetime of the product buying new games, maintenance and music.

True mortgage company ad:
"You can afford a $650,000 home for only $1,900 per month!"

[HHM]

I can't really say there are "consumer decisions". These "decisions" are what is marketed by the big companies to consumers. Yeah, sure, you don't have to buy that cool new iPod or the new Wii, but marketing has shown it to you so much that you feel like you "need it". What they don't tell you is that once you spend the $400-$600 on that new gadget (which was already a budget buster), you will then spend more than $1,000 during the lifetime of the product buying new games, maintenance and music.

True mortgage company ad:
"You can afford a $650,000 home for only $1,900 per month!"

Excuses Excuses. Blame marketing now, Please. Think about the implications of what your saying? I happen to believe that people can think for themselves.

[chloe0724]

HHM,

I think you are giving way too much credit (no pun intended) to the majority of people in the world.

Papers are written on a 3rd grade level so that everyone can understand them. Why would you think that the majority of people that got swept up in the easy credit were any smarter.

[Mary Irene]

All you who are throwing stones should not be living in those glass houses of yours. Are you any better for filing bankruptcy? How are you taking responsibility for your purchases? Especially those who did the Chapter 7's. Seems you all got something for nothing also. I wish everyone would quit whining about who gets more than they do. You all sound like 2 kids fighting over who got the best Christmas present. Like it says in the Bible: Let he who is without sin cast the first stone. Otherwise, get off your high horse.

[chloe0724]

Ouch Mary,

I am stuck with a 5 year plan. I have myself to blame along with my Husband;s heart condition.

Not throwing stones, just trying to evaluate what happened.

[TEW]

Ouch Mary,

I am stuck with a 5 year plan. I have myself to blame along with my Husband;s heart condition.

Not throwing stones, just trying to evaluate what happened.

I must have missed the stone. I was enjoying this thread.

[fltoo]

Actually that is the point. LOL Barring those with unfortunate circumstances such as Chloe having to deal with medical problems, or those with divorce, layoffs, etc., we ARE taking responsibility instead of blaming and trying to sue the credit providers. I would quote the Bible, but I never read it.

[Flamingo]

Actually that is the point. LOL Barring those with unfortunate circumstances such as Chloe having to deal with medical problems, or those with divorce, layoffs, etc., we ARE taking responsibility instead of blaming and trying to sue the credit providers. I would quote the Bible, but I never read it.

Let's put it this way...after going through a 5 year Chapter 13 (believe me, it is not easy) after having a very high household salary and living good with that salary with high debt thinking our salary/situation was stable and then my hubby's job loss hit with his entire department getting let go, those bills and the nonplanning were no one's fault but our own. At the time and prior to bankruptcy I blamed my husband's job loss as the cause of our bankruptcy. If we did not have the high debt at the time that occurred, we would not have had to file. You eventually learn you signed the contracts, used the credit card and then for some reason could not pay the debt you ran up to the creditor who lent you the money. This eliminates folks who are hit with high major medical situations as it is beyond their planning and control to have to figure out how to pay back hundreds of thousands of dollars for a heart attack or stroke where insurance doesn't cover everything or those that cannot afford health insurance and get hit with that. The rest of us put the plastic card in our pocket, went to the store and purchased or went to the ATM with the card and took out the money we thought we could afford at the time. If we didn't sign the contract, we would not have the card to use.

It takes filing BK to realize some of this stuff and face the reality that we just did not sit down and do all our homework about many things in the past. Reality can be difficult to handle when one has to do major lifestyle changes.

[crh3675]

On a positive note, we were contacted yesterday by a lender who presented us with a $0.17 on a dollar offer - $6,600 for a $40,000 loan. Sometimes lenders will help out without having the need to file bankruptcy.

[Flamingo]

On a positive note, we were contacted yesterday by a lender who presented us with a $0.17 on a dollar offer - $6,600 for a $40,000 loan. Sometimes lenders will help out without having the need to file bankruptcy.

Did they also tell you they would present you with a 1099 for $33,400 which you have to list on your federal and state tax returns? If you go that route, you will need to figure out if you would be able to swing the extras taxes that will be due when compiled with all your income for that tax year. If you have other bills/loans forgiven, you will receive 1099's also for those forgiven amounts so you could get hit with a huge tax bill.

[crh3675]

We haven't agreed but also haven't been provided all the details either. We have until Wednesday to respond in which I will find out if that is the case. Thanks for the heads-up.

[hereforinfo]

"Can we sue credit card and mortgage companies for negligent lending?"

It takes 2 to tango. They lent you the money, you spent it. It's like trying to sue your partner in crime, doesn't make any sense. You knew you couldn't afford those things, you are just as much to blame.