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    (Original post by curtis871)
    Op stop saying you were forced to do this. You wasn't, you were stupid and greedy. The simplest way to solve it would be for your parents to pay it off, if you really wont do that then contact the phone companies involved ASAP. Tell them you cannot make the full payments, work out what you can pay (it will still have to be a significant amount) and arrange with them to pay that. Phone companies have allowed this for relatives of mine but never 5 contracts at one time. If you can't even pay that much then look into borrowing the amount. As you've already proven your stupidity i'll add avoid loan sharks and any loans you can't pay back
    yeah now i dont trust no one. and alright ill see how it goes tromz when i call the companies up and see what i can do and yeah i wil defo stay away from loan sharks i dont want to do anything illegal anymore.
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    Speak to MA
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    (Original post by LoganYR)
    yeah now i dont trust no one. and alright ill see how it goes tromz when i call the companies up and see what i can do and yeah i wil defo stay away from loan sharks i dont want to do anything illegal anymore.
    What part of the country did you do these things, this sounds very much like a North London thing.....
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    (Original post by LoganYR)
    i done all these last week Wednesday/Thursday.

    and the guy was Somalian
    Did you take out the contracts in-store or on the internet?

    If it was bought online, you have a statutory right to cancel the contract within 7 days of receiving the phone under the Distance Selling Regulations. But, seeing as it's Thursday, it seems like you might just be late. You should have posted this earlier if this is the case.

    What network are the contracts with?

    If it's not possible to cancel, then like others have said, sell all the phones (for as high as you can sell) and use the money to pay off the contract. The remainder, you'll have to pay off yourself.
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    Right you're really stuck now, here is the only logical way which will get you out of this situation.
    Wait for the phone companies to call, wait for them to come to you and when they do answer, the you must say:

    "I don't know who you are. I don't know what you want. If you are looking for a phone payment, I can tell you I don't have money. But what I do have are a very particular set of skills -- skills I have acquired over a very long career. Skills that make me a nightmare for people like you. If you cancel my contracts now, that'll be the end of it. I will not look for you, I will not pursue you. But if you don't, I will look for you, I will find you, and I will kill you"
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    (Original post by PKMN TRN JAM)
    Right you're really stuck now, here is the only logical way which will get you out of this situation.
    Wait for the phone companies to call, wait for them to come to you and when they do answer, the you must say:

    "I don't know who you are. I don't know what you want. If you are looking for a phone payment, I can tell you I don't have money. But what I do have are a very particular set of skills -- skills I have acquired over a very long career. Skills that make me a nightmare for people like you. If you cancel my contracts now, that'll be the end of it. I will not look for you, I will not pursue you. But if you don't, I will look for you, I will find you, and I will kill you"
    You do know that debt collection is done on an outbound dialler, they don't particularly care who they get through to. Its standard objection handling they go through and basic DPA to recover debt. You can say whatever you want, they don't care. They are paid commission on what payments they take, usually a percentage.....as 1-2%....which is quite significant in the number of phone calls they are expected to make. You just the just the one thats going to look stupid, because they have made contact....which is good under the statute of limitations - i.e. contact within the last 6 years,lol.
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    (Original post by SloaneRanger)
    You do know that debt collection is done on an outbound dialler, they don't particularly care who they get through to. Its standard objection handling they go through and basic DPA to recover debt. You can say whatever you want, they don't care. They are paid commission on what payments they take, usually a percentage.....as 1-2%....which is quite significant in the number of phone calls they are expected to make. You just the just the one thats going to look stupid, because they have made contact....which is good under the statute of limitations - i.e. contact within the last 6 years,lol.
    You realize I was joking?
    Anyone who took my liam neeson quote seriously is a fool,
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    (Original post by PKMN TRN JAM)
    You realize I was joking?
    Anyone who took my liam neeson quote seriously is a fool,
    I get that, but this kid is very naive, if your telling him this. He will take it at face value and probably do it and make it worse!
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    (Original post by SloaneRanger)
    I get that, but this kid is very naive, if your telling him this. He will take it at face value and probably do it and make it worse!
    Yeah I have to agree with this. The joke didn't really serve any purpose apart from satisfying your own ego. Maybe it wasn't meant to be taken seriously, but this is a pretty serious issue being discussed, so probably not the time and place.

    I feel bad for the OP, we've all done stupid things in our lives, especially when we're younger. If you're just leaving home for the first time and all of a sudden you are in control of everything, its not easy for everyone to adjust. I made a mess of my money when I went to Uni, first year I didn't know what I was doing, I ended up getting a couple of defaults, affected my life for several years.

    Don't get me wrong it was a bad decision mate, and there will be consequences. Its good to see some have offered you some advice rather than just judging you.

    You won't be charged with fraud because technically you haven't committed any fraud, you purchased several phones with contracts and as far as the phone company is concerned, you are going to pay for them. So you're lucky there won't be any criminal charges. Even if this is escalated to worst case scenario, its a civil matter.

    How long ago did you get the phones and were they posted to you? Legally you can cancel and return items within 7 days under the Distance Trading Selling Act and you don't need a reason to do this.

    The other thing you should do is speak to the company. Bottom line is if you ignore it, the situation will just get worse. See if the company will reduce the contracts on the phones, explain that you won't be using the contract your purchased at all. Be persistent as well, if they say no the first time, maybe ask to speak to a supervisor and explain the situation. Companies can be flexible if they want to be, but most chose not to be as they want to make money.

    Right now I'm assuming you haven't breached your contract with the company and as long as you pay your bills, you're not at any risk. If they won't renegotiate any of the contracts and you can't afford to pay, eventually the contracts will be passed to a debt collection agency. Its at this stage where you would face consequences such as defaults and possibly a CCJ (only a small percentage of collections reach this stage). The term blacklisted is a meaningless phrase, its not black and white like that. Credit reports simply show all of your financial history for the last 6 years, good and bad. Whilst any negative information is harmful, its not like you won't ever be able to get credit again, but it will time (years) for you to build up a good reputation again.

    There is a lot of information online on about credit reports and how to handle debt collection companies etc, including newbie proof sample letters and scripts for phone conversations. I would recommend reading more to prepare yourself if it gets to that stage.

    Best advice I can give you is don't ignore it, the problem won't go away and the people you owe money to won't forget. As far as saving up money etc you are probably going to have to forget about that for now mate, but hopefully it will help you to learn your lesson.
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    (Original post by samus82)
    Yeah I have to agree with this. The joke didn't really serve any purpose apart from satisfying your own ego. Maybe it wasn't meant to be taken seriously, but this is a pretty serious issue being discussed, so probably not the time and place.

    I feel bad for the OP, we've all done stupid things in our lives, especially when we're younger. If you're just leaving home for the first time and all of a sudden you are in control of everything, its not easy for everyone to adjust. I made a mess of my money when I went to Uni, first year I didn't know what I was doing, I ended up getting a couple of defaults, affected my life for several years.

    Don't get me wrong it was a bad decision mate, and there will be consequences. Its good to see some have offered you some advice rather than just judging you.

    You won't be charged with fraud because technically you haven't committed any fraud, you purchased several phones with contracts and as far as the phone company is concerned, you are going to pay for them. So you're lucky there won't be any criminal charges. Even if this is escalated to worst case scenario, its a civil matter.

    How long ago did you get the phones and were they posted to you? Legally you can cancel and return items within 7 days under the Distance Trading Selling Act and you don't need a reason to do this.

    The other thing you should do is speak to the company. Bottom line is if you ignore it, the situation will just get worse. See if the company will reduce the contracts on the phones, explain that you won't be using the contract your purchased at all. Be persistent as well, if they say no the first time, maybe ask to speak to a supervisor and explain the situation. Companies can be flexible if they want to be, but most chose not to be as they want to make money.

    Right now I'm assuming you haven't breached your contract with the company and as long as you pay your bills, you're not at any risk. If they won't renegotiate any of the contracts and you can't afford to pay, eventually the contracts will be passed to a debt collection agency. Its at this stage where you would face consequences such as defaults and possibly a CCJ (only a small percentage of collections reach this stage). The term blacklisted is a meaningless phrase, its not black and white like that. Credit reports simply show all of your financial history for the last 6 years, good and bad. Whilst any negative information is harmful, its not like you won't ever be able to get credit again, but it will time (years) for you to build up a good reputation again.

    There is a lot of information online on about credit reports and how to handle debt collection companies etc, including newbie proof sample letters and scripts for phone conversations. I would recommend reading more to prepare yourself if it gets to that stage.

    Best advice I can give you is don't ignore it, the problem won't go away and the people you owe money to won't forget. As far as saving up money etc you are probably going to have to forget about that for now mate, but hopefully it will help you to learn your lesson.
    He could potentially file for IVA or Bankruptcy.....paying £950 instead of £4,500 might be more practical.
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    (Original post by SloaneRanger)
    He could potentially file for IVA or Bankruptcy.....paying £950 instead of £4,500 might be more practical.
    It is an option, but declaring bankruptcy is a very serious decision, its more damaging than a default or a CCJ. If its just the money itself that is the problem, then yes it would wipe away the debt, but the consequences are pretty extreme, for a start all of your assets can be seized including your bank accounts (frozen and you won't be able to withdraw money, regardless of how much you have).

    It seriously affects your credit report as well. A lot of housing agencies, landlords and employers run credit checks on reputable jobs. A CCJ or default may appear on these, but they aren't necessarily going to affect the outcome of the application, whereas bankruptcy will show on every credit report that is run. That means he would struggle to find a place to live through any medium that runs a credit check (private landlords and agencies) and getting a mortgage would be very difficult.

    After Uni if you're looking to start a good job that requires your degree (grad schemes etc), chances are an employer will run a credit check. You would never be able to get a job involving anything financial and most public service careers. Private companies will have their own policies regarding bankruptcy so I can't fairly comment on that. If the OP's goal is to avoid a damaged credit report, its probably a bad idea. It would come off your credit report after 6 years, but that is a very long time to be financially handicapped at this time of your life

    Ask any financial advice service and they will tell you bankruptcy is a last resort.
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    (Original post by samus82)
    It is an option, but declaring bankruptcy is a very serious decision, its more damaging than a default or a CCJ. If its just the money itself that is the problem, then yes it would wipe away the debt, but the consequences are pretty extreme, for a start all of your assets can be seized including your bank accounts (frozen and you won't be able to withdraw money, regardless of how much you have).

    It seriously affects your credit report as well. A lot of housing agencies, landlords and employers run credit checks on reputable jobs. A CCJ or default may appear on these, but they aren't necessarily going to affect the outcome of the application, whereas bankruptcy will show on every credit report that is run. That means he would struggle to find a place to live through any medium that runs a credit check (private landlords and agencies) and getting a mortgage would be very difficult.

    After Uni if you're looking to start a good job that requires your degree (grad schemes etc), chances are an employer will run a credit check. You would never be able to get a job involving anything financial and most public service careers. Private companies will have their own policies regarding bankruptcy so I can't fairly comment on that. If the OP's goal is to avoid a damaged credit report, its probably a bad idea. It would come off your credit report after 6 years, but that is a very long time to be financially handicapped at this time of your life

    Ask any financial advice service and they will tell you bankruptcy is a last resort.
    He might actually have no choice once they get the CCJ on him.... that means the creditors don't need to file a statutory demand on him. This won't be for a few months at a time, every late payment for a phone bill, he is digging himself a grave. They would just need to pay the insolvency fees, in a fee weeks he could be Bankrupt....the practitioner will see he has nothing, he has no assets as he said and he's 19. He will be discharged within a short time frame. In the short term might be to try take out a loan, even if its with a relatively high interest rate, to pay these all off and get a job. I don't think will ever need a credit check for a job if he's falling for schemes like this, he isn't going to be on the Goldman Sachs Grad Scheme. Tesco's Retail, for checkout staff, don't need credit checks.
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    Not sure whether to cry out of laughter or pity.....
    You'll have to pay the phone companies otherwise they'll just get debt collectors after you.
    Not sure how you fell for this.............

    "Hey pay loads of money for some phones and I'll keep some and you keep some. They will then become magically free. Like those flying elephants, over there, talking to the flying pigs."
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    (Original post by Gummibaerchen)
    Not sure whether to cry out of laughter or pity.....
    You'll have to pay the phone companies otherwise they'll just get debt collectors after you.
    Not sure how you fell for this.............

    "Hey pay loads of money for some phones and I'll keep some and you keep some. They will then become magically free. Like those flying elephants, over there, talking to the flying pigs."
    haha, not everyone has common sense :cool:
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    (Original post by SloaneRanger)
    He might actually have no choice once they get the CCJ on him.... that means the creditors don't need to file a statutory demand on him. This won't be for a few months at a time, every late payment for a phone bill, he is digging himself a grave. They would just need to pay the insolvency fees, in a fee weeks he could be Bankrupt....the practitioner will see he has nothing, he has no assets as he said and he's 19. He will be discharged within a short time frame. In the short term might be to try take out a loan, even if its with a relatively high interest rate, to pay these all off and get a job. I don't think will ever need a credit check for a job if he's falling for schemes like this, he isn't going to be on the Goldman Sachs Grad Scheme. Tesco's Retail, for checkout staff, don't need credit checks.
    One issue with applying for bankruptcy is his illegal activities

    He does not have all of the assets that he fraudulently acquired ... how is he going to explain this
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    (Original post by TenOfThem)
    One issue with applying for bankruptcy is his illegal activities

    He does not have all of the assets that he fraudulently acquired ... how is he going to explain this
    LOL, all these Iphones = personal possessions,LOL....:cool:

    He's got his Somalian friend to vouch for him, by coming to the hearing and swearing an affidavit that they are,LOL.
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    (Original post by SloaneRanger)
    LOL, all these Iphones = personal possessions,LOL....:cool:

    He's got his Somalian friend to vouch for him, by coming to the hearing and swearing an affidavit that they are,LOL.
    I think you have mis-understood or perhaps mis-construed my post
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    (Original post by TenOfThem)
    I think you have mis-understood or perhaps mis-construed my post
    Yeah, it wouldn't be him probably filing bankruptcy it would be the creditors. So... it would be up to him how he would defend the situation, as I said claiming these phones are now his personal possessions. He hasn't broken the law yet, because his friend didn't cancel the contracts, he didn't even work for the phone company. He just did a runner with 2/5 phones,lol..... filing bankruptcy and keeping hold of 3/5 phones. The joke was having 3 Iphone 5s and being bankrupt,lol.
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    (Original post by SloaneRanger)
    haha, not everyone has common sense :cool:
    Wanna buy some phones off me?
    If you give me £1000 then I'll give you £2000 back and the phones free
    Instant transfer only

    Disclaimer: this is a joke
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    (Original post by SloaneRanger)
    He might actually have no choice once they get the CCJ on him.... that means the creditors don't need to file a statutory demand on him. This won't be for a few months at a time, every late payment for a phone bill, he is digging himself a grave. They would just need to pay the insolvency fees, in a fee weeks he could be Bankrupt....the practitioner will see he has nothing, he has no assets as he said and he's 19. He will be discharged within a short time frame. In the short term might be to try take out a loan, even if its with a relatively high interest rate, to pay these all off and get a job. I don't think will ever need a credit check for a job if he's falling for schemes like this, he isn't going to be on the Goldman Sachs Grad Scheme. Tesco's Retail, for checkout staff, don't need credit checks.
    Well actually he does have a choice and its important to give as much information about his choices as possible. Regardless of what mistakes he has made, its pretty disrespectful to deny his career prospects on the basis of one event, especially as you don't know him. You're probably right he can get a min wage job at a supermarket, but is he going to be ok doing that for 6 years? He has to consider what he will do when he finishes Uni. I must admit I am only assuming he is a Uni student given his age and the fact this is a student forum, but my point that it will affect his chances of getting a reputable job is still true, even low paying jobs. A lot of recruitment agencies for low income jobs run credit checks as standard these days. Check a job listing site, a high percentage state in the job description a credit check will be performed.

    I don't disagree with some of the points you made about the practicality of declaring bankruptcy, but there would still be short term issues. £200 might not be considered much, but if that is all the money he has in his bank account and it gets seized, what does he do then? I am reading online also that future student loan payments can be affected. If he can't get financial support from the student loans company, he'd have to drop out of Uni.

    The loan isn't a bad idea providing he can pay it back and isn't just trading one problem for another. A loan of that size for someone his age would as you say be very high interest, so it would take a long time to pay off. Its a difficult call but it might be the lesser of 2 evils.

    I would seriously consider telling your parents mate. You made a mistake, you're only human. I don't know what kind of relationship you have with them, but chances are they would rather you come clean so they can help you as oppose to the problem getting a lot worse.
 
 
 
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