The Spoils of DEBT

To explain the concept "The spoils of debt" I have to use the spoils of war as an example.  The spoils of war can best be described as "Any profits extracted as the result of winning a war or other military activity"  

Why would anyone winning a war take from the defeated what they- the defeated need to survive on?  - A good example to illustrate this is the spoils of the war in Iraq. The spoils of that war are the oil the United states are taking out of that country. I think most rational people will agree with me that this act is unethical, immoral, unprincipled and indefensible. A word that sums this up perfectly is unconscionable 

The spoils of debt are exactly the same:  People deep in debt loose everything when the banks go to war against them - They will use every weapon available to them to extract every cent a person have, to try and settle their debt. They will sell everything he has, his house, his car, attach his salary, attach his loose assets, drag him to court to explain why he is not paying etc,etc.

Then when everything has failed and they have judgments against the person and there is nowhere to extract any money from them anymore the creditor - or bank - will write the debt off against "bad debt" and then claim this off their profits against tax.   Nothing funny so far?

Normal run of the mill and accepted as the norm.  

Now, this is where the spoils of debt come in - There is a secondary industry that feeds on these debtors like leeches - it is the industry of buying bad debt and starting the spoils of debt cycle. 

These people created an industry where there are no conscience, no ethics, no morals, no principles and their actions are indefensible. It is driven by Unconscionable greed. They are living on the spoils of debt.  And they employ half trained, arrogant call center based staff to start haunting and harassing these victims of the financial war.  

And society again accept this as normal - 

Well, it is time to start the fight against this  -

So - to those in this industry - a new war has started and you just might not like it.

Everyone that wants to get involved please do. Watch this space as I am going to start drafting defense mechanisms on how to handle the situation when you are the victim of this. 

The first line of defense is Prescribed debt.  In terms of the latest changes to the NCA it is now illegal to even try and collect on prescribed debt. It is illegal to sell or buy Prescribed debt.  So the first thing when you get an SMS or call about a debt older than 3 years is to define the debt - If there is no judgment on the debt it most probably has prescribed and the would be collector is breaking the Law.  Report it to this forum - We will send you a template to handle the situation.

Here  is my guide on how to handle debt collectors calls 

I am also in the process of researching the legal standing of these types of debt - the ones where there are judgments and I will comment on this later. 
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