Skip to content
 
If you can read this, either the style sheet didn't load or you have an older browser that doesn't support style sheets. Try clearing your browser cache and refreshing the page.

(BBC-US)   Largest rent-to-own operator in the UK collapses like a (Bright)House of cards   (bbc.com) divider line
    More: Strange, Debt, Money, Price, Credit, Cost, Loan, Interest, Debt Camel blog  
•       •       •

714 clicks; posted to Business » on 30 Mar 2020 at 2:58 PM (14 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



21 Comments     (+0 »)
 
View Voting Results: Smartest and Funniest
 
2020-03-30 1:08:33 PM  
one thing that sucks with debt this, and there are many, is that it will probably end up being sold for pennies on the dollar, but the debtor never gets the option to pay that amount and the person buying the debt adds on their own fees wherever possible.
 
2020-03-30 2:06:41 PM  
The rent to own industry is dirty, soulless and filled with shiatbags. Usury with loud commercials, feeding on the poor. I hope they get ground up in the same gears they forged to fark others out of what little money they had.

/god I hate thieving, bottom-feeding, lowlife turds like the "rent to own" industry
 
2020-03-30 3:08:05 PM  
Couldn't have happened to a nicer industry.
 
2020-03-30 3:13:13 PM  
But now where can you get an xbox with no credit and easy weekly payments?
 
2020-03-30 3:28:04 PM  
Who the fark is dumb enough to rent-to-one appliances?
 
2020-03-30 3:32:03 PM  
Who the f**k is amoral enough to think it's okay to f**k people blind because they are naive and stupid?
 
2020-03-30 3:35:26 PM  

jso2897: Who the f**k is amoral enough to think it's okay to f**k people blind because they are naive and stupid?


i1.wp.comView Full Size
 
2020-03-30 3:38:36 PM  

jso2897: Who the f**k is amoral enough to think it's okay to f**k people blind because they are naive and stupid?


I didn't say it was okay
 
2020-03-30 3:46:26 PM  
When I was like 20, ie., still an idiot, I rented a Hi-Fi system, a printer and 2 VCRs from a company.

The most expensive of each of course. And it was pure rent, not rent to own.


After a few months, I just stopped paying, and I didn't hear from them for years!

So they called, and I was like, uh, I gave you all that stuff back years ago.

They asked if I had an receipt, I said, no, why should I hang on to that for years. And asked, seriously, do you guys really know what you're doing?

To which they replied, "well, it turns out our collection agency was not really doing their job".

Sorry dudes, but I delivered it back. I think your total absence of any contact with me, would mean you would not wish to take to small claims court.

They agreed.


They knew that I never returned it, they also knew, that I knew they were aware, but just couldn't do shiat about it.

Per Danish law, debt is forfeit if you don't claim it every few years. I didn't know that then, but even then, I knew they didn't have a strong case.
 
2020-03-30 3:50:27 PM  

Ketchuponsteak: When I was like 20, ie., still an idiot, I rented a Hi-Fi system, a printer and 2 VCRs from a company.

The most expensive of each of course. And it was pure rent, not rent to own.


After a few months, I just stopped paying, and I didn't hear from them for years!

So they called, and I was like, uh, I gave you all that stuff back years ago.

They asked if I had an receipt, I said, no, why should I hang on to that for years. And asked, seriously, do you guys really know what you're doing?

To which they replied, "well, it turns out our collection agency was not really doing their job".

Sorry dudes, but I delivered it back. I think your total absence of any contact with me, would mean you would not wish to take to small claims court.

They agreed.


They knew that I never returned it, they also knew, that I knew they were aware, but just couldn't do shiat about it.

Per Danish law, debt is forfeit if you don't claim it every few years. I didn't know that then, but even then, I knew they didn't have a strong case.


Interesting.   In the US you'd be sleeping in a cardboard box by now most likely once they caught up to you.
 
2020-03-30 3:59:10 PM  
And nothing of appropriate value was lost...
 
2020-03-30 4:01:28 PM  
The only legitimate use case I see for it is if you are a landlord and someone wants a furnished apartment for 3 months.

I just looked at Aarons.  They have a 65" Phillips TV for only $135/month for 24 months ($3240).  Best Buy has a 65" Samsung 4K for $480.
 
2020-03-30 4:10:05 PM  

OccamsWhiskers: But now where can you get an xbox with no credit and easy weekly payments?


I got a ton of great stuff on a Micro Center credit card when I was 18 and had zero credit.
 
2020-03-30 4:33:23 PM  

The Googles Do Nothing: Ketchuponsteak: When I was like 20, ie., still an idiot, I rented a Hi-Fi system, a printer and 2 VCRs from a company.

The most expensive of each of course. And it was pure rent, not rent to own.


After a few months, I just stopped paying, and I didn't hear from them for years!

So they called, and I was like, uh, I gave you all that stuff back years ago.

They asked if I had an receipt, I said, no, why should I hang on to that for years. And asked, seriously, do you guys really know what you're doing?

To which they replied, "well, it turns out our collection agency was not really doing their job".

Sorry dudes, but I delivered it back. I think your total absence of any contact with me, would mean you would not wish to take to small claims court.

They agreed.


They knew that I never returned it, they also knew, that I knew they were aware, but just couldn't do shiat about it.

Per Danish law, debt is forfeit if you don't claim it every few years. I didn't know that then, but even then, I knew they didn't have a strong case.

Interesting.   In the US you'd be sleeping in a cardboard box by now most likely once they caught up to you.


I was thinking a bit about the purpose of the law.

The cardbox thing might be it, because interest rates on debt scales exponentially, if you aren't paying it down. If someone has a debt, they're not aware of, they can be in a bad situation if someone comes 10 years down the road, and say, btw., you owed us 100USD, now its 10K USD.

Thus they have to keep you informed about the debt on a regular basis.

Another law is that you every 2 years have to go to court, where you will be granted an interest freeze if you're insolvent (you have to say, under oath, that you own nothing worth more than 1k USD aprox.).

Lots of people are still caught in debt traps regardless, yeah sure, you can be insolvent, but that means you have to remain so. The debt doesn't go away.


Funny thing, the government got a new IT system, that turned out to not really work. So they had to forfeit a lot of debt. Tuition is free in Denmark, but students still take out government loans (on top of the 1k they get per month for free), and the government had to forfeit that.

Ah well.
 
2020-03-30 5:16:42 PM  
In the US, it's called the statute of limitations, and it applies to everything from debt to almost all crimes except murder and some tax issues.

It's mostly there because there's no effective defense from something too old.  It's state specific, though on a federal level except for bankruptcies nothing can be on your credit report older than 7 years. Legally you are in the clear after about 5 years in most places (I think Louisiana is an outlier at 10 years but they use French law).
 
2020-03-30 5:16:56 PM  

Intrepid00: Couldn't have happened to a nicer industry.


Payday loans?
 
2020-03-30 5:36:35 PM  
Nice!
 
2020-03-30 7:32:34 PM  
If I were in charge of the afterlife the hottest circle of hell would be reserved for the vultures who pick on the flesh of the financially dead.  Payday lenders, used car financiers and rent to own furniture store owners.  They charge MSRP for outdated off-brand garbage and finance it at interest rates that make most credit card companies weep in envy, they get away with it because they're only fleecing the poor who can't actually pay for the stuff they're selling.
 
2020-03-31 12:14:47 AM  

SoundOfOneHandWanking: one thing that sucks with debt this, and there are many, is that it will probably end up being sold for pennies on the dollar, but the debtor never gets the option to pay that amount and the person buying the debt adds on their own fees wherever possible.


Yeah, I feel like if your debt is for sale, you should get to pay the sale price to discharge it.

/but then everyone would just wait for companies to sell their debt
 
2020-03-31 12:15:53 AM  

beezeltown: The rent to own industry is dirty, soulless and filled with shiatbags. Usury with loud commercials, feeding on the poor. I hope they get ground up in the same gears they forged to fark others out of what little money they had.

/god I hate thieving, bottom-feeding, lowlife turds like the "rent to own" industry


I like that they have to write the total price in their ads now.

It's like "Xbox, only $1200 overall!"
 
2020-03-31 2:34:31 AM  

IAmRight: /but then everyone would just wait for companies to sell their debt


Which would mean there was no longer a profit in owning someone else's debts -- a purely vampiric role that adds no economic value and sucks cash out of someone else's transactions.
 
Displayed 21 of 21 comments

View Voting Results: Smartest and Funniest

This thread is closed to new comments.

Continue Farking




On Twitter




In Other Media
  1. Links are submitted by members of the Fark community.

  2. When community members submit a link, they also write a custom headline for the story.

  3. Other Farkers comment on the links. This is the number of comments. Click here to read them.

  4. Click here to submit a link.