g8bvl
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if you have no equity left in the house, there is always a voluntary agrrement, this cost in the region of £250 - £400.
this will remove your debt but leave you unable to gain credit for at least 7 years.
Citizens Advice will be able to help and give you any options and tell you/help you.
http://www.citizensadvice.org.uk |
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ASHLEY
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Can't get blood from a stone. |
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Philip B
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Prison |
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bonjovigroupie
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Your home with be foreclosed and you will lose it. It is an asset. Loans and credit cards, depending if they are secured or unsecured, you can still be liable for them. Which means, you can be taken to court and forced to pay.
Don't think the worse that can come out of it is bad credit. |
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Batgurl
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if you have a mortgage, you have assets to sieze... |
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Lunar_Chick
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You will be declared backrupt. If you are married, they will persue your partner. |
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kitty fresh & hissin' crew
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Future earnings could be garnished. |
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Chainsaw
|
You would eventually get evicted and have a bankruptcy on your credit for at least 7 years. When you cheat people like that it will catch up to you. Karma and the Good Lord will repay whatever you do, good or bad. |
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Frustrated employee
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with a mortgage, you have assets or you won't have anything to mortgage and most loans are on an asset of some kind unless it's a personal line of credit. But they would also ruin your credit. |
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Ken J
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Eventually you could loose your house and property..If your in trouble and live in the UK..do a search on the internet for free debt advice....all the info is there
Good luck |
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taketwo
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you could be made involuntary bankrupt |
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Michael B
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Mortgages and credit cards are somewhat different. Mortgages unpaid will result in foreclosure proceedings that will eventually end in the sheriffs department coming with eviction in hand to ensure your exit from the residence.
Credit cards unpaid will result in cancellation, then collection agencies contacting you.
The 7-10 years on your credit report is not true anymore. Banks can and will sell the written off debt to another collection agency. Even when challenged, they will provide the original banks application and say they purchased the debt. Even though it was written off, legally the debt is still considered valid.
I had 2 credit cards go into default in 1989, and they are still on my credit report to this day, SEVENTEEN years later. The debts have been sold twice... Always about 6 1/2 years into the maximum of 7 years holding time.
Banks have the laws on their side, and they have teeth. Bankruptcy where debts are eliminated are very difficult to get with the recent federal law changes.
My best suggestion is to treat debt like is is an active case of Ebola and pay as you go. Every credit card and debt stream you get into is a hole in your financial stability. Just ask yourself... If I was unemployed for 6 months, what effect would this monthly payment have on me?
I wish you well... Just say no! |
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anto687
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The bank would sieze your legs.
And you'd have a house with a mortgage, no? |
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Hibee
|
You will be declared bankrupt, and lots of bad financial consequences will follow. |
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Cindy H
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Get credit counseling, file bankruptcy...do anything but don't just quit on the house and car. The credit cards, I am not sure...having problems there myself. |
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stinkycatwoman
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your home is an asset, and you would lose it if you don't pay your mortgage. the others can go whistle for their money, they can't have it if you ain't got it. try ringing national debtline they can help. people don't go to prison for debt these days. |
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Tax Chap
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Running up debts with no intention of repaying them is fraud and prison sentences are common punishments. |
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Hedgehog
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You'll get the men in suits knocking on your door...... |
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Gizmo
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I'd be looking for a nice bridge to live under.... |
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Gemini
|
damage to your credit. all that will stay on your credit report for up to 7-10 years. and if you have a mortgage on a home, the bank can foreclose. |
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Oh! The Humanity!
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They'd take your house, the tangible items you've bought with your credit cards, garnish your paycheck, and get legal monetary judgments against you. |
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bfandrk
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You will be declared bankrupt and will have difficulty in obtaining credit in the future, plus they may garnish you paycheck to recover the debt, not a good idea. |
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TonyB
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There's an old saying:
If you owe the bank $10,000 you're in trouble.
If you owe the bank $10,000,000, they're in trouble. |
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Brian L
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The creditors would be able to withhold (garnish) part of your paycheck until your debt is collected.
Your credit rating would also be ruined, and it would be almost impossible for you to qualify for a lower-interest loan or credit card anytime in the near future. |
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Jennifer J
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I agree with the others, your house could be foreclosed upon, your credit would be damaged and you could have your wages garnished. It's better to try to get a handle on things now. In your area if there is a non-profit consumer credit counselling agency I would contact them. |
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Alik411
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obviously you do have assets as you have a mortgage which means you have property |
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'bye, Yahoo...U Suk
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All you have to worry about is the house/car...you don't pay that, they snatch it. Credit cards, they can't do a thing. Except pester you with phone calls and nasty letters.
The only time they can garnish wages is taxes and child support. |
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ceprn
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your credit will be shot. You'll lose your home and any secured property. You can be taken to court and sued. Your creditors could force you into bankruptcy. |
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Carlotta
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Garnish you paycheck. |
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©
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Pretty sure you could go to jail. All depends on which country you are in of course. |
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