Unsequred Loan, what can they take?

[oilbaron30]

I, Over the years have now built up more debts than I can pay back, Instead of loseing sleep I am looking for a way around by just not paying the card compaines and unsequered loan off. What can they take from me? i have my home and usual furnishings but as the loan and cards are unsequered can the compaines legally do anything, I owe around �50,000 and will not sell my home to pay them back, I know it sounds a bit mean but this is the self preservation society after all. Any knowledge would be most welcome. Also am I breaking any criminal laws if i cannot pay them back?

[BenDToy]

Just because a loan is not secured, does not mean they have no claim on your assets. I think a secured loan is given a right of recovery on a specified asset, in advance of unsecured creditors. However all creditors have a claim on your assets and can seize them with a court order. You should at least talk to them about repayment plans or similar. I can ssure you that you won't have to sell your home - they will probably do it for you. As a matter of some urgency you need to obtain some help. I know there are organisations who offer advice on this type of thing so get in touch with them fast. Good luck and don't delay!

[BenDToy]

By the way, there was some useful advice on this in the question here http://www.theanswerbank.co.uk/DisplayAnswers.go?q
uestion_id=44243&category_id=18&index=0

[andy hughes]

I strongly suggest that you obtain some debt counselling before you go any further. Your local Citizens' Advice Bureau will connect you with someone who will offfer you some free and impartial advice about what to do with your current situation. The notion of borowing more money to pay debts you cannot afford already is juts going to make things worse, and you may find your home is taken from you to pay off your creditors, with no agreement required from you. Get some advice on how to set up a structured repayment plan - this situation needs to be sorted out now, beofre really unpleasant things start to happen. Do NOT borrow any more money until you have got some good advice.

[Miss Zippy]

It is a fallacy that your home or any other assets are not at risk if you default on an unsecured loan. It will just take your creditors a little longer to get hold of your assets as they will have to go through the courts, taking around 4-8 weeks to obtain the requisite orders. Creditors who have lent on an unsecured basis are often more aggressive in taking this kind of action as they will assume that they are one in a long line of creditors and will want to be the first to 'stake their claim'. Please do as the others have said and seek immediate advice. Take the initiative and meet your problems face on and it'll be worth it.

[Blunderwoman]

It is not a crime to be in debt,and you are not breaking any criminal law by failing to repay. You can expect much of the action to be taken by the creditors as stated above and ultimately a visits from Bailiffs. You DO NOT have to speak to, or otherwise deal with any bailiff who calls at your home. They CANNOT break into your home unless you have let them in before (big mistake) or if they have entered legally ie. through an open door or window) However if you do give them access to your home they have the power to seize any goods belonging to you. They cannot however remove goods belonging to someone else who is not responsible for your debt, That would be theft. Just because sommething is in your home it doesn't mean it belongs to you. If you were stupid enough to have bailiffs in your home to begin with and they started to remove goods, you could claim that they property was not yours and that they had no right to remove it. Ie: you could have sold it all to a friend days before and thay had yet to collect it. Mind you they would need a pre dated receipt from you to claim ownwership!