debt

[123bernadett]

my husband owes loads to credit cards,loans etc and they are always phoning at least once a day and he never pays them a penny.What id like to know is what can they do if he continues to ignore them and makes no payments

[mrrobbo15]

debt collectors......court........then prison

[Catso]

Make his life a misery, for the rest of it.

As Mr Robbo says, they'll probably try professional debt collectors first. If he won't pay them, they could get a court judgement, which will give them the right to enter the house and take goods to the value of the debt. If you don't own enough to cover it, you could then lose the house (if you own/mortgage it).

And after all that, he will also get all this palaver recorded on his credit record, so that he will be unable to get credit again. No credit cards, no HP, no loans, no mortage.

Does he think it's worth it?

If he is unable to pay, then start talking to them, and explain this. And/or get debt counselling.

[muncy]

Just DO NOT whatever you do, get a loan secured on your house to pay off credit cards. Credit card debts means they can take you possessions off you. A secured loan means they can take your home.

Get him down to the local citizens advice. They will help him work out how much he can afford to pay and come to an arrangement with all his creditors.

I hope he listens to you. Good luck.

[Alibobs]

I agree with the last post - doing nothing is not an option. the CAB is a good start

[curlyfilm]

don't ignore the problem, just the phonecalls
and don't worry, there are lots of people who will help

best thing is to register on this web site and say about your problems there are insolvency practictoners and many ordinary people who have and are in same predictment, also are the numbers to ccc, and other organisations who are there too help

http://www.debthelpuk.co.uk/cgi-bin/yabb/YaBB. cgi

so read this site and don't worry

[curlyfilm]

ps never transfer a un-secured debt to a loan on your house, no matter what the creditors say

[Dizzieblonde]

Eventually, a court summons, and a very bad credit rating, making it difficult to get loans, cards etc. in the future except at an extortionate rate of interest. If the loans are secured on your house (i.e. a mortgage or re-mortgage), there is a chance they could take your home altogether if the debt is high enough and you have no way of repaying it. See if the Citizens Advice can help him.

[Nemesis9]

Dizzieblonde, why do you think credit agencies charge 'extortionate' rates to defaulters?
They are merely assessing the 'risk' of certain people as potential borrowers, and mitigating there potential loss if, and when, they default on repayment.

Would you lend money to someone like this, or indeed anyone who either is unlikely (or unwilling) to pay you back?

Interest rates would be lower for ALL of us if (certain) people in society took responsibility for their actions, and only borrowed what they were prepared and able to repay.

[Dizzieblonde]

I was only stating it as a fact Nemesis - not agreeing or disagreeing with it, financially, morally or ethically. There was something in the news a few Christmas' back where a loans company was actively targetting council estates and offering loans schemes with ridiculous high rates, but for people in that situation, it's the last resort they have. Personally, I'd rather go without something than borrow the money for it, but those kinds of traps are probably easy to fall into.