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  • FIRST POST
    • adnanjanuzaj
    • By adnanjanuzaj 8th Oct 16, 9:13 AM
    • 24Posts
    • 1Thanks
    adnanjanuzaj
    Irresponsible Question Time - What happens if I just decide not to pay?
    • #1
    • 8th Oct 16, 9:13 AM
    Irresponsible Question Time - What happens if I just decide not to pay? 8th Oct 16 at 9:13 AM
    I owe money on a credit card. It's in an interest free period for another 12 months. I've used it for almost all my purchases for the past year and now owe nearly 10k. Make the minimum payment each month of about 100.

    I have no assets - no mortgage although I do have a car.

    I know a lot of people will frown on this but if I just decide to never pay it back once the interest free period finishes. What's the worst that can happen?

    I know my credit rating will be damaged but dont' really care.

    Edit: I have the money to pay it off but it is not held in accounts with the organisation with whom I have my credit card.
    Last edited by adnanjanuzaj; 08-10-2016 at 9:15 AM.
Page 2
    • MABLE
    • By MABLE 8th Oct 16, 12:33 PM
    • 3,062 Posts
    • 1,615 Thanks
    MABLE
    I owe money on a credit card. It's in an interest free period for another 12 months. I've used it for almost all my purchases for the past year and now owe nearly 10k. Make the minimum payment each month of about 100.

    I have no assets - no mortgage although I do have a car.

    I know a lot of people will frown on this but if I just decide to never pay it back once the interest free period finishes. What's the worst that can happen?

    I know my credit rating will be damaged but dont' really care.

    Edit: I have the money to pay it off but it is not held in accounts with the organisation with whom I have my credit card.
    Originally posted by adnanjanuzaj
    Why not put your question to your credit card provider and see what they say.
    • pupgrum
    • By pupgrum 8th Oct 16, 12:34 PM
    • 105 Posts
    • 60 Thanks
    pupgrum
    Not necessarily true by any means.

    It can stop you getting work from clients, you obviously won't get a mortgage, would struggle to rent a house etc etc
    Originally posted by bigadaj
    If you are say a self-employed mobile hairdresser, your job doesn't require a practising licence which can be affected by bankruptcy, and you have no premise you operate your business from, you live in cheap rented property, you have withdrawn all your bank money and stored the cash somewhere but pretended you lost it gambling away, and you have no intention of ever buying property or improving your lifestyle... you can get away with this if you're happy to live on basics. People only do this out of extreme grudge against the credit card provider.

    Alternatively, leave the country and the repayment of debt can't be enforced.
    • Dan83
    • By Dan83 8th Oct 16, 2:47 PM
    • 635 Posts
    • 256 Thanks
    Dan83
    I love questions like this.

    People get on there high horse and want to bring back debtors jails, others answer the question that was asked.

    Good on you pal, your taking on the system, I hope you win.
    • bigadaj
    • By bigadaj 8th Oct 16, 3:46 PM
    • 7,828 Posts
    • 4,774 Thanks
    bigadaj
    If you are say a self-employed mobile hairdresser, your job doesn't require a practising licence which can be affected by bankruptcy, and you have no premise you operate your business from, you live in cheap rented property, you have withdrawn all your bank money and stored the cash somewhere but pretended you lost it gambling away, and you have no intention of ever buying property or improving your lifestyle... you can get away with this if you're happy to live on basics. People only do this out of extreme grudge against the credit card provider.

    Alternatively, leave the country and the repayment of debt can't be enforced.
    Originally posted by pupgrum
    Does this sound like a mobile hair dresser?

    You probably won't be able to renew your tenancy as a private tenant as you would fail a credit check.

    Trying to play the system is probably more complicated than just paying the debt assuming you can, still it's personal choice.
    • pupgrum
    • By pupgrum 8th Oct 16, 4:08 PM
    • 105 Posts
    • 60 Thanks
    pupgrum
    Does this sound like a mobile hair dresser?

    You probably won't be able to renew your tenancy as a private tenant as you would fail a credit check.

    Trying to play the system is probably more complicated than just paying the debt assuming you can, still it's personal choice.
    Originally posted by bigadaj
    LOL@credit check. I have lived in numerous properties rented out by private landlords who don't bother with credit checks. Just for the record though, I do live in a house owned by me. But if I were to test out my theory, it's highly possible when you can easily find rented property without going through credit checks.
    Last edited by pupgrum; 08-10-2016 at 4:11 PM.
    • adnanjanuzaj
    • By adnanjanuzaj 8th Oct 16, 4:37 PM
    • 24 Posts
    • 1 Thanks
    adnanjanuzaj
    OP here. I usually pay 6 months rent upfront whenever I rent which seems to get round any issues with credit checks. Although my credit rating has always been very strong... hence getting a 10k interest free credit card for about 24 months!

    Also considering some time out of the country. How long though ? I would come back eventually... I'm guessing a year or two away isn't going to make the debt disappear.
    • agrinnall
    • By agrinnall 8th Oct 16, 4:37 PM
    • 15,653 Posts
    • 11,356 Thanks
    agrinnall
    I love questions like this.

    People get on there high horse and want to bring back debtors jails, others answer the question that was asked.

    Good on you pal, your taking on the system, I hope you win.
    Originally posted by Dan83
    So who do you think pays for the OP's theft? Perhaps you believe "the system" has a pot of money that covers such things. Or perhaps you are also looking for a luxury under-bridge property.
    • csgohan4
    • By csgohan4 8th Oct 16, 4:58 PM
    • 2,568 Posts
    • 1,585 Thanks
    csgohan4
    Op I hope you get everything you deserve


    Karma always bites back
    • bigadaj
    • By bigadaj 8th Oct 16, 5:22 PM
    • 7,828 Posts
    • 4,774 Thanks
    bigadaj
    OP here. I usually pay 6 months rent upfront whenever I rent which seems to get round any issues with credit checks. Although my credit rating has always been very strong... hence getting a 10k interest free credit card for about 24 months!

    Also considering some time out of the country. How long though ? I would come back eventually... I'm guessing a year or two away isn't going to make the debt disappear.
    Originally posted by adnanjanuzaj
    I reckon about fifty years away would be just fine.

    Travel always broadens the mind, maybe spend a bit of time in Dubai for example, and try the same trick, would be worth a go.
    Last edited by bigadaj; 08-10-2016 at 5:28 PM.
    • JES_F1
    • By JES_F1 8th Oct 16, 5:52 PM
    • 668 Posts
    • 1,421 Thanks
    JES_F1
    I owe money on a credit card. It's in an interest free period for another 12 months. I've used it for almost all my purchases for the past year and now owe nearly 10k. Make the minimum payment each month of about 100.

    I have no assets - no mortgage although I do have a car.

    I know a lot of people will frown on this but if I just decide to never pay it back once the interest free period finishes. What's the worst that can happen?

    I know my credit rating will be damaged but dont' really care.

    Edit: I have the money to pay it off but it is not held in accounts with the organisation with whom I have my credit card.
    Originally posted by adnanjanuzaj
    You have the money, pay it back.

    As you'll see from my signature, I got myself into a financial mess, purely from just spending on anything I fancied. By the time reality hit, I had over 45,000 of debt and had to enter into a debt management plan to pay it back. Almost six years later, I'd paid back 50,000. It was hard work but at no time did I ever consider running away from my responsibilities.

    My financial situation is now excellent. I have savings, two credit cards that I pay off in full each month, and can afford to live well with a clear conscience.
    Debt Jan 2008: 45,566. *** June 2013: DEBT FREE! ***
    Paid back just under 50,000 due to some interest added.

    Dealt with my debt through a Step Change
    (CCCS) DMP.
    DMP Mutual Support Thread Member #240.
    • foxtrotoscar
    • By foxtrotoscar 8th Oct 16, 6:43 PM
    • 844 Posts
    • 1,130 Thanks
    foxtrotoscar
    I love questions like this.

    People get on there high horse and want to bring back debtors jails, others answer the question that was asked.

    Good on you pal, your taking on the system, I hope you win.
    Originally posted by Dan83


    Guess who the losers are? It sure isn't going to be the credit card company. The loss will be shared by their paying customers. Not the sharpest tool in the box are you? It's theft pure and simple. Would you be applauding them if they mugged you in the street and stole your money?
    • shortcrust
    • By shortcrust 8th Oct 16, 6:53 PM
    • 1,103 Posts
    • 1,332 Thanks
    shortcrust
    Fast forward three years to a post from the OP - under a different username of course - complaining about how they can't get a mortgage because they got into a bit of difficulty with some debts when they were young and daft. The fact that Dan83 thinks the OP's a winner will be such a comfort.
    • Nasqueron
    • By Nasqueron 8th Oct 16, 11:08 PM
    • 2,974 Posts
    • 1,612 Thanks
    Nasqueron
    I love questions like this.

    People get on there high horse and want to bring back debtors jails, others answer the question that was asked.

    Good on you pal, your taking on the system, I hope you win.
    Originally posted by Dan83
    Remove a gun/weapon and OP is suggesting exactly the same as robbing a bank, no idea why people think this sort of behaviour is different - he's not taking on anything, he's stealing plain and simple
    • Nasqueron
    • By Nasqueron 8th Oct 16, 11:10 PM
    • 2,974 Posts
    • 1,612 Thanks
    Nasqueron
    OP here. I usually pay 6 months rent upfront whenever I rent which seems to get round any issues with credit checks. Although my credit rating has always been very strong... hence getting a 10k interest free credit card for about 24 months!

    Also considering some time out of the country. How long though ? I would come back eventually... I'm guessing a year or two away isn't going to make the debt disappear.
    Originally posted by adnanjanuzaj
    They have 6 years in which to go all the way up to CCJs and bankruptcy, the 6 year rule just means after that point they can't enforce a debt any more - so you'd need to live abroad for 6 years
    • redux
    • By redux 8th Oct 16, 11:40 PM
    • 15,570 Posts
    • 18,368 Thanks
    redux
    The immigration systems of some countries have financial tests to see that you have enough funds to support yourself and won't become a burden on their state.

    Some people could imagine that being fugitive from several thousand of unsettled debt would quite easily dissuade them.
    • forgotmyname
    • By forgotmyname 8th Oct 16, 11:43 PM
    • 23,323 Posts
    • 9,193 Thanks
    forgotmyname
    The issue is when the debt gets sold down the chain, each step it drops to companies who treat the law as it doesnt apply to them.

    I had issues a long time ago and they would call at all hours, send cards saying i missed a delivery but it arrived with a stamp and a number to call to arrange redelivery. Just a scam to get you to call them.
    They would send text messages to the landline which would sometimes arrive many hours after it was sent. Having the phone ring at 11:30pm with a voice message to call them.

    Even had them sitting outside in their car, waiting to see who came and went from the property.

    Even had one say I am a bailiff here to remove goods if you dont pay, err no your not your a debt collection in this case because you have no court paperwork. Nice try though and you do know this debt is in dispute.
    Punctuation, Spelling and Grammar will be used sparingly. Due to rising costs of inflation.

    My contribution to MSE. Other contributions will only be used if they cost me nothing.

    Due to me being a tight git.
    • Richey_
    • By Richey_ 9th Oct 16, 5:31 PM
    • 96 Posts
    • 113 Thanks
    Richey_
    I think OP is just on a wind up, knowing comments like this and having money to pay will get a sizeable reaction.
    He clearly is not that dopey, would ruin his life for potentially 12 years - 6 years default and 6 years CCJ if not bankruptcy over 10,000 he can afford to but refuses to repay.

    Bye bye mortgage, bye bye certain jobs, bye bye credit cards, decent bank accounts or any finance. Even insurance companies may charge you more!

    Up to you, grow up would be my advice...
    Last edited by Richey_; 09-10-2016 at 5:37 PM.
    • muhandis
    • By muhandis 9th Oct 16, 9:38 PM
    • 223 Posts
    • 82 Thanks
    muhandis
    Haha nice one OP, winding up everyone on here.

    During the old pre-2008 days of easy credit, I know of many international students who've run up huge debts (personal loans, CCs, iphones on contract,etc) and gone back home flying first/business class on their credit cards. Most of them had no intention of returning to the UK and a few who came back had no issues resuming a normal life (as far as I can tell).

    We live in East London and were renting until recently. Every place we've lived there's been a stream of debt collection letters addressed to previous residents trying to collect unpaid debt. So I assume in internationally mobile areas like London, this continues.

    If you are being serious, I wouldn't recommend defaulting on your debt. It could freeze you out from the UK financial system for a very long time.
    • Lazarus Blackstar
    • By Lazarus Blackstar 9th Oct 16, 11:04 PM
    • 97 Posts
    • 163 Thanks
    Lazarus Blackstar
    You are a perfect candidate for Can't Pay We'll Take It Away.
    Look forward to seeing you on there in the near future.........
    "The truth is of course is that there is no journey.
    We are arriving and departing all at the same time."

    • jumperabv3
    • By jumperabv3 10th Oct 16, 6:22 AM
    • 781 Posts
    • 156 Thanks
    jumperabv3
    OP,

    I currently live overseas, have no problem to spend the rest of my life overseas, I have 5 different UK credit cards with total credit of over 20,000. My wife also has 1 credit card as well with credit of 8,000.

    I would never ever imagine a situation where I (or us) owe money to the credit card companies and don't pay it off ... and there were times where things were harder, I just took out foreign currency, savings, wired it to the UK just to pay off debts.

    So hypothetically speaking I could have done the same thing like you suggest and "run away" without paying debts ... but karma gets back to you ... why don't you take responsibility for your own debt? This debt was accumulated from things you bought or spent money on something, right? So you paid the money to other people/companies using the credit card - why don't you return that money you spent as well?

    You know, I applied from overseas for the one Credit Card (which I use with ATMs to withdraw foreign currency with no fees), and I specified all these details and I got approved probably not because they like foreign customers who could run away but because of a good credit history ... you said you have a good credit history now ... why ruin it?

    I don't know what would be with the UK because of Brexit but I can tell you - you would need UK assets (e.g. bank account, credit card, mobile phone etc.) far more than many others need it and if you're going to shut the door then expect it to be completely shut.

    But once you cross that line don't complain about being treated unfairly - you have all the reasons in the world to play fair ... you can choose otherwise, it's morally wrong and I'm telling you as a person who could hypothetically do it much "better" than you (not having to go abroad for only 1-2 years) - you better off paying your debt, you never know when you would need the country you've been to again .... in times of globalisation and especially considering the UK would be the first sane country to leave the catastrophe called EU - you have no idea what you're doing to yourself. Please change your mind - I'm saying this for your own benefit, I have no interest eventually what your ultimate decision is - but for your own good you better make the right choice and deep inside you know what it is.
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