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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 3
    • magpiecottage
    • By magpiecottage 10th Oct 16, 9:16 AM
    • 9,133 Posts
    • 5,580 Thanks
    magpiecottage
    How can the OP be a mobile hairdresser if they get rid of their vehicle.

    Leaving the country in favour of that Norwegian bridge sounds like the right option.

    Note too, that if you take out a loan whilst concealing the intention never to repay it, this can prevent the Limitation Act from protecting you after the prescribed time.
    Last edited by magpiecottage; 10-10-2016 at 9:19 AM.
    • Heng Leng
    • By Heng Leng 10th Oct 16, 7:57 PM
    • 3,501 Posts
    • 1,047 Thanks
    Heng Leng
    Brexit will actually make it easier for the OP moving away.
    England is going into glorious isolation.

    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... 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
    Originally posted by jumperabv3
    • glentoran99
    • By glentoran99 10th Oct 16, 8:04 PM
    • 3,718 Posts
    • 2,576 Thanks
    glentoran99
    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
    Originally posted by Nasqueron


    Incorrect, they cant start action after the 6 years, they could start it 5 years, 11 months and 30 days, and get a CCJ that wont just go away
    • enthusiasticsaver
    • By enthusiasticsaver 12th Oct 16, 7:20 AM
    • 2,567 Posts
    • 4,376 Thanks
    enthusiasticsaver
    They can take you to court. Inflate your debt. Trash your credit rating but for unsecured debt little else unless they decide to send bailiffs in. It is stealing after all but much worse in that you have the money to pay it off. It may be a decision you regret in the future though if your circumstances change and you want a new mobile phone contract, further lending or bank account or to take out rental contract.

    I suspect though that you are just on a wind up to see the reaction you get.
    Debt and mortgage free and saving for early retirement
    • latisha
    • By latisha 12th Oct 16, 9:50 AM
    • 9 Posts
    • 14 Thanks
    latisha
    You will receive a warning letter or notice letter from the bank and, if you still ignore it. The bank will take you to court.
    • eset12345
    • By eset12345 12th Oct 16, 1:14 PM
    • 287 Posts
    • 401 Thanks
    eset12345
    for such a large debt they will likely petition for bankrupcy, but I know from personal experience with Barclaycard with a debt of about 2k, they eventually just wrote it off / sold it to a 3rd party, who eventually ceased all collection activities without taking it to court, it's now statute barred.
    • NCC-1701
    • By NCC-1701 12th Oct 16, 2:00 PM
    • 22 Posts
    • 47 Thanks
    NCC-1701
    OP, why do you consider theft/fraud acceptable?
    • pupgrum
    • By pupgrum 12th Oct 16, 7:46 PM
    • 105 Posts
    • 60 Thanks
    pupgrum
    for such a large debt they will likely petition for bankrupcy, but I know from personal experience with Barclaycard with a debt of about 2k, they eventually just wrote it off / sold it to a 3rd party, who eventually ceased all collection activities without taking it to court, it's now statute barred.
    Originally posted by eset12345
    That usually happens because debt collection agencies are often understaffed, and easily forget to follow up on chasing up a debt. The moment you write to a debt collection agency the debt is making you feel suicidal, they simply just write off the debt or bounce it back to the original creditor, out of fear they cause your death. And no they never ask for evidence of your suicidal intentions.
    • jumperabv3
    • By jumperabv3 12th Oct 16, 9:51 PM
    • 786 Posts
    • 164 Thanks
    jumperabv3
    Brexit will actually make it easier for the OP moving away.
    England is going into glorious isolation.
    Originally posted by Heng Leng
    Yes, I'm quite concerned about this scenario as well - join the conversation here:

    http://forums.moneysavingexpert.com/showthread.php?t=5537269
    • chattychappy
    • By chattychappy 13th Oct 16, 12:08 AM
    • 5,990 Posts
    • 3,074 Thanks
    chattychappy
    Brexit will actually make it easier for the OP moving away.
    England is going into glorious isolation.
    Originally posted by Heng Leng
    I don't see how anyone can be so categorical when we don't know what agreements we might enter into post-Brexit.

    The reality is that AFAIK few judgments related to this kind of debt are enforced in the EU (or even the UK for that matter), so perhaps it won't make any difference.

    Lots of moralising on this thread Lots of comments on the ethics running away from your debts, but a notable absence of those coming on saying they were sued. I certainly know those with written-off debts that were never litigated.
    Last edited by chattychappy; 14-10-2016 at 1:56 AM. Reason: see exchange with agrinnall below
    • glentoran99
    • By glentoran99 13th Oct 16, 8:02 AM
    • 3,718 Posts
    • 2,576 Thanks
    glentoran99
    I don't see how anyone can be so categorical when we don't know what agreements we might enter into post-Brexit.

    The reality is that AFAIK few judgments related to this kind of debt are enforced in the EU (or even the UK for that matter), so perhaps it won't make any difference.

    Lots of moralising on this thread, but a notable absence of those coming on saying they were sued. I certainly know those with written-off debts that were never litigated.
    Originally posted by chattychappy
    Which companies were involved and when were the debts accrued it makes a big difference.


    As for people saying they were sued do a quick forum search for CCJ and see how many results you come up with
    • agrinnall
    • By agrinnall 13th Oct 16, 8:05 AM
    • 15,666 Posts
    • 11,368 Thanks
    agrinnall

    Lots of moralising on this thread, but a notable absence of those coming on saying they were sued. I certainly know those with written-off debts that were never litigated.
    Originally posted by chattychappy
    If you think expecting people to pay back their debts is moralising then yes, I'm guilty of moralising. And I'd rather be that than advocate running up debt with the intention of never paying it off, which seems to be to be your position. I'm quite surprised that you take that stance, and to be honest disappointed - I'll be taking your posts with a large pinch of salt in future.
    • enthusiasticsaver
    • By enthusiasticsaver 13th Oct 16, 8:11 AM
    • 2,567 Posts
    • 4,376 Thanks
    enthusiasticsaver
    Refusing to pay debts even though you can afford it is theft pure and simple. I can't see how anyone could look at it any differently. Hopefully the OP will never get credit again even if he is not taken to court.
    Debt and mortgage free and saving for early retirement
    • chattychappy
    • By chattychappy 13th Oct 16, 10:39 AM
    • 5,990 Posts
    • 3,074 Thanks
    chattychappy
    If you think expecting people to pay back their debts is moralising then yes, I'm guilty of moralising. And I'd rather be that than advocate running up debt with the intention of never paying it off, which seems to be to be your position.
    Originally posted by agrinnall
    Not at all, that's not my position.

    I thought the OP asked an interesting question - the extent to which CCs enforce debts if you simply stop paying off your debts. I didn't see many answers that addressed the question, particularly from personal experience of being sued/not sued.

    I know the moral position. I know the legal position in respect of what CCs can do. Most of the "answers" addressed these points. I've sued people myself, obtained charging orders etc. But I was interested in what CCs do in practice.
    • muhandis
    • By muhandis 13th Oct 16, 10:53 AM
    • 226 Posts
    • 84 Thanks
    muhandis
    The reality is that AFAIK few judgments related to this kind of debt are enforced in the EU (or even the UK for that matter), so perhaps it won't make any difference.

    Lots of moralising on this thread, but a notable absence of those coming on saying they were sued. I certainly know those with written-off debts that were never litigated.
    Originally posted by chattychappy
    Exactly.

    I definitely DO NOT recommend defaulting on debt if you can afford to repay it.

    But going by the posts I think people have very unrealistic expectations of how rigorously unsecured consumer debt is dealt with in this country and how extortionately expensive and risky (reputation wise) it is for mainstream lenders to chase debt.

    They're running a business and the high rate charged by credit cards reflects the risk they take. After a certain point, they will sell the debt on at a fraction of its price to firms who will do the same further down the food chain if they can't make any progress on recovery.

    I know of many people who defaulted on debt (credit cards, mobile phone contracts, utilities, etc) in the carelessness of their youth and are now leading normal lives with a mortgage and other forms of credit. In *some* situations (definitely not the OP's) it is better to default and start afresh rather than get into more and more debt trying to service debt+interest+fees which quickly add up.

    Again, the OP's situation appears contrived and a wind up. If the situation he describes does indeed exist, I would recommend that he not default on his commitments as it appears that he can easily afford to repay.
    • agrinnall
    • By agrinnall 13th Oct 16, 1:34 PM
    • 15,666 Posts
    • 11,368 Thanks
    agrinnall
    Not at all, that's not my position.

    I thought the OP asked an interesting question - the extent to which CCs enforce debts if you simply stop paying off your debts. I didn't see many answers that addressed the question, particularly from personal experience of being sued/not sued.

    I know the moral position. I know the legal position in respect of what CCs can do. Most of the "answers" addressed these points. I've sued people myself, obtained charging orders etc. But I was interested in what CCs do in practice.
    Originally posted by chattychappy
    OK, given what I've seen of your posting history over the years I accept that. So perhaps you should not have used the term 'moralising' in a way that made it seem like a bad thing, because I and many others (and perhaps even you) don't think that it is.
    • chattychappy
    • By chattychappy 14th Oct 16, 1:53 AM
    • 5,990 Posts
    • 3,074 Thanks
    chattychappy
    OK, given what I've seen of your posting history over the years I accept that. So perhaps you should not have used the term 'moralising' in a way that made it seem like a bad thing, because I and many others (and perhaps even you) don't think that it is.
    Originally posted by agrinnall
    Yep, perhaps not the best choice of word. I've reworded my post. I think it's fair game for posters to express their moral/ethical view when people submit a post as the OP did. I also think it's fair to refrain from answering questions if it might encourage or facilitate people to break the law or behave unethically.

    My personal view is that of course it's wrong to run up debts you have no intention of paying. I wish the courts were used more often when people don't pay their debts (for whatever reason). Repayment plans, mediation etc., would all then have an element of judicial oversight. Where there are judgments, this information would then be publically available - useful for all those considering entering into business with people, not just lenders.

    As it is, the court system is hopelessly inefficient and a raft of consumer protection makes suing an undesirable option. CRAs are, in effect, an alternative. It's as if the industry has just "opted out" of the judicial system for the most part and set up their own parallel structure. Businesses that normally compete with each other cooperate to share information about their customers. In any other industry this would be considered anti-competitive/cartel. Forgetting to pay your Barclaycard can stop you getting an MBNA card. Or even a dispute with one provider could stop you getting credit elsewhere. There is no judicial oversight (except perhaps the ICO/FOS)- no independant "judgment" is necessary before negative information is recorded about you and shared amongst the "cartel".

    Anyway, I digress!
    Last edited by chattychappy; 14-10-2016 at 1:58 AM.
    • agrinnall
    • By agrinnall 14th Oct 16, 9:09 AM
    • 15,666 Posts
    • 11,368 Thanks
    agrinnall
    Yep, perhaps not the best choice of word. I've reworded my post. I think it's fair game for posters to express their moral/ethical view when people submit a post as the OP did. I also think it's fair to refrain from answering questions if it might encourage or facilitate people to break the law or behave unethically.
    Originally posted by chattychappy
    A good example of how reasoned discussion leads to agreement between the disputing parties.

    "It's good to talk!" (Hoskins, R., 1995)

    • adnanjanuzaj
    • By adnanjanuzaj 26th Oct 16, 12:39 PM
    • 24 Posts
    • 1 Thanks
    adnanjanuzaj
    OP here - update time.

    First of all, not on a windup. What I am considering doing is irresponsible, I agree (see title of thread). But I don't consider it stealing - the credit card company chose to lend me the money, that was their decision? If they really want, I can pay 1 a week for the next 192 years.

    Anyway, I've reached a point in my life where I'd rather have the 10k to blow on actually living and deal with whatever consequences arise later. It appears I am not like 99.9% of people as I don't care about credit ratings, mortgages, debt, bankruptcy. All I care about is not paying back the 10k and avoiding any serious problems (taken to court, sued, kidknapped) caused by that decision.

    My credit rating by the way has been decreasing for the past 6 months due to high exposure on this card (10k limit with 9.8k debt). Again, don't care. However, interesting email arrived this week announcing they are happy to tell me my credit limit has been increased to 11k. They must have noticed I stopped using my card since I maxed it out? Irresponsible lending, anybody?
    Last edited by adnanjanuzaj; 26-10-2016 at 12:56 PM.
    • walesrob
    • By walesrob 26th Oct 16, 1:26 PM
    • 317 Posts
    • 443 Thanks
    walesrob
    Irresponsible lending, anybody?
    Originally posted by adnanjanuzaj
    Irresponsible borrowing? Now there's a thought.
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