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Credit Card Debt
Comments
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Broken_hearted wrote: »Back a few years ago you could. We payed our mortgage on the CC, we had no choice. DCA will happily take CC payments even now.
Some mortgage products allow this (with a fee), Im sure DCA would, but you cannot pay a CREDIT CARD with a CREDIT CARD0 -
longleggyblonde wrote: »I know for fact that credit card debts are not secured loans and therefore a charge cannot be made against their house. A person can have a judgment set against them but if the loan is unsecured or a credit card debt the court cannot put a charge against someone's home. That's the difference between secured loans and unsecured loans i.e. debts
The only claim a court has to a person's home is if they default on their mortgage or on a secured loan. Bankrupts would have money taked from the equity of their home but not someone who just has a ccj. Plus as BB says, the law would only be enforcable for debts from the date the law was enforced. If the law could put charges on houses for unpaid debts there would thousands upon thousands of past old debts they could rake up, and insist they sell their homes to pay those ones or ones that were written off.
Anyone who has a cjj is very foolish cos they could have sorted it all out before it came to that. A few quick phone calls and letters and the finance company would be more than happy to accept regular payment plan - however small. If the company decided to take that person to court regardless of them making regular payments then the court would show in favour of the defendant and sling the case out.
One more thing. If a charge is made against a house (secured loan, mortgage, law society, inland revenue) it makes no odds to someone buying it! The person selling it will automatically have the money taken out before they received the rest of their equity - and if they had no equity then the debt would just follow that person. It would not become the new owners debt.
No, a creditor can protect itself by taking appropriate enforcement action against a creditor and CAN turn an unsecured debt into a debt secured on the property. From the horses mouth... http://www.hmcourts-service.gov.uk/infoabout/enforcement/charging/when.htm The link is the courts service telling you how to do exactly this.
The fact that people blatantly ignore, or are unaware of this fact speaks volumes about how money & debt savvy we all claim to be. Eleven years experience of dealing with this means that I have seen numerous cases where unsecured creditors have taken exactly this step, to protect their ability to recover the money borrowed.
Oh, and it can be too easy to end up with a CCJ, all it takes is an unplanned illness, accident, time off work, partner legging it with a n other, redundancy, or even a stupid mess and mistake by the creditor. However, it can happen, and all too easily. So do not say people it happens to are idiots. One day, you could be sat on the other side of my desk saying you cannot understand how you got there....It's getting harder & harder to keep the government in the manner to which they have become accustomed.0 -
longleggyblonde wrote: »'One of the worst culprits of this in the current climate is the government owned Northern Rock.'
Northern Rock have never lent unsecured loans - ever. So they have every right to go to court and ask for a charge to be made against a debtors home - all their loans are, and always have been, secured.
Nonsense. Walk past any branch & see the unsecured loans offered! Or get one of their credit cards. Or see Generali's post.It's getting harder & harder to keep the government in the manner to which they have become accustomed.0 -
longleggyblonde wrote: »You mean to say NR are lending money??????????? I thought the banks were skint. And I thought you had to be squeaky clean and have security to take out a loan?
Where do you go to apply for one?
Yes. The Government is giving them your money to lend I believe.
NRK no longer do unsecured loans according to their website. They used to have a thriving business selling them. Unfortunately for their shareholders they sold too many. Unfortunately for you (presumably) as a British taxpayer, you are now holding that baby.0 -
Yes. The Government is giving them your money to lend I believe.
NRK no longer do unsecured loans according to their website. They used to have a thriving business selling them. Unfortunately for their shareholders they sold too many. Unfortunately for you (presumably) as a British taxpayer, you are now holding that baby.
Don't worry, it will be sold for a heathly profit in the future and the British taxpayer will do all right out of it.0 -
Will i have a crap credit rating as i have never had a credit card and just use a debit card as i never need to borrow... i was wondering if it was possible to say have a million in the bank cash but a crap credit rating....does it work that way?It is nice to see the value of your house going up'' Why ?
Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
If you are planning to upsize the new house will cost more.
If you are planning to downsize your new house will cost more than it should
If you are trying to buy your first house its almost impossible.0 -
Will i have a crap credit rating as i have never had a credit card and just use a debit card as i never need to borrow... i was wondering if it was possible to say have a million in the bank cash but a crap credit rating....does it work that way?
Good luck getting a mortgage:rotfl:0 -
Will i have a crap credit rating as i have never had a credit card and just use a debit card as i never need to borrow... i was wondering if it was possible to say have a million in the bank cash but a crap credit rating....does it work that way?
If you had accumalated in a million in the bank without borrowing previously, then you wouldn't fit the ideal profile for a lender. As I doubt you'd be very profitable for them.0 -
honeypopper wrote: »Lemonjelly, Northern Rock are not giving out unseccured loan. Dunno what lit you've been reading when you've gone into a branch but you ain't read it properly. NR ain't giving out unsecured loans so please get your info right before posting. Some people could believe that, and you're wrong.
Try reading the whole thread first eh? In particular, posts 71, 72 and 78.
NR have consistently done unsecured lending.
There is a temporary cessation on unsecured lending whilst they resolve their current position. However, in order to do that they're having to take recovery action in respect of their secured and unsecured debtors. This enforcement action includes a hell of a lot of charging orders, and where appropriate, repossessions. These repossessions are for what were originally both secured, and unsecured credit.It's getting harder & harder to keep the government in the manner to which they have become accustomed.0
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