Whats the worst that can happen from not paying unsecured loan

danrogers

Hi i have a unsecured personal loan. I dont really own anything except some clothes and the computer im writing this on. i dont want to pay the loan 1 due to principles (as i explained in a previous thread) and 2 because i just cant afford them anymore. whats the very worst that can happen if i simply refuse to pay, bearing in mind i dont plan on getting a mortgage any time in the next 10 years

jennihen

Apart from from completely (text removed by MSE Forum Team) your credit rating rating for the next 6 years at least - absolutely nothing. You don't want to pay so don't pay. A bit of advice though - stay living with your parents and FGS use a condom

Wutang_2

2 responses - swearwords in both. Not looking favourable!

(and the worst that could happen is that the world could end - unlikely but true)

foxwales

Depending on your situation and the amount borrowed or even the type of creditor you owe money too, they could force you into bankruptcy which would have a severe affect on any future credit.

You can simply not pay the debt, but they can carry on collecting against you until the day you die or you are declared bankrupt.

So those are your only options out of this.

Also, if you knowingly borrowed a sum of money under a credit agreement with no intention of repaying it, then you could potentialy be done for fraud, which would be a criminal and not a civil matter, so if proved, you could end up with a criminal record or prison sentence.

CLAPTON

I assume you complained in writing to the finance company.

I would suggest you write again asking for a final response letter so you can take your complaint to the financial ombudsman.

RobertoMoir

The worst thing that could happen is that your "plans" could change and you suddenly find you do need a mortgage or other substantial loan and simply can't get it.

ILW

You will not only have trouble with a mortgage, but also phone contracts, car finance, credit cards etc etc.

worried_jim

If you are struggling to pay why not take advice regarding bankruptcy.

woody01

You don't really want to pay due to 'principles.

For CHRIST SAKE......you borrowed the money didn't you?
Unfortunately nothing can be done, but people like you should be flogged in the street for having that kind of attitude.

PennyPinchingMiser

danrogers wrote: »

Hi i have a unsecured personal loan. I dont really own anything except some clothes and the computer im writing this on. i dont want to pay the loan 1 due to principles (as i explained in a previous thread) and 2 because i just cant afford them anymore. whats the very worst that can happen if i simply refuse to pay, bearing in mind i dont plan on getting a mortgage any time in the next 10 years

The worst that could happen, after the fraud trial, will be in the showers in 'C' block, when you're bending over for the soap . . .

ILW

PennyPinchingMiser wrote: »

The worst that could happen, after the fraud trial, will be in the showers in 'C' block, when you're bending over for the soap . . .

In your opinion sweetie.