Whats the worst that can happen from not paying unsecured loan

_Andy_

Don't feed the troll.

danrogers

ok... some of you have been pretty rude really, firstly i didnt just take the loan out with no intention of paying it back. it was a £10500 loan which was given to me by some scumbag salesman for a training course which was nothing but a waste of my time (Skills Centre) ive been paying £174 a month since july 08 and have written letters of complaint to both the loan company and the training providers. both have basically just blanked me. i understand that it isnt the loan providers fault that the course is a rip off but they are just completely ignoring me and i figured the only way i can get anyone to take any notice of me is perhaps to stop paying. for those who've called me a fukwit etc excuse me for being naive, im young and to be honest pretty stupid when it comes to any of these things. Also a little tired of banks dictating my life

danrogers

Also Jenihen. cheers thats the answer i was looking for... lol

CLAPTON

danrogers wrote: »

ok... some of you have been pretty rude really, firstly i didnt just take the loan out with no intention of paying it back. it was a £10500 loan which was given to me by some scumbag salesman for a training course which was nothing but a waste of my time (Skills Centre) ive been paying £174 a month since july 08 and have written letters of complaint to both the loan company and the training providers. both have basically just blanked me. i understand that it isnt the loan providers fault that the course is a rip off but they are just completely ignoring me and i figured the only way i can get anyone to take any notice of me is perhaps to stop paying. for those who've called me a fukwit etc excuse me for being naive, im young and to be honest pretty stupid when it comes to any of these things. Also a little tired of banks dictating my life

your situation is not entirely clear

however, if the training company didn't provide the goods and are now out of business then you may have a valid claim against the loan provider

I would suggest that you seek advice at CAB (and continue to pay the loan in the mean time)

danrogers

Ok thanks, kind of sent them a letter last week telling them i wasnt going to pay anymore and cancelled my direct debit cause i was fed up of being ignored. but il give what u said a try. cheers

Rupert_Bear

danrogers wrote: »

Ok thanks, kind of sent them a letter last week telling them i wasnt going to pay anymore and cancelled my direct debit cause i was fed up of being ignored. but il give what u said a try. cheers

Be fed up no more. Because the action you will taken will start a string of events and you will definately will be ignored no longer.

danrogers

sweet cheers man. lately i just feel like it doesnt make a difference. if i win or lose this whole thing, someday later in my life the banks will have me by the balls again. to be honest im just depressed that we are born into a world we are oblivious to. and before we have a chance to say or do anything we are owned. so what if i cant get a mortgage, a phone contract, or a credit card. i know people who have nothing who are just as happy as people who have everything money can buy. in fact theyre probably happier. im hoping that in this current economic climate that there will be enough people out there bankrupt or with ccj's that the whole thing loses its stigma and people can use their brains to see who the real con artists are... haha epiphany time FREAK OUT....

MissSexyBum

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

They cant do anything whatsoever against you. :beer:

They will pretend that they can do loads of stuff, send you letters in big fonts and red writing for a year or 2,
will have some call centre phone you up every few days (until you simply change your number lol),
and will then just sell your debt onto some debt collection agency who have absolutely no legal powers whatsoever, and so if you just ignore them and all the letters from them about ''legal action they are going to take... ect'',
they will eventually see that its not cost effective to keep wasting your time and hassling you as its simply costing them more time and money,
and so eventually debt will be written off. :T

(I did this with 3 creditcards of my own for just under £10,000, and so know the exact process that the banks will go through)

You cant buy your house for 6years though, as if you own a house they will then take you to court as you will have assets that can be taken.

But so if you just keep renting for those 6years,
saving up money for your deposit,
they wont waste their time and money taking you to court as it will cost them even more, and you could simply show at court that you have very little income, rent/food/utilities/and other bills to pay,
and so after all that you only have a few pounds per month spare that you can use to pay the CCs and so can only physically offer that.

As no reasonable offer can be rejected by the CCs, and so if thats all you physcially have in money then thats all you can physcially repay.


(It may not be a very moral thing to do, but people have to start understanding that morals and banking/CCs just are in no way connected)


The banks didn't care about the morals when they repeatedly charged striggling people £35 each time in unfair penalty fees.

They didnt have any morals about delaying it and dragging it through the courts for 2years while still adding those £35s on each month to people for each of those 2years.


And so its your choice about what now matters more to you-
having morals and kindness towards the banks, or having thousands of pounds cash n your pocket?? :beer:

inmypocketnottheirs

danrogers wrote: »

sweet cheers man. lately i just feel like it doesnt make a difference. if i win or lose this whole thing, someday later in my life the banks will have me by the balls again. to be honest im just depressed that we are born into a world we are oblivious to. and before we have a chance to say or do anything we are owned. so what if i cant get a mortgage, a phone contract, or a credit card. i know people who have nothing who are just as happy as people who have everything money can buy. in fact theyre probably happier. im hoping that in this current economic climate that there will be enough people out there bankrupt or with ccj's that the whole thing loses its stigma and people can use their brains to see who the real con artists are... haha epiphany time FREAK OUT....

Strange attitude really from someone who presumably signed up to a training course to better themselves.

Your best advice is to take the matter up with the finance company, which is presumably Barclays Partner Finance. Under Section 75 of The Consumer Credit Act they have a joint liability with the training provider to ensure that you get what you signed up for.

I would strongly advise that you go through the route of getting Barclays to cancel the agreement, as there is very likely an indemnity between the training provider and the bank.

HTH

danrogers

The training course was awful awful though really i would not reccomend The Skills Centre to anybody or whatever name it is they trade under now. they are scumbag con artists. my last post probably seemed a bit odd cause i was quite tipsy when i wrote that last night. i always get more angry about these things when ive had a couple of beverages