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Unsecured loans

Helli2020
Helli2020 Posts: 19 Forumite
in Loans
Unsecured loans. What's the worst the lender can do if you fall behind on payments etc....

Comments

  • Beast
    Beast Posts: 333 Forumite
    Destroy your credit rating for 6 years, issue a CCJ, sell the debt on to a debt collection agency who will make your life really quite difficult.

    Just a few from the top of my head.
  • Tixy
    Tixy Posts: 31,455 Forumite
    Helli2020 wrote: »
    Unsecured loans. What's the worst the lender can do if you fall behind on payments etc....

    Apply to make you bankrupt?

    Or if you own a house (with equity) in some extreme cases worst they could do would be to get a CCJ followed by a charging order securing the debt on your house.
    In the very worst cases they could apply for and be granted a forced sale charging order which would (as the name suggests) force you to sell the house you own and pay off the debt (after the mortgage was repaid).

    How bad do you want?
    More common CCJ, baliffs at your door
    A smile enriches those who receive without making poorer those who give
    or "It costs nowt to be nice"
  • fatbelly
    fatbelly Posts: 23,282 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Cashback Cashier
    Helli2020 wrote: »
    Unsecured loans. What's the worst the lender can do if you fall behind on payments etc....

    In addition to the above...

    ...attachment of earnings order, third party debt order (usually money taken from your bank account)
  • BLT_2
    BLT_2 Posts: 1,307 Forumite
    Helli2020 wrote: »
    Unsecured loans. What's the worst the lender can do if you fall behind on payments etc....

    Stick a red hot poker up your bottom (I've never actually heard of them doing this, but you should never discount any possibility) :D
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