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Loan question
Comments
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and before anyone gets scared haha i am asking for a friend of mine who got a £30,000 loan out sometime ago and is now struggling with repayment and thinks as its unsecured he will get away with it!
Feedback welcome0 -
30k unsecured? wow
They will take you to court and if you're truly skint you can pay it back at £1 a week or something. That makes your paid up date sometime in 2284 I think LOL"We want the finest wines available to humanity, we want them here, and we want them now!"0 -
make them bankrupt0
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No such thing as an unsecured loan if you actually have assets. If they go to court, the courts can make you sell your assets to pay the debt, just like any other unpaid debt. It's only truly unsecured if you don't own anything, in which case, it goes to court and you offer to pay £1 a week. The lender will be reluctant to do this though as once this happens they can no longer charge any interest on the figure agreed by the court.0
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If your friend owns a house a charging order can be imposed even if the debt is 'unsecured'.I used to think that good grammar is important, but now I know that good wine is importanter.0
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