Credit card debt .. curious !

ivegotabig1

I am writing a thesis / short story on bankruptcy etc for my course & am after a bit of help
Imagine this scenario, an individual with a decent credit rating in a house he/she has lived in for a number of years, he has/she has plenty of savings in a few bank accounts, but wants to take out several (3 for instance) credit cards & run up a fairly decent balance on them (say 2k each) he is not worried about his credit rating disappearing as it were, but as "revenge" shall we say on the "bankers" wants to in effect disappear and not pay anything of !

I say this as an aquantance got £3k on a credit card some years ago & nothing happend to him when he went awol !
So just out of curiosity what the limit when the law get involved etc

dojoman

Then if he does this, it is a case of fraud, plain and simple.

NeverAgain_2

Several years ago the investigative burden of credit card fraud was shifted from the police to the banks:

http://www.dailymail.co.uk/news/article-445496/Fraud-victims-told-Go-bank-NOT-police.html

Your dishonest friend may have been an unwitting beneficiary of that policy, which was widely criticised as trying to sweep the problem under the carpet.

mel12

You might want to look up stuff about statute-barred debt (if someone hasn't paid or acknowledged the debt in 6 years, and the creditor hasn't taken court action the debt can't be chased).

But I wouldn't recommend trying it as
a) fraud
b) the creditor might take court action (generally CCJs) before 6 years, and in the scenario you describe where the person has lots of assets could even force them to become bankrupt and lose them.

Then again, it would be an interesting form of direct action to 'thank' the bankers for screwing up our economy while taking huge bonuses if a group of people with no assets took out as much debt as possible, spent it on charity/community projects rather than individual stuff (replacing some of the stuff thats getting cut maybe....), waited 5 years or so then went bankrupt.....

ivegotabig1

Interesting thoughts guys & gals thanks ..

luvpump

NeverAgain wrote: »

Several years ago the investigative burden of credit card fraud was shifted from the police to the banks:

http://www.dailymail.co.uk/news/article-445496/Fraud-victims-told-Go-bank-NOT-police.html

Your dishonest friend may have been an unwitting beneficiary of that policy, which was widely criticised as trying to sweep the problem under the carpet.

Interesting ? but surely there must be a point when the old bill will get involved, say 10 20 30k for example, & do the banks share info amongst themselves ?