How to default quickest way?

FireWyrm

Ok, let's look at the worst case scenario.

If you are unfortunate enough to own some property, they are very likely to go for the jugular. They can and may well take you to court and make you bankrupt. They will default you every month for as long as they can get away with it. They will harass you by phone, email, letter, doorstep agents until they get payment. You will never again get any form of credit. You will never own a house if you don't already, if you do, you can't remortgage because your credit rating is in the toilet. You can't buy a car on finance. You cannot work for a financial institution....and all of this is pretty standard operating proceedure.

Alternatively, you be reasonable, you write with a sensible and sustainable proposal. They freeze interest, stop charges and call off their DCA. You will pay over the next 4 to 6 years, but you are more or less in tact.

Yu can take option 1 and be mulish but I guarantee a harder ride than if you had just cooperated with them a little bit.

Don't think they will let you just walk away, they won't. Even if you go to radio silcence, the DCAs will pursue you in the off chance you cave in and pay finally.

falldown7timesgetup8

tomsanderson617 wrote: »

Cut a long story short I have large credit card balances which I know I will not be able to pay.

I have stopped even making the minimum payments and have contacted them saying with the cuts the government are bringing in I am sorry but there is no chance I will be able to pay, I will have to default.

I do not want to go bankrupt its only several thousand what other options are available to me?

Has your income gone down yet, or have you just decided to stop paying? If you have afforded at least your minimum repayments in the past, what has changed? Or have you just got fed up of paying?

bouncydog1

OP's earlier posts mention he has defaults going back several years so this is clearly not a new situation.

the_cat

Sounds a bit like you are looking for a pain free way out of paying what you owe. Giving vague excuses about government cuts, not wanting to go bankrupt and take the downside that goes with it but issuing ultimatums sounds a bit like trying to get out of it rather than dire financial trouble. Maybe thats a false impression?
Only way is to post a full SOA and get some proper advice