A totally hypothetical question

trets77

I cannot stress this enough before I start. I have no intention what so ever of doing anything like the question i am about to ask. This purely a hypothetical question asked out of curiosity.

With the arrival of my latest mortgage statement i now realise that i have more in available card credit that i owe on my mortgage.

If i were to take all the money from the cards in cash and then pay off my mortgage ( which i can do without penalty and which i could transfer to my wife name only) and then default on my credit card debt, what could the credit card companies do to reclaim the money regarding the house?

stephane_2

If you have no intention of doing anything like that....why do you ask? Walk on.....!

YorkshireBoy

I believe they could place a charging order on the property.

Unlikely for £400, but not so for, say, £20K.

Eonel

This would be hypothetical fraud, and if identified by the credit card companies you could be prosecuted. You would still have to pay the unsecured debt, and would have no further access to credit as you would have a fraud marker on your credit record. You would likely end up having to sell your house to pay the unsecured debt.

trets77

stephane wrote: »

If you have no intention of doing anything like that....why do you ask? Walk on.....![/QUOT

Because i do not understand how these things work. Since when was asking questions a crime?

I have a good job and have no intention of denying myself credit ever again. I have never missed a Payment or failed to pay a debt.


What are you the thought police???

trets77

Eonel wrote: »

This would be hypothetical fraud, and if identified by the credit card companies you could be prosecuted. You would still have to pay the unsecured debt, and would have no further access to credit as you would have a fraud marker on your credit record. You would likely end up having to sell your house to pay the unsecured debt.

assuming I owned the house of course.

stephane_2

trets77 wrote: »

stephane wrote: »

If you have no intention of doing anything like that....why do you ask? Walk on.....![/QUOT

Because i do not understand how these things work. Since when was asking questions a crime?

I have a good job and have no intention of denying myself credit ever again. I have never missed a Payment or failed to pay a debt.


What are you the thought police???

So if you are so perfect....again why do you ask? It's not a question of not knowing how these things works....forget about it and ask more meaningful questions.

trets77

There you go read about charging orders on the CAB website i am now educated and even less than zero likely to think about doing such a stupid thing.

For the record. I am over payed on my mortgage and owe but a fraction of my credit limit.

I was only curious as i know nothing about how debt recovery works.

trets77

stephane wrote: »

trets77 wrote: »

So if you are so perfect....again why do you ask? It's not a question of not knowing how these things works....forget about it and ask more meaningful questions.

why ask anything you don't know anything about. Maybe i should know my place and get back in my tiny little hole and let the clever people who run the world worry about knowing things.

Do you really think that i thought that someone had not come up with a system to stop people doing such things?

I only wanted to know what that system was?

Now please feel free to take me to court for daring to ask a question.

UsernameAlreadyExists

I thought it was a perfectly reasonable and interesting question. Stephane's reaction was quite unnecessary.

stephane_2

UsernameAlreadyExists wrote: »

I thought it was a perfectly reasonable and interesting question. Stephane's reaction was quite unnecessary.

Reasonable & interesting question....I am interested!! In what way??