Career Development Loan (What happens if I can't pay?)

robertscott1000

Hi,

I have taken the full career development loan out £10,000. I'm having trouble paying so opted for deferring payment for the next 17 months. Obviously this is only a medium term solution, if in the worst case scenario I cannot get a job what will happen?

Can I end up being bankrupt?

What if I can't pay for the loan? Does it get written off?

Please can you provide evidence of what is likely to happen and don't just make a statement or provide anecdotal evidence.

Thanks

R

CLAPTON

it just an unsecured debt like another.

I won't say any more as you have said you don't want to hear

Tixy

No one can tell you what would definitely happen in your particular case if you are unable to meet your contracted repayments.

If you are unable to pay your contracted repayments on any unsecured debt in excess of £750 then it is possible that the creditor could petition to make you bankrupt.

If you would like people to give you advice about possible scenarios and how best you might deal with this then I am sure we will be happy to do so.

27col

Another newbie who doesn't want to hear what needs to be said.
Perhaps you should just post a question and wait for the replies, instead of rudely telling us what you don't want to read.

gb12345

robertscott1000 wrote: »

Hi,

I have taken the full career development loan out £10,000. I'm having trouble paying so opted for deferring payment for the next 17 months. Obviously this is only a medium term solution, if in the worst case scenario I cannot get a job what will happen?

Can I end up being bankrupt?

What if I can't pay for the loan? Does it get written off?

Please can you provide evidence of what is likely to happen and don't just make a statement or provide anecdotal evidence.

Thanks

R

Possible scenarios:

1. They'll sell your firstborn into slavery.
2. They'll do nothing.
3. They'll bankrupt you.
4. They'll send you numerous letters and then eventually might take you to court and get a CCJ. After that take your pick from bailiffs, attachment of earnings orders or a charge on your house if you own one.

2 of the above are possible, the other 2 not so likely - I'll leave you to work out which are which since I don't have the required evidence.