Can you 'walk away from your debt' legally in UK?

Owl99_2

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lisyloo

I do not know any way that you can walk away from your debts in the UK except bankruptcy which has some consequences that need to be carefully considered.

Sub_2

Here's an example I found this morning: debtmanagementpros.com, who claim that you can "legally and ethically walk away from your credit card and other unsecured debt", and that it's "not bankruptcy, consolidation or refinancing of any kind"

This is bullsh*t. They're trying to sell you some poxy and dubious debt management "service". They will likely rip you off and give you appalling advice that will leave you in a worse state than you began. Avoid like the plague.

Now... the question "Can you walk away from your debt"?

Yeah, in England and Wales a lot of the time you can, if you choose to. This has certain repercussions of course, but people do it all the time. Is it "right" for people to do this... *shrug*... have to decide that for yourself.

For unsecured debt like credit cards, loans, overdrafts etc then if you choose simply to be obstinate and awkward (as well as crafty) there isn't a great deal that lenders can do to *force* you to pay. You'll get ccj's recorded against you and this will ruin your credit record for about 6 years, but then people in desperate financial straits often have terrible credit records anyway. You won't get arrested by the police, nor will bailiffs kick down your door and cart away all your belongings (as long as you understand your rights in this area).