Irresponsible Question Time - What happens if I just decide not to pay?

glentoran99

amstel2 wrote: »

I thought the 6 years runs from the date the CCJ is issued. This is why the system gives no incentive to pay them. Pay or don't pay it sits their for 6 years.

a CCJ does drop off your report but they can chase it forever as long as they apply to the court to keep doing so and it will still exist and can be found elsewhere not just your credit report

bearcat16

I'm suprised no-one has stated the obvious;

If you are going to wreck your credit anyway, then with nothing to lose, why not go the whole hog?

If you managed to get £10k credit from one provider, you could probably get a similar limit from others too. You could easily cash out another £30k from 4 or 5 credit cards, not to mention unsecured personal loans, of which you can usually get £15k a piece without too much trouble.

If I were about to embark on 'operation destroy credit', I'd want at least £60k for doing so, and I don't think it would be all that difficult to get.

I once read about a poor fella who had no money, but excellent credit, and was diagnosed terminally ill with only 6 months to live. He did exactly this, so he had some cash (and it was actual cash) to leave to his family.

One snag though - with those sort of debts you'd definitely be looking at a bankruptcy petition from one or more of the creditors. If the official receiver judged that you had no intention of paying back, they could conclude it was fraud, or reckless spending (rather than just hardship) - so I don't know what they'd do then. Look at you sternly? Be disapproving? Extend your bankruptcy? Send the boys around? I have no idea, I'm sure others on here would.

But if you move abroad and they can't then find you, well you can live quite well for many years in some countries on £60k.

Just make sure you turn it into cash immediately - especially before the official receiver has a chance to freeze your accounts.

Don't worry about us poor honest saps who all pay a little bit more in fees and interest as a result of those who don't pay back!

Back in the real world - don't do it. Not because of any moral judgement or whatever, but for your own sake. I think it's easy to underestimate the long-term hassle that doing so would involve.

redux

adnanjanuzaj wrote: »

My credit rating by the way has been decreasing for the past 6 months due to high exposure on this card (10k limit with 9.8k debt). Again, don't care. However, interesting email arrived this week announcing they are happy to tell me my credit limit has been increased to 11k. They must have noticed I stopped using my card since I maxed it out? Irresponsible lending, anybody?

Irresponsible lending?

I don't think that works as as attempt to shift blame towards them for your contemplated actions.

They are probably blissfully aware so far that you are discussing this elsewhere in such sociopathic terms.

adnanjanuzaj

bearcat16 wrote: »

I'm suprised no-one has stated the obvious;

If you are going to wreck your credit anyway, then with nothing to lose, why not go the whole hog?

If you managed to get £10k credit from one provider, you could probably get a similar limit from others too. You could easily cash out another £30k from 4 or 5 credit cards, not to mention unsecured personal loans, of which you can usually get £15k a piece without too much trouble.

Looked into this but since I become self employed, I've had a hard time getting any credit at all. I can't prove I have a steady income and also I only pay myself the absolute minimum wage out of the company (to avoid income tax).

If I could get another interest free card, I would transfer this debt endlessly until I die, but doesn't look like that's an option anymore.