What is the timeline for failing debts?

CCslave4ever

As in, if I don't make a CC/loan payment that's due today and just bury my head in the sand, how soon can I expect a default and a CCJ to happen?

Willing2Learn

The guidelines state that an account can be defaulted once it is 3-6 months in arrears.

Why not post up your SOA and see if we can help you with your budget?

https://www.lemonfool.co.uk/financecalculators/soa.php

sourcrates

CCslave4ever wrote: »

As in, if I don't make a CC/loan payment that's due today and just bury my head in the sand, how soon can I expect a default and a CCJ to happen?

Could be months, could be years, depends on the creditor, defaults are at their discretion, they don’t always go for legal action either, the majority of bad debt never gets chased or collected, this can be for various reasons.

But the “bury my head in the sand” approach is not really recommended, what’s the reason behind your non payment ?

CCslave4ever

the majority of bad debt never gets chased or collected, this can be for various reasons.

Is this true? I find it hard to believe. I'd have thought heading to CCJ-land was the obvious. I'm thinking of "proper" firms like high street banks by the way.

what’s the reason behind your non payment ?

Lack of income :mad:

sourcrates

CCslave4ever wrote: »

Is this true? I find it hard to believe. I'd have thought heading to CCJ-land was the obvious. I'm thinking of "proper" firms like high street banks by the way.

Lack of income :mad:

Different companies have different policies, if you have no money, then why waste more money taking you to court for zero return ?

Do you have other debts ?

Would a debt solution be more realistic ?