Ignoring unsecured debts

jones_guitar

Hi, has anyone ignored debts?

I am tempted to ignore one. I just couldn't be bothered with them.

MattMattMattUK

jones_guitar said:

Hi, has anyone ignored debts?

I am tempted to ignore one. I just couldn't be bothered with them.

Lots of people have, however actions have consequences. 

vacheron

If your credit rating is already trashed, it could be a possible option. But even unsecured debts can be sold to recovery firms or lead to a CCJ. Also ignoring some unsecured debts (such as council tax or maintenance payments) can have far larger repurcussions than others.  

CliveOfIndia

jones_guitar said:

I am tempted to ignore one. I just couldn't be bothered with them.

It's not a good idea to ignore debts simply because you "can't be bothered with them".  Yes, of course, unsecured debts are usually (though not always) "easier" to ignore than secured debts.  However, there will be consequences.

If you're in severe financial difficulties then defaulting is certainly an option - albeit not one to be undertaken lightly.  But in general you'll save yourself a whole load of grief if you are able to repay the debt without too much hardship.

Grumpelstiltskin

The same debts you referred to in this thread?

Settling old debts - Page 4 — MoneySavingExpert Forum

or different ones?

jones_guitar

They are starting to default.

sourcrates

Some people adopt that as a strategy yes.

It depends on your personal circumstances what effect that may have on you, if for example, you don`t own a house, don`t work, and have a benefits only income, then there is practically nothing a lender can do to force you to pay a debt, all the legal action in the world will not achieve anything.

However if your a homeowner, and work for a living, you are at risk from a number of factors, an attachment to earnings, a charging order etc.

Staying radio silent can work sometimes, but there is always a risk.

jones_guitar

Do they have the power to check credit files? Or use other methods to chase addresses?

vacheron

jones_guitar said:

Do they have the power to check credit files? Or use other methods to chase addresses?

Yes, but why would they need to? Surely they would have all your contact details from when you first took out the product which has resulted in the debt?

sourcrates

jones_guitar said:

Do they have the power to check credit files? Or use other methods to chase addresses?

Its what you consent too by using their credit product, anyone can run a trace on anyone else for a fee.

ManyWays

Creditors often cant be bothered to try to find you, going for a CCJ at the last address they have for you, but bailiffs rarely have much difficulty!