If I Didn't Pay My Debt What Is The Worst That Could Happen?

Legacy_user

My SOA is below, As you can see we don't own a home, The only thing of value is a car which isn't ours I.E it belong to my other halfs brother as we couldn't get credit he put it through in his name. We have nothing of any real value in our house. Our credit rating is already in tatters and we have sort of came to realise that we probably will never get credit so thats no big loss. Infact what have we got to loss?

Income
My Pay 1.022
Partner 346
Child /B 130
Child Tax 265
Total 1.763

Expense
Rent 480
Electricty 40
Telephone 40
Internet 25
Oil 100
Sky 20
Car Finance 200
Road Tax 15
Insurance 28
Fuel/Parking 120
Food/Cleaning Etc 300
Tobacco 50
Clothing 40
Tax Overpament 100
HB Overpayment 40
Social Fund 40
HP Furniture 80
MBNA 20
TOTAL £1758

DEBT
ARGOS £740
BOI £1.416
B/HORSE £319
BT £220
CAP'ONE £986
MBNA £3.380
EOS £68
F'INT £712
L'WOOD £726
WELCOME £1500
N'WIDE £522.35
TALK TALK £87
HFC £734
MBNA £1357
M'CROFT £750

Gemmzie

I don't entirely understand what you mean. Could you go bankrupt? Yes.

Not pay debts, no that isn't really possible. Unless you fancy running from the creditors for the next six years and quite possibly have bailiffs at your door in the meantime.

System

Gemmzie wrote: »

I don't entirely understand what you mean. Could you go bankrupt? Yes.

Not pay debts, no that isn't really possible. Unless you fancy running from the creditors for the next six years and quite possibly have bailiffs at your door in the meantime.

My debt in the debt section in my SOA, If I didn't pay it whats the worst that would happen?

Sure I could end up in court but even the Judge would see its unenforable, Tortured by creditors would be nothing new

Gemmzie

Do you mean unenforceable and if so, why?

System

Gemmzie wrote: »

Do you mean unenforceable and if so, why?

Because we have nothing of any value, and £15k of debt, if you sold everything we owned at auction you may get £500-£1000

In_Search_Of_Me

I think you should ring cccs and get advice. At the end of the day you cant just decide not to pay without consequences. Imagine the stress for your partner and children of having to hide from bailiffs - not a pleasant chdhood memory I would think? Much better to sort things formally and is bankrupcy is a real option for you then go over to the BR board & ask questions about the impact but it may be possible to do a DMP which CCS can advise you about. HTH?

beanielou

If you dont pay you wll in the end be made bankrupt

fermi

beanielou wrote: »

If you dont pay you wll in the end be made bankrupt

Unlikely any creditor or DCA would try based on those debts.

They like to threaten it, and some of the nastier DCA's even send "Statutory Demands", but it would cost them £590 in up front fee's to go through with it plus legal costs. With no assets, they wouldn't even get their costs back, let alone any of the debt.

beanielou

I think MBNA might based on what Ive heard of them.

fermi

beanielou wrote: »

I think MBNA might based on what Ive heard of them.

I've not heard of them doing it yet. They are a complete and utter pain in the *****, but I don't think even they are daft enough to throw their money away like that. Wait................................. this is MBNA............................................ nope still think they aren't that daft, but it was a close thing.;)

Realistically, the only creditor that you can depend on going through with a threat of bankruptcy is HMRC. They will go through with it on a point of principle/policy, even if it's clear they it will end up out of pocket.

Gemmzie

Sorry but I actually think your attitude is disgusting. You have a HP car and furniture - don't you think they'll take them away first?

You can't choose to keep some things, pay for luxuries and then not pay your debts.