The sledge ride to hell

ravenk

Its Sunday afternoon and I have just been speaking with someone who owes a lot of money to various credit card company. Wow thats a unique case.
He was asking what the process was if he just could not pay or in his case could but stopped paying.

I know the following ...
Its an unsecured debt...

- If you dont pay your mortgage ...you will be evicted and your home auctioned or sold to cover the debt.

- If you dont pay your water bill ...well after a while you will be cut off (£600 mine was this year :eek: )...ditto Gas ..Electricity...Phone ...Mobile phone
- If you dont pay your council tax , the baliffs will come a knocking (£1900 mine was this year :eek: )

- If you dont insure your car , you will end up in court and in a hell of a mess if you are liable for an accident ...

But for credit card company ...just what can they do to their money back.
( Yes your credit rating will be shot to bits ...)

Not to forget , they have loaned the money to you on trust you will pay it back.

chuckles1066

ravenk wrote: »

Its Sunday afternoon and I have just been speaking with someone who owes a lot of money to various credit card company. Wow thats a unique case.
He was asking what the process was if he just could not pay or in his case could but stopped paying.

They obtain a CCJ against you and then send in the bailiffs.

ravenk

So even if its an unsecured debt ...the CCJ then secures the debt against your property.

Property = What the baliffs might remove.

chuckles1066

ravenk wrote: »

So even if its an unsecured debt ...the CCJ then secures the debt against your property.

Property = What the baliffs might remove.

No.

You get a CCJ against you for the amount owed. Nothing gets "secured" against anything.

The bailiffs will seize whatever they can (and are legally allowed to) and then will sell those items at auction to realise the original debt.

Orford

So even if its an unsecured debt ...the CCJ then secures the debt against your property.

No, a CCJ merely enables to creditor to enforce the debt, usually with bailiffs. To ssecure the debt would require a Charging Order

Property = What the baliffs might remove.

They can only remove goods after they have gained peaceable entry. You do not have to let them in.

jonesMUFCforever

They could put a charge against your home. Whilst this would have no effect on you if you were to stay put for ever it would if you wanted to sell up and move.
A court would have to ratify the charge if it wanted to realise its security.

ravenk

Err ...So you get a knock at the door ....Look at your CCTV to see who it is or via a window or peep hole.
You see a large white van outside and a couple of large chaps at the door.
Then you simply answer the door and tell them to go away and they can't come in or dont answer the door.
If this is the case, how the hell do baliffs ever remove goods ?
Don't fancy a career as a baliff.

ravenk

o.k. ...Just be bloody minded.

I decide that I will not move house for the next 20 years.
I will not let the baliffs into my house to remove goods.
I dont care about my credit record i.e. I never want credit again.

So sorry Mr Card Company ...You cant have your £20K or in my case if I hit the limits on all my cards £60K , that I owe you.

Is that the card companys last stand ?
Or do we still have debtors prisons :-)

chuckles1066

ravenk wrote: »

Err ...So you get a knock at the door ....Look at your CCTV to see who it is or via a window or peep hole.
You see a large white van outside and a couple of large chaps at the door.
Then you simply answer the door and tell them to go away and they can't come in or dont answer the door.
If this is the case, how the hell do baliffs ever remove goods ?
Don't fancy a career as a baliff.

They smooth talk you into letting them in to "discuss a payment plan" or to "assign the debt as a write off".

Or they get in through an open window while you're out.

Or...........any one of 1001 other things.

Orford

Bailiff FAQ's here:
http://www.insolvencyhelpline.co.uk/identify_problem/bailiff_problems.htm

jonesMUFCforever

ravenk wrote: »

o.k. ...Just be bloody minded.

I decide that I will not move house for the next 20 years.
I will not let the baliffs into my house to remove goods.
I dont care about my credit record i.e. I never want credit again.

So sorry Mr Card Company ...You cant have your £20K or in my case if I hit the limits on all my cards £60K , that I owe you.

Is that the card companys last stand ?
Or do we still have debtors prisons :-)

Debt + how many years interest + fees and charges.
Yeah you bury your head in the sand - you'll suffocate eventually.