Whats the worst they can do (hypothetacally)?

[FightToTheEnd]

So assuming a self-employed person who rents their home has quite a bit of debt but ignores the situation, what could a bank do?

 

Assuming they owe a credit card of say £6K and the bank gets judgement by default, what then? They can't get an attachement of earnings as self-employed, charging order isn't possible and assuming the person is savvy enough not to let a bailiff in and also either parks his car on private property or is of little value - what would be the bank's next step?

 

I know this wouldn't happen to anyone on here, I just wondered at what point would a bank/DCA decide to call it a day?

[vjohn82]

They won't call it a day... they have chased some people on here for 10+ years.

 

The point is whether you can ignore them or not. If you know there is nothing they can do... then that is what you have to console yourself with I guess.

 

When was the credit card taken out?

[FightToTheEnd]

Thanks for the reply.

 

It was just a hypothetical thought really for me to understand the CCJ process. I do have quite a bit of debt but as I'm a homeowner the possibilty of charging orders and forcing a sale are very much issues in my case.

[vjohn82]

Thanks for the reply.

 

It was just a hypothetical thought really for me to understand the CCJ process. I do have quite a bit of debt but as I'm a homeowner the possibilty of charging orders and forcing a sale are very much issues in my case.

 

With a debt of £6k then I would imagine a Stat Demand would be a likely course of action for any debtor.

 

Is the card agreement enforceable (that you know of)?

[FightToTheEnd]

Even on a self-employed person with no assets? Surely this would just be throwing good money after bad from their point of view? Or do you mean they would send the SD but not follow up with a bankruptcy petition?

 

As I say, I'm far from this position and I'm currently in the process of either requesting CCA's and keeping others at bay for the time being until work picks up with a self-managed DMP.

[vjohn82]

Even on a self-employed person with no assets? Surely this would just be throwing good money after bad from their point of view? Or do you mean they would send the SD but not follow up with a bankruptcy petition?

 

As I say, I'm far from this position and I'm currently in the process of either requesting CCA's and keeping others at bay for the time being until work picks up with a self-managed DMP.

 

My brother in law was made bankrupt... he had £25k negative equity in house... previously self employed but was unemployed at time of SD... he was made bankrupt 3 months ago.

 

So I would answer yes... this is certainly a route they might consider.

[FightToTheEnd]

I find that very interesting and really do wonder about the motives in a case like this. Are they trying to prove a point as it seems likely they would have received nothing from the bankruptcy that they have spent the best part of £1000 to bring? I wonder if they had mis-valued his home or thought he had other assets?

[vjohn82]

One could certainly speculate it could have something to do with an insurance policy taken out by the creditor for situations like this... i.e. they need to make a person bankrupt before they can claim on their loss.

 

Just speculation but it wouldn't surprise me in the slightest.

[hungrybear]

Well if you really want to get hypothetical, the best thing to do is go and live abroad for 6 years

[FightToTheEnd]

I thought that once a CCJ was obtained then the debt could never be statue barred?

[vjohn82]

I thought that once a CCJ was obtained then the debt could never be statue barred?

 

I believe a court order would be needed and a good reason why enforcement was not undertaken.

[FightToTheEnd]

would the person being abroad and un-contactable not be a good enough reason?

[vjohn82]

I imagine it would IF the person had been moving from address to address. If not then it would not be unreasonable for the Claimant to have been in touch in one way or another.

[hungrybear]

I thought that once a CCJ was obtained then the debt could never be statue barred?

 

 

Well they would have to get the CCJ first So, when you go you send them all by recorded delivery your new address in mongolia

 

And even a CCJ has to be renewed after 6 years

[FightToTheEnd]

send them all by recorded delivery your new address in mongolia

 

 

Can't you just do that anyway, even if you live in Slough!! ;-)

 

Thanks for the info though, very interesting. Are there any countries where they can legitimately persue you through the local courts?

[vjohn82]

Can't you just do that anyway, even if you live in Slough!! ;-)

 

Thanks for the info though, very interesting. Are there any countries where they can legitimately persue you through the local courts?

 

Pass... although I know Batman has no jurisdiction

[hungrybear]

Pass... although I know Batman has no jurisdiction

 

Just the robbin SELF EDIT DCA's eh?

 

Look do you want to talk hypothetical or truth? Truth, someone not a million miles from where I am sitting may or may not have moved to spain for a number of years and then come back with a nice clean UK slate