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Moradin

More than or less than 10k difference.

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Whats the difference between owing a credit card company, more than , or less than 10k?

 

I've seen reference to courts, and type etc.

 

what differences are there on a default, of one, over the other ?

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You are probably referring to the County Court small claims limit.

 

If there is an action against you for less than £10,000 – including interest – then it would be on the small claims track and that means that even if you lose, there is very little likelihood that you will have to pay the winners costs.

 

On the other hand, if you are being sued for more than £10,000 then it will be put onto the Fast Track and that means that if you lose, you will also have to pay the winners costs.

 

This means that if you are being sued for something which will go onto the small claims track, then you can be reasonably bold about the way you defend it. If you are being sued for more than £10,000 then you have to think very seriously about your chances of losing the case and then having to deal with the other side's costs as well which could easily be 3000 or 4000 or more pounds


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so whats the real reason you asked that question...


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Simply because i had seen reference to it, but it was never explained what the difference was in any of the threads i'd read.

 

All of my defaults are less than 10k :-D

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That is good to hear then Moradin. For a moment reading those posts I thought you were at risk. JCx

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