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In the UK what can lenders do if you refuse to pay back an unsecured personal loan?


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2008-05-11 13:05:44
2008-05-11 13:05:44

== == They can take you to court to get a Judgment against you, and if you still do not pay the debt, you can go to jail for "failing to obey a Judge's Order." A judge can also order you to sell property that you own, such as furniture, tv or a car, to liquidate assets into cash, to pay the lender off. This is a very serious thing to have happen and you should do everything in your power to not get into that situation in court. It will ruin your future ability to borrow at all, at any price. No body will want you as a tenant either, as your having been slapped with a Judgment will make you a bad property rental risk as well. You will really pay, may times over, if you don't repay this debt, quickly. Don't let it go to court.


Related Questions

Lenders don't have any collateral to seize if the loan doesn't get paid back.

A borrower must have good standing credit to get unsecured loans. Also they must be good of their word, in that they are trustworthy to pay back the loan. A credit score of over 650 and also having a cosigner to receive an unsecured loan is the most desirable to lenders.

I have not heard back from all of the lenders but so far two of the five lenders I applied for credit with did approve me for the personal loans I requested. Their services were worth the fee at least and there is a guarantee that if you don't receive the personal credit then they will refund your money. There is a policy that you have to apply to all of the lenders before they will issue you a credit but so far their service seems worth the fee. Let me know if you have any luck with the lenders you applied to - for now I would recommend them for credit.

Lenders have something (usually money) that the borrowers want; and the Borrowers have something that the Lenders want (their money back).

Unsecured loans are best used for small purchases. It is unwise to take a large unsecured loan due to the fact that more will be confiscated to pay it back.

The landlord refuses to return personal property until the balance of his rent has been paid. 3 months have passed.

It is very difficult to get an unsecured loan with bad credit. This is because of the nature of the loan. When a person gets an unsecured loan, it means there is no collateral to back the loan up with.

As their name suggests, lenders lend money to their customers. This money is then paid back with interested added to it.

refuse to go back to Rome in chains

With a secured loan, you back up your loan with some sort of financial guarantee like some assets. With an unsecured loan you only have your credit to back up the loan.

An auto loan and a personal loan are both loans. Personal loans can be secured or unsecured. Secured meaning that there is some form of collateral to back up the loan in the event that the borrower defaults. Unsecured loans have no collateral which usually translates into higher interest rates due to the added risk on the lender. An auto loan may carry a lower interest rate due to it being secured; if you don't make the payments you lose the car.

* It's best to contact the ex to ask if they can come over to get their personal affects and if they refuse or give a time to do so and not be there when the person gets there then the police can escort the person to the exes house to get their personal affects.

Corporate bankruptcy laws consists of protection for the companies involved, Stockholders are usually the ones who end up not getting refunded even with the law behind them. Unsecured creditors are next in line for repayments. Secured lenders like banks are certain to get what is owed to them back.

In Ohio...they are required to give back your personal belongings. This does not include anything that is a permanent fixture on/in the a stereo system or rims. If they refuse to give back your personal belongings...I would contact an attorney and pursue legal action.

A personal guarantee is a signature promise that money loaned to a company will be repaid. The owners or partners of a corporation sign documents, and put there personal finances on the line, with the guarantee that all money loaned to the company will be paid back. If money is not repaid, lenders have the ability to request repayment from the individuals who guaranteed payment.

Its personal property its nothing the law can do you can take him to small claim court to get your stuff back. No you can't file theft charges against him

A personal loan is a type of unsecured loan and helps you meet your current financial needs. You don’t usually need to pledge any security or collateral while availing a personal loan and your lender provides you with the flexibility to use the funds as per your need. It can serve as your solution for managing your travel costs and wedding expenses as well as the expenses of a medical emergency, home renovation, debt consolidation and others. There are many financial institutions which offers India’s personal loan online apply with approval and disbursal within just 24 hours. Due to digitalization personal loan online applycan be availed by following some easy steps!

People with bad credit have a hard time getting a loan. Lenders want to ensure they will be paid back.

Any cash advance store will give you an unsecured loan as long as you have a checking account and have a job. The interest rates are a lot higher and you have to have it paid back in a certain length of time.

An Unsecured loan can very much affect your credit rating, but it depends on whether you pay it back and keep your promise. If not, your credit rating can severely drop and you will lose trust with your provider.

A promissory note is a document where you agree or promise to repay a certain amount of money to someone. If it is unsecured, it means that nothing was put up as collateral to back up your promise [such as a house, a car, stocks, etc. ].

If you cannot afford to pay back your student loans, you can communicate with your lenders to defer your loan.

Yes. Unsecured "payday advance" loans online don't often ask for these things. You pay for this conveniance in the back end with exorbant APR. Most lenders that would give you a decent interest rate are usually interested in an actual account. Lenders are looking for ability to repay debt, and that is easy to assess since you can track transactions and average balance. Prepaid debit cards are considered the same as cash in the lending world.

A student loan is an unsecured debt. To be secured, there needs to be something, generally phyisical (but not always), that can be taken (repossessed), and sold to satisfy the debt if it isn't paid. Kinda' hard to take back an education!

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