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In the UK what can lenders do if you refuse to pay back an unsecured personal loan?
Wiki User
∙ 15y ago
== == 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.
Wiki User
∙ 15y ago
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What qualifications must a borrower have to get unsecured loans?
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.
Did Personal Credit Services lenders loan you the amount you applied for?
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.
Can you get an unsecured loan with bad credit?
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.
What do lenders do?
As their name suggests, lenders lend money to their customers. This money is then paid back with interested added to it.
What does a personal guarantee look like?
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.
Why are student loans considered unsecured?
Lenders don't have any collateral to seize if the loan doesn't get paid back.
What qualifications must a borrower have to get unsecured loans?
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.
Did Personal Credit Services lenders loan you the amount you applied for?
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.
What is the law on personal property landlord refuse to give back?
The landlord refuses to return personal property until the balance of his rent has been paid. 3 months have passed.
What types of unsecured loans are the safest?
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.
What is the relationship between lenders and borrowers?
Lenders have something (usually money) that the borrowers want; and the Borrowers have something that the Lenders want (their money back).
Can you get an unsecured loan with bad credit?
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.
What do lenders do?
As their name suggests, lenders lend money to their customers. This money is then paid back with interested added to it.
How do secure and unsecured loans differ?
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.
What is the corporate bankruptcy law?
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.
Is an auto loan a personal 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.
What does Brutus refuse to do if he is defeated?
refuse to go back to Rome in chains
