Credit card debt

[superon]

A friend of mine has run up a debt of over 15K on a credit card - He is refusing to pay any of it off, saying the CC company can only take him for a nominal fee.
I disagree - How far can a CC company actually go to reclaim the debt?

 

[phawk754]

as far as taking his house,car and anything there can sale to get the debt paid

there would have to goto Court 1st but that how far there can go

 

[Rs2k_Rider]

my step dad had loads of credit card debts, they took his house pretty much... by was of putting a charge order on the house that if he didnt make payments on the debts an pay them off they would sell the house.. take the debt money then give him the rest..! at a great loss... like a mug he didnt pay so in come the bailiffs an out he went lol.

 

[allanj]

Citizens advice bureau is your best bet. They are very helpful. :banana:

 

[mapman]

there was somthing like this on wachdog an old down and out went into a bank got a loan for over 100,000 he spent over half left and the bank said we'll take you to court he said take me you still wont get the money .so they took him to court they said de has nothing to give back and told the bank to right it off that was bbc1 last year watch dog

 

[Rs2k_Rider]

think that would of been because the guy in question there would of not had the means to pay the debt back, hence they should not of loaned him the money in the first place.. so under responsible lending policy etc they were in the wrong.

Dont know this lads circ's, if he has collatoral (sp) then I fear hes in for a bumpy ride, espech at this moment in time with the banks credit crunch an loseing so much money

 

[superon]

So - The CC companies could only go as far as the small claims court?
Meaning that this would be a civil action, not a legal action?

 

[Rs2k_Rider]

So - The CC companies could only go as far as the small claims court?
Meaning that this would be a civil action, not a legal action?

As far as I know, NO debt can be taken though a court of law.. (magistrates etc) I think the only exception to that is Inland Revenue etc.

So yes, would be county court... you cant be put in prision for debt baislly.

 

[pipsqueaker]

It could be criminal court if he was less than honest on application form; then it's fraud.

 

[velvitjester69]

A friend of mine has run up a debt of over 15K on a credit card - He is refusing to pay any of it off, saying the CC company can only take him for a nominal fee.
I disagree - How far can a CC company actually go to reclaim the debt?

they will bring him to court,order him to pay it or he goes to jail.If he declares himself bankrupt(whhich he will have to),they will take everything he owns.

IMO he deserves to go to jail if he refuses to pay it off.If he wants to sort it out he should remortgage his house and pay it off.Tell him not to go to any of these companies you see on the tv offering to consolidate debts,he will end up paying it back 4 times.So either remortgage or building society.