have outstanding but lost my job can’t pay anymore,have a morgage and car on my name?
They can’t get to the house on an unsecured loan, however not paying will permanently affect your credit status and may even make it difficult to get a job in the future. Speak to the people you owe money to, explain the situation and you will find they are likely willing to discuss restructuring your payments, but under NO circumstances convert your unsecured loan to a secured loan no matter how good the deal seems.
Potentially they could also use Bailiffs and other court proceedings to get to other assets (your car, TVs etc) but that’s not something they really want to do and its for people who blatantly refuse to pay.
They want the money back so stand firm, don’t convert your loan to a secured loan, don’t accept a payment schedule you can’t afford, don’t take out any other credit now, get this one sorted first. Also don’t let them extend the load but at some ridiculous rate or length, they want the money back and they have limited legal avenues on an unsecured loan unless you just refuse to pay anything. Work out what you can afford (can you afford 50% or even 30%) offer them what you can afford and start from there, but really try to stand your ground, don’t let them pressure you – they need the money!
Good luck
Talk to your lenders! They prefer to reduce payments rather than shut you down!
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buy a tent
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They can’t get to the house on an unsecured loan, however not paying will permanently affect your credit status and may even make it difficult to get a job in the future. Speak to the people you owe money to, explain the situation and you will find they are likely willing to discuss restructuring your payments, but under NO circumstances convert your unsecured loan to a secured loan no matter how good the deal seems.
Potentially they could also use Bailiffs and other court proceedings to get to other assets (your car, TVs etc) but that’s not something they really want to do and its for people who blatantly refuse to pay.
They want the money back so stand firm, don’t convert your loan to a secured loan, don’t accept a payment schedule you can’t afford, don’t take out any other credit now, get this one sorted first. Also don’t let them extend the load but at some ridiculous rate or length, they want the money back and they have limited legal avenues on an unsecured loan unless you just refuse to pay anything. Work out what you can afford (can you afford 50% or even 30%) offer them what you can afford and start from there, but really try to stand your ground, don’t let them pressure you – they need the money!
Good luck
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You need to take advice from a Licensed Insolvency Practitioner ASAP.
Unsecured Creditors, like loans and credit cards. They will need to obtain Judgment first and then they consider enforcing Judgment by either sending a Bailiff, obtaining a attachment of earnings order or petition of your bankruptcy or obtain a charging order on your property.
HP Agreements, these are effectively secured on the asset and they probably have the right to take possession of that asset for example a vehicle on HP.
Mortgage and Secured Lending – similar to HP Agreements they have the right to obtain possession and eviction from the property for non payment.
You need some urgent advice from a Licensed Insolvency Practitioner before it becomes too late.
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You must pay the mortgage but dont worry about the unsecured loan. Try http://www.bdebtfree.info for help in trying to get it legally cancelled altogether.
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