if i don't pay my credit cards, mortgage and loans and don't have any assets to sieze. What would happen to me

Answer 1

if you have no equity left in the house, there is always a voluntary agrrement, this cost in the region of £250 - £400.

this will remove your debt but leave you unable to gain credit for at least 7 years.

Citizens Advice will be able to help and give you any options and tell you/help you.

http://www.citizensadvice.org.uk

Answer 2

Mortgages and credit cards are somewhat different. Mortgages unpaid will result in foreclosure proceedings that will eventually end in the sheriffs department coming with eviction in hand to ensure your exit from the residence.

Credit cards unpaid will result in cancellation, then collection agencies contacting you.

The 7-10 years on your credit report is not true anymore. Banks can and will sell the written off debt to another collection agency. Even when challenged, they will provide the original banks application and say they purchased the debt. Even though it was written off, legally the debt is still considered valid.

I had 2 credit cards go into default in 1989, and they are still on my credit report to this day, SEVENTEEN years later. The debts have been sold twice... Always about 6 1/2 years into the maximum of 7 years holding time.

Banks have the laws on their side, and they have teeth. Bankruptcy where debts are eliminated are very difficult to get with the recent federal law changes.

My best suggestion is to treat debt like is is an active case of Ebola and pay as you go. Every credit card and debt stream you get into is a hole in your financial stability. Just ask yourself... If I was unemployed for 6 months, what effect would this monthly payment have on me?

I wish you well... Just say no!

Answer 3

with a mortgage, you have assets or you won't have anything to mortgage and most loans are on an asset of some kind unless it's a personal line of credit. But they would also ruin your credit.

Answer 4

Your home with be foreclosed and you will lose it. It is an asset. Loans and credit cards, depending if they are secured or unsecured, you can still be liable for them. Which means, you can be taken to court and forced to pay.

Don't think the worse that can come out of it is bad credit.

Answer 5

The creditors would be able to withhold (garnish) part of your paycheck until your debt is collected.

Your credit rating would also be ruined, and it would be almost impossible for you to qualify for a lower-interest loan or credit card anytime in the near future.

Answer 6

I agree with the others, your house could be foreclosed upon, your credit would be damaged and you could have your wages garnished. It's better to try to get a handle on things now. In your area if there is a non-profit consumer credit counselling agency I would contact them.

Answer 7

You would eventually get evicted and have a bankruptcy on your credit for at least 7 years. When you cheat people like that it will catch up to you. Karma and the Good Lord will repay whatever you do, good or bad.

Answer 8

damage to your credit. all that will stay on your credit report for up to 7-10 years. and if you have a mortgage on a home, the bank can foreclose.

Answer 9

Prison

Answer 10

You will be declared bankrupt and will have difficulty in obtaining credit in the future, plus they may garnish you paycheck to recover the debt, not a good idea.