Credit rating

Inspired by the mortgage write off thread would you.

(1) Take a large debt write down on you mortgage, however it would mean a loss of you good credit rating, meaning you might never get another mortgage and would have to stay in your present house till it is paid off and you would not have accesses to any sort of credit such as credit cards or loans etc.

(2) No I would prefer to struggle on and keep my good credit rating, because it give me more choices/and or I believe in paying my debts.

(3) I am grand as I am

(4) I don't want any sort of debt forgiveness because I am want mass repossession, and therefore can buy a house in an area I could never afford at a knock down price.

The above was meant to go in to a poll

Artful_Badger

So lose your credit rating and never get another mortgage/credit or keep up the fight to pay back a mortgage worth considerably more than the house is worth ?

I'd take the write down and stay away from the banks for a while thanks very much.

KyussBishop

In line with this, give banks their own 'credit rating' - where the penalty for giving out reckless loans, is (preferably permanently) losing their privilege to create money.

TPD

Mass repossession would be my vote. The banks can then rent out the repossessed houses, giving first preference to the original buyer, until the house can be sold for remaining mortgage minus the amount paid as rent.

Iwasfrozen

4, screw people.

Banjo String

Doesn't a bad credit rating only last 6 years?

I am wondering if credit ratings really mean that much in this country anymore anyway considering the amount of people that got into diffs when the financial Shít hit the fan.

I bet James reilly gets another loan. No bother.