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Implications of non payment of non secured loan?

  • 17-06-2014 8:05am
    #1
    goonso
    Registered Users, Registered Users 2 Posts: 30 ✭


    Hi,can anyone tell me what are the possible implications of not paying back a loan that is not secured?
    Are bankruptcy and a legal judgement possible?what's the worst implications of the two of these ?


Comments

  • #2
    Pro Hoc Vice
    Closed Accounts Posts: 6,087 ✭✭✭Pro Hoc Vice


    Yes both bankruptcy and legal proceedings including judgement are possible. My view bankruptcy would be the worst possible outcome but depending on a persons circumstances it could be a good thing.


  • #3
    ABajaninCork
    Closed Accounts Posts: 8,411 ✭✭✭ABajaninCork


    Credit completely screwed. Stays on your record for years. Six in the UK, not sure how long for here.

    Legal action can follow, and a judgement entered. If not paid, the company can send the sheriffs to recover goods to the value of the debt. You'll also be liable for the court costs and the cost of sending the sheriff out to you.

    Depending on the amount, you can be made bankrupt. But for an unsecured loan, not likely.


  • #4
    the world wonders
    Registered Users, Registered Users 2 Posts: 489 ✭✭the world wonders


    ABajaninCork wrote: »
    Credit completely screwed. Stays on your record for years.
    Does it actually affect your credit record? My understanding was that only debts owed to members of the Irish Credit Bureau could do this.


  • #5
    source
    Registered Users, Registered Users 2 Posts: 5,303 ✭✭✭source


    the world wonders wrote: »
    Does it actually affect your credit record? My understanding was that only debts owed to members of the Irish Credit Bureau could do this.

    ICB members and companies regulated by central bank, I think, I'll have to dig out my loans book to be sure.


  • #6
    ABajaninCork
    Closed Accounts Posts: 8,411 ✭✭✭ABajaninCork


    the world wonders wrote: »
    Does it actually affect your credit record? My understanding was that only debts owed to members of the Irish Credit Bureau could do this.

    Whilst that is true, I've assumed the OP has a loan from one of those companies. Of course, that may not be the case...


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  • #7
    Fred Swanson
    Closed Accounts Posts: 21,730 ✭✭✭✭Fred Swanson


    This post has been deleted.


  • #8
    Bepolite
    Closed Accounts Posts: 2,737 ✭✭✭Bepolite


    Correct me if I'm wrong, but is a judgement mortgage also not a possibility? I mention this as the OP seems to place some emphasis on the loan being unsecured.


  • #9
    Fred Swanson
    Closed Accounts Posts: 21,730 ✭✭✭✭Fred Swanson


    This post has been deleted.


  • #10
    Bepolite
    Closed Accounts Posts: 2,737 ✭✭✭Bepolite


    Fred Swanson wrote: »
    This post has been deleted.

    Absolutely - but so the OP is aware, unsecured loans can end up as secured enforcements. (Badly put but hopefully they will catch my drift.)


  • #11
    Pat Mustard
    Registered Users, Registered Users 2 Posts: 9,554 ✭✭✭Pat Mustard


    The Sheriff can be effective at enforcement of debt judgments in a non-domestic setting. Businesses often cough up something substantial to avoid a call by the Sheriff's messenger. It can be better for them to pay the Sheriff in instalments in order to avoid the threat of valuable equipment being seized.


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