D dewdrop Registered User Messages 1,298 5 Mar 2009 #1 When a Bank decides to write off a loan is the borrower then freed of any liability or does the liability remain on their books until such time it is deemed totally irrecoverable?
When a Bank decides to write off a loan is the borrower then freed of any liability or does the liability remain on their books until such time it is deemed totally irrecoverable?
J jhegarty Registered User Messages 2,961 5 Mar 2009 #2 No , the bank just writes it off on their book so the liability hanging over them. If there is a sniff of money they will be after the borrower. (and rightly so).
No , the bank just writes it off on their book so the liability hanging over them. If there is a sniff of money they will be after the borrower. (and rightly so).
R riversedge Guest 5 Mar 2009 #3 it will affect your credit rating which last for 7 years, which in turn will affect your ability to take out any other finance
it will affect your credit rating which last for 7 years, which in turn will affect your ability to take out any other finance