Can I assume bank will take out judgement against me?

Discussion in 'Personal Insolvency, bankruptcy, etc' started by zxcvbnm, Jan 11, 2017.

  1. zxcvbnm

    zxcvbnm Frequent Poster

    Posts:
    205
    As the subject title asks, is this a reasonable assumption?

    Quick background (as stated in other thread I made a few minutes ago).
    I have serious residual debt leftover of a few hundred thousand. Was unable to reach informal agreement with bank. Negotiations are now over.

    I'm assuming the bank will lodge a judgement against me? Is this a normal next step that vavjsvtake? Or is it?
    Negotiations broke down last march. And I then received a letter demanding repayment in full within 21 days last August.
    And nothing since.
     
  2. TLO

    TLO Frequent Poster

    Posts:
    142
    It's impossible to predict. Some possibilities:

    1) You might never hear from them again.
    2) You might not hear from them for five years and then they apply for a judgement just before the statute of limitations kick in.
    3) They might apply for a judgement within the next few weeks.

    You just don't know. And they themselves probably don't know what they are going to do, if anything.
     
    Gerry Canning likes this.