If someone had debts to the tune of 22,000 euro in total made up of:
MBNA credit card (2,000)
MBNA Personal Loan (8,000)
TSB Personal Loan (6,000)
Halifax Credit Card (5,000)
Debenhams Store Card (1,000)
And those debts are going on for a long time - regular payments were stopped in 2010, after which reduced payments were made, meetings with solicitors were had, efforts to re-structure were done etc. But income kept dropping and dropping until eventually, in recent months, no payments have been made to any of them. What's the very worst that could happen to the debtor in this scenario if debtor simply chooses to never pay a cent again to any of them? Credit rating would be screwed up, yes, but what else?
Please don't judge - this isn't all factual! But I'm very curious.
MBNA credit card (2,000)
MBNA Personal Loan (8,000)
TSB Personal Loan (6,000)
Halifax Credit Card (5,000)
Debenhams Store Card (1,000)
And those debts are going on for a long time - regular payments were stopped in 2010, after which reduced payments were made, meetings with solicitors were had, efforts to re-structure were done etc. But income kept dropping and dropping until eventually, in recent months, no payments have been made to any of them. What's the very worst that could happen to the debtor in this scenario if debtor simply chooses to never pay a cent again to any of them? Credit rating would be screwed up, yes, but what else?
Please don't judge - this isn't all factual! But I'm very curious.