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What actually happens people who don't pay back loans

  • 25-09-2013 4:51pm
    #1
    bezerk
    Banned (with Prison Access) Posts: 148 ✭✭


    Just say someone refused to pay their mortgage obviously there house will be taken off them but if it say a 20k credit union or bank loan what actually happens the person if they refuse to pay? Always wondered. I have no loans or anything just always pondered.


Comments

  • #2
    chops018
    Registered Users, Registered Users 2 Posts: 2,458 ✭✭✭chops018


    bezerk wrote: »
    Just say someone refused to pay their mortgage obviously there house will be taken off them but if it say a 20k credit union or bank loan what actually happens the person if they refuse to pay? Always wondered. I have no loans or anything just always pondered.

    The creditor can get a debt collection company or a Solicitor who specialises in debt collection. Usually there is warning letters sent out, the amount owed depends on how long they have to respond to a warning letter. The matter may end up in court.

    If you have very little money you will be means tested etc, to see what you can afford to pay back each week and a judge will usually decide on what is a fair payment to pay back.


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