Legal actions against repayments not made

Re: Legally actions against repayments not made

They can't arrest you but it sounds like a ridiculous plan. Credit card companies in particular do enjoy charging hefty amounts of interest and i'm going to go out on a limb and say that your mobile phone company will cut you off. Also the implications of not paying your loan back for your credit rating could be quite serious. Aside from that all your creditors can pursue you for the debts you owe them in civil court which could end up costing you more in the long run in legal fees and court costs.

Re: Legally actions against repayments not made

sounds like a scam and a rather silly bank manager, shirking your responsibility is not an option and as a sole trader you are fuuly liable for all debts better start thinking about paying it back before the judgements, liens and credit rating car crash.

Re: Legally actions against repayments not made

Is this limited company ?

Are the bills/loans in your own name or the companies ?

Do you have any assets such as a house/land/business goods, if yes they will be coming after you for those. I'm sure a bank hasn't loaned money to someone who has nothing. How much do you owe? If you give more details you will get better advice. If you do what you are suggesting in the future you may need a loan from a bank and your credit rating will go against you. You could go and talk to the bank rather than taking the dramatic steps you are suggesting, they are used to people getting into trouble and will try to help you if possible as they don't want bad debts.

ferraribo said:

Hi there, i've got a bussines loan from BOI to start off my own bussines but, as we know thinks are too quiet right now and cant afford to make my repayments and I will stop making it. I am a sole trader and I did not sign any letter of garantee or security because it was a bussines start-up package just a standart contract. I am also stopping my credit card payments, mobile phone, etc. Does anybody know if I would get arrested for that? What could happen to me? What can Them do to me legally?

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You don't need to sign any "guarantee of security" for a creditor to legally persue you for monies owed. You're a sole trader so if you own property they can get judgements against that property so you won't be able to sell it/remortgage etc. Your 'plan' is crazy. Talk to your creditors. They want to get paid so they'll accomodate you if they have any sense. How much do you owe?