Hello,
If I own my own house and notched up a very large credit card debt and then lost my job and couldn't make the monthly card repayments, could I lose my house? Or could the credit card companies get a court order to force me to sell my house and repay them?
Many thanks,
Al 1953
They can yes.
tim
"tim...." wrote in news: snipped-for-privacy@mid.individual.net:
Thanks, tim
-Al 1953
That said they could do this for any debt of more than 750 however they dont normally do this as the courts would rather try and keep you in your house.
Not only that it depends if you have a mortgage and how much the house is worth. So if you owed 80k and the house is worth 95k then it would be worth removing you from the house as once you had paid the solicitors and estate agents and such they would be left with very little money ir any at all so then you would be homeless and still in debt which means the state may have to help you out !
So its a situational type thing do you need an advice on your own circumstances?
BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.