In message <1YednUUx6b200HvanZ2dneKdnZydnZ2d@bt.com>, Tim
writes
>>> All the borrower has to do is keep to the terms the loan
>>> was taken out on, IE keep his payments up to date.
>>>>
>>>>> If he breaks that contract, the contract is, well ...
>>>>>
>>>>> Broken.
>>>>
>>> "Lord Turkey Cough" wrote:
>>>>Yes, but the good thiing is it was an unsecured
>>>>loan, hence he paid higher interest than on
>>>>a secured loan. If he breaks the contract
>>>>he ends up with a bad credit rating, thats all.
>>>
>> "Derek Geldard" wrote
>>> You don't imagine that the secured loan...
>>
>"Lord Turkey Cough" wrote
>> Err we are talking about a unsecured loan here,
>> where did this 'secured loan' come from?
>
>Presumably, he means the secured loan that the
>borrower would be offered, to pay off the unsecured
>loan that the borrower has just defaulted on.
>
>> "Derek Geldard" wrote
>>> ... they *may* offer him
>>
>"Lord Turkey Cough" wrote
>> No point in offering him one as he doesn't want one...
>
>Then how would the borrower intend on paying off the
>loan that he's just defaulted on, before the court makes
>him bankrupt -- and the house (and other assets) are all
>sold off to pay his creditors (including the unsecured loan) ?
>
>
Why would the court make someone bankrupt? Its none of their business
unless a creditor makes a petition.
--
Mike_B |