How long does it take for your loans to be written of if u live in uk.loans are personal?

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the loans total 40,000 pounds are are from credit cards and personal bank loans

How long does it take for your loans to be written of if u live in uk.loans are personal?

When loans are written off they do not disappear. You still have to pay them.

For example. American Express gives you a 20,000 Pounds Credit Card and you decide to never pay them their money back.

After a while they decide to write off your loan. This means your loan was a bad business for them and they are now cutting their losses and sending the problem to a really mean and ruthless company.

They sell your debt for just 10,000 Pounds or less.

In their books they have a loan of 20,000 Pounds and they have a loss of 10,000 Pounds and that's it for them.

sometimes businesses are good and you make profits and sometimes businesses are bad and you lose money (Like in your case)

However, the company that boughts your debt will get try to get their money back. At first they will try to cut a deal with you and offer your debt (which is 20,000) for just 15,000 (they will still make money with you) if you agree then they move on to the next "customer" but if you don't pay them they will come after you hard. (Take away your car, your house, even your wages from your work)

Trust me you don't want to fool around with those companies.

I suggest you to pay your debts back before your debt is sold.

How long does it take for your loans to be written of if u live in uk.loans are personal?

as soon as you repay all the money

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How long does it take for your loans to be written of if u live in uk.loans are personal?

I think your loans can only be written off if you declare bankruptcy

How long does it take for your loans to be written of if u live in uk.loans are personal?

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