Exactly, this is why I don't like to vouch for anybody. You need to pay for the fleeing person if the person isn't found
What happens if you run and leave an unpaid loan
- Thread starter Niyi Briggs
- Start date
If you take out a loan and do not pay it back as agreed in the loan terms, it is considered to be in default. The lender can take legal action to recover the unpaid debt, including wage garnishment, bank account levy, and property seizure. Additionally, defaulting on a loan can have a negative impact on your credit score and make it more difficult to obtain credit in the future. It's important to keep communication with the lender to avoid going into default, and try to find a solution that works for both parties, like a loan modification or loan consolidation.
If you take out a loan and do not pay it back as agreed in the loan terms, it is considered to be in default. The lender can take legal action to recover the unpaid debt, including wage garnishment, bank account levy, and property seizure. Additionally, defaulting on a loan can have a negative impact on your credit score and make it more difficult to obtain credit in the future. It's important to keep communication with the lender to avoid going into default, and try to find a solution that works for both parties, like a loan modification or loan consolidation.
Post automatically merged:
If you take out a loan and do not pay it back as agreed in the loan terms, it is considered to be in default. The lender can take legal action to recover the unpaid debt, including wage garnishment, bank account levy, and property seizure. Additionally, defaulting on a loan can have a negative impact on your credit score and make it more difficult to obtain credit in the future. It's important to keep communication with the lender to avoid going into default, and try to find a solution that works for both parties, like a loan modification or loan consolidation.
Whether big or small, a loan is a loan and I think that loans should be avoided at all cost. You have to pay high interest rates and this is why I dislike loans.
Although loans are better options if you have a good project that would immediately benefit you.
Yesh I agree anything loan no matter the amount comes with interest if one can they should skipped it
It depends on the type of the loan, was it a secured or non-secured loan? then also what was agreed as the settlement if the person defaulted on the loan. Of course, if they have your details then it means they will report you to the credit review bureau and they will reduce your credit score which will be hard for you to receive financing because of your inconsistent position in that regard. The best is to quickly identify what can be let go to try and recover the loan money and pay it back.
But I agree with them why would anyone want to run with a loaned money you are running now the loan business
How can somebody borrow to marry? That is the worst form of thinking. If he borrowed money to run some other expenditure, it will be understandable. And the loan company is more stupid, how can you borrow money to someone to get married?
Exactly. This is the reason why they ask for documentation. It gives them every data to track you.
Lol but that's the person need at that time but it isn't a bad idea but the person should know how to pay back
Banks will not leave you even when you die. They will make your kids pay.
- Thread starter
- #38
He has put his guarantor into trouble. The lending institution is haunting the guarantor to pay up the loan. Another lesson, don't guarantee just anyone to collect loan. It could backfire.
Your credit rating will be downgraded immediately. The bank will get a debt collector to locate you or file a lawsuit against you. Your assets will be confiscated. And if you have a guarantor, s(he) will have to take responsibility for paying back your loan.
