What happens if you run and leave an unpaid loan

[Niyi Briggs]

I have a friend that took a loan to marry. The pressure was too much on him after the wedding. He had to run and leave the state entirely. What can the loan company do?

 

[gammarays]

I have a friend that took a loan to marry. The pressure was too much on him after the wedding. He had to run and leave the state entirely. What can the loan company do?

He should have negotiated with the loan companies to be paying small small. It's not advisable to take loans to marry. If his BVN is linked, they'll be deducting the money from his bank account.

 

[Passiveearner]

I have a friend that took a loan to marry. The pressure was too much on him after the wedding. He had to run and leave the state entirely. What can the loan company do?

I think that this is really bad thing. If you owe money to someone, then you must pay the money back to them. I think that your friend could be tried in the court and his assets could by confiscated as well.

 

[nomad]

No matter where you go bank will track you and make you pay. if you abscond from the country, your government will outlaw you.

 

[Shavkat]

It will be a bad impression if you are going to loan again in other banks. That's why we need to pay our debts.

 

[Passiveearner]

It will be a bad impression if you are going to loan again in other banks. That's why we need to pay our debts.

Having a bad debt is very bad thing. In order to avoid it, you must never borrow excessive amounts of funds from banks. You may also need to pay interest.

 

[Hate2Wait]

They'll sell the collateral to recover the money

 

[Passiveearner]

They'll sell the collateral to recover the money

You mean the mortgage, right? There are many people who would not like to risk their own property due to this and this is why they never borrow loans.

 

[Hate2Wait]

You mean the mortgage, right? There are many people who would not like to risk their own property due to this and this is why they never borrow loans.

This is why I don't plan to take a risk with loan as it'll be extra burden on our chest

 

[Passiveearner]

This is why I don't plan to take a risk with loan as it'll be extra burden on our chest

I am also never ready to borrow any kind of loan. Even a small amount of loan seems like a burden to me,.

 

[Raja]

Depends if the loan is big or small but in most cases bank's are able to recover unless you are someone like Adani, Malya or some Gujrati in India

 

[Golden9]

There are some things that you don't need to take a loan for. A lot of people now to societal pressure for an exorbitant marriage, and this is the best way to wreck the finances in your marriage fast. The best thing to do is to find ways to pay back fast, even if it means being overworked.

 

[misha]

if we cannot repay the loan than why should we go for it

 

[rubesh]

Many cases are pending on this category nowadays, a lot of unscrupulous borrowers are making their ways from not paying the loan.

 

[Chibson]

LoL, there are security agencies everywhere that can be used to track you. Some loan companies also require collaterals.

 

[Stardom22]

The company can report the matter to the relevant authorities and there with the help of the police force can be helped to track the person in question so that they can be arrested ested for further investigations.

 

[cherry123]

I have a friend that took a loan to marry. The pressure was too much on him after the wedding. He had to run and leave the state entirely. What can the loan company do?

This is funny why would anyone take a loan to marry . How about the wife did he run with him?

 

[Bisolami]

I have a friend that took a loan to marry. The pressure was too much on him after the wedding. He had to run and leave the state entirely. What can the loan company do?

His name will be on credit bureau list and he won't be able to take loan again

 

[cherry123]

But does it even make sense to run and leave a debt they might even publish your name as a wanted person

 

[Reedex]

The credit rating of such fellow has reduced drastically and the guarantor can also be haunted by the loan sharks.