The timely payment of debts must have priority over other expenses. What happens if I don’t pay the bank? Find out what could happen.
Failure to comply with the payment of your debts could bring you serious consequences. It is essential to have a financial education to meet our obligations. What happens if I do not pay my debt to the bank? This could happen:
You will pay more interest.
The bank will apply default interest, usually higher than common interest. The bank may also charge a very high commission for claiming unpaid installments. Interest and commissions accumulate on the original debt so that we owe more money every day.
You will not access credits.
If you did not pay the fee on your credit card, the bank could suspend it. What’s more, some banks cancel their clients ‘ credit cards if they notice overdue debts in other banks.
Tainted financial history
What happens if you don’t pay the bank? If you do not comply with your debts, the bank includes you in the risk center, and you will stain your credit history for many years. It is likely that when you need a loan, no bank will trust you because of your credit history.
Garnishment
The bank can initiate a legal claim from the third unpaid installment, although they usually allow up to six months to pass. After this period, what happens will depend on the loan type and the assets you have to pay off the debt.
But what happens if I don’t pay credit and I don’t have assets? o What happens if I don’t pay the bank and don’t have assets? ; In this situation, the guarantors come in to carve. These people also have to answer for their outstanding debts. That is, if you do not pay and do not have assets to seize, the bank can require your guarantors to settle your debt or also take your purchases.
What happens if I don’t pay the bank debt?
Suppose you have ever wondered: what can the bank do to me if I don’t pay it. Here is the answer. Failing to pay a loan can lead to severe problems, be it mortgage or personal. From staining your credit history and producing more than the initial debt, the worst would be legal issues.
In a situation of prolonged non-payment, the entity could get a judge to seize your assets, which include your home, car, bank accounts, and everything necessary to pay off the debt.
What is a judicial process for debt?
Remember that not all debts are judicialized. They only refer to mortgage loans or loans with high amounts. It all depends on the bank’s policy and if the profit will be greater than the loss that a legal process implies.
Can I file a complaint against a payday loan lender?
Yes. DFI investigates consumer complaints about their experience with payday loan lenders.
Example: The payday loan lender keeps bouncing your check at the bank or harassing you to pay off the loan. You should report this to DFI.
I fell into the payday loan debt trap, or I think the payday loan lender has broken the law.
