2006-07-17 02:08:10 · 8 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
I believe you'd default on the loan, which is generally not a good idea 'cause they can then demand that you pay the remaining principal right away. Not to mention defaulting on your loan would wreak havoc on your credit rating and if you have credit cards, the credit cards companies will increase your interest rate on you to some ridiculous amount even if you just miss a payment.
2006-07-17 05:11:14 · answer #1 · answered by mecaterpillar 2 · 0⤊ 0⤋
Your credit rating goes down the toilet and you will probably be subject to legal proceedings. If you are just short of cash it is best to contact the lender in writing describing your situation and requesting a different payment schedule. If the loan was for a product that has proved to be defective you should write describing the issue and offer to return the product.
2006-07-17 02:15:42 · answer #2 · answered by paul_design 2 · 0⤊ 0⤋
They will report it as bad credit and come to repo whatever you purchased with that loan-furniture or car.
2006-07-17 02:28:15 · answer #3 · answered by fasb123r 4 · 0⤊ 0⤋
Note Before ; - I simply provide my advice. It effect in your very badly. In some situationist we are unable to pay our EMI to the bank in the particulate time. But with in 3 month gape you have to pay the due other wise u become blacklisted, and the matter will put on coat.
2016-03-26 21:28:23 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Repo usually.
2006-07-17 02:12:31 · answer #5 · answered by Anonymous · 0⤊ 0⤋
the loan is uninstalled.
no i'm playing i don't know
2006-07-17 02:12:50 · answer #6 · answered by erika P 2 · 0⤊ 0⤋
They can sue you for the amount you owe. They'll harrass you about it, too. It's best to keep paying them if you can.
2006-07-17 02:12:58 · answer #7 · answered by First Lady 7 · 0⤊ 0⤋
they will start repoing your stuff, or just ruin your credit. either way this is not a good idea.
2006-07-17 02:12:25 · answer #8 · answered by mattinfla 3 · 0⤊ 0⤋