just curious to know.
2007-03-01 20:52:32 · 14 answers · asked by sunshine 1 in Business & Finance ➔ Credit
Depends on where you are. In India, you just might be able to get away with it, if you are smart enough. Just make sure you don't give the collection agents any cheques which they can use to take you to court under Sec 138 of the Negotiable Instruments Act.
If you can avoid that, it's just a question of dealing with the collection agents. If they try to get too nasty, your day is made. File a police report for Criminal Intimidation, and have the agents arrested. The bank will come to you to withdraw the case, and will be more than willing to write off the entire amount.
Rest assured, your credit history will go for a toss, you will not be able to take out a loan for the rest of your life, and you can forget about getting a job in the banking industry if that happens.
2007-03-01 21:03:50 · answer #1 · answered by raucous raphael 3 · 0⤊ 0⤋
Your credit will be trashed for the next 7 years.
You would pay much higher interest rates for major loans, home, car, etc. IF you qualify at all. You will pay more for auto insurance. You could be denied employment, apartment rentals.
Basically anything that would involve a credit check, you would either fail or pay an inflated amount to receive it.
Eventually the card companies or collection agencies may file law suits. If they win the suits you may find your bank account frozen and seized. If you live in a state that allows wage garnishment, they will garnish. The list goes on..........
If you have no wages to garnish, no bank account to seize - they aren't worried, they have time. In some states judgments are good for 20 years. In many states judgments are renewable. You may not see daylight from the judgment for many, many years. .
In reality, if a person falls on hard times, which happens, the person should try to deal with the card companies. If the person just cannot make ends meet and sees no end in sight, they might consider filing bankruptcy.
NO, I'm not an advocate of running up cards just to end up filing bankruptcy !!!
Bankruptcy is there for the people it was intended to help - those who had every intention to pay - but through job loss, health reasons, etc. they just cannot.
2007-03-02 05:43:28 · answer #2 · answered by echo 7 · 1⤊ 0⤋
First the credit card companies will cancel your cards,call you and want their money, turn you over to a collection agent and if you still do not pay, take you to court get a judgment and garnish your wages. On top of ruining your credit for 7-years.
Pay your bills deadbeat.
2007-03-02 09:53:57 · answer #3 · answered by ? 7 · 0⤊ 0⤋
Good question.
if u will get ur first bill and u will not pay then u will have normal 2-3 phone calls in a day requesting u to pay the money.
in the second month, one more bill will be generated, and u will get more phone calls like 5-6 in a day requesting u to pay the money
in the third month, one more bill will be generated, and u will get phone calls ordering u to pay the money
in the fourth month, one executive will come to your house and initially, in starting of the month will request u to pay the money and in the ending of the month will order u to pay the money with harrasing u and irritating u , he will abuse u also
in the fifth month, four-five executives will come to your house and office as well , to recover the money, if they will find u alone and poor, they can harrase u with their muscle power also.if they r not finding u poor and alone than
in the six month, they will again come to request u
in the seventh month, u will receive some legal statements showing to make ur payment.if u will not do care of legal things then,
in the eight month one poor guy will come will bag u some amount of money to close ur account and achieve his target.
happy ending. be strong , be authority and be on ur own decisions.
2007-03-02 05:26:42 · answer #4 · answered by Anonymous · 1⤊ 0⤋
The credit card company (MasterCard, Visa etc.) increse your interest rate. If you still don't pay they tell the credit reporting agencies (Experian, TransUnion etc.) and your Universal Credit Score (UCS) suffers. Your UCS is what is used when you go for a car loan, mortgage for a house or even to open a utility bill. If you still don't pay then they sue you and you could go to jail. Basically it screws up your life.
2007-03-02 04:57:55 · answer #5 · answered by PrincessJesci 3 · 1⤊ 1⤋
The only thing that can happen is some harassment by the collection agency the credit card forwards your account to for collection and damage to your credit history.
They can't take away anything you bought with the credit cards, or do much of anything else. It is NOT a crime if you choose to not pay them.
2007-03-02 04:56:29 · answer #6 · answered by Billy 4 · 0⤊ 3⤋
His/her credit rating will be lower making it difficult to get other credit related services such as loans, credit cards, etc. Also you will eventually get annoying people calling your house, and mailing you nasty letters wanting their money.
2007-03-02 04:56:43 · answer #7 · answered by Pauly 3 · 1⤊ 0⤋
His / Her crdit card gets snatched away by the bank it belongs !!
He/She is not allowed to access his/her credit card.
His card's money is kept by the bank untill he pays that the bill.
2007-03-02 04:57:59 · answer #8 · answered by kpragati5 2 · 0⤊ 2⤋
I have placed this in the source box. There is a wealth of information there and a great free debt management software program. I bookmarked the site as I return to it often for the advice it offers. I hope this helps you.
2007-03-02 07:08:16 · answer #9 · answered by Anonymous · 0⤊ 2⤋
He gets a letter congratulating him on being the millionth person this year to achieve that ambition, plus extra benefits.
2007-03-02 04:57:27 · answer #10 · answered by DAVE 6 · 0⤊ 1⤋