2007-09-03 02:06:02 · 8 answers · asked by elsie 2 in Business & Finance ➔ Credit
1-They can sue you
2- Interest + late fee will continue to accrue
3-- They can put a lien against your property if you have any.
4- They can garnish your wages.
5- They can report to credit bureau for bad debt to prevent you getting a loan in the future.
6- They will continue to do anything in their power to get their money back and they will. After all this is the money that you borrowed, not free
7- You may not be able to rent an apartment.
8- You may not be able to get a job if the potential employer checks your credit report.
2007-09-03 03:12:02 · answer #1 · answered by Prenn 3 · 0⤊ 0⤋
If you own your house and you don't pay your mortgage, you will lose it. If you have a car payment, they will repossess the car. If they are credit cards, they will go into default and will then stay on your credit report for 7 years. You won't be able to purchase a home until all of those are gone or you have paid them off. In the meantime, any credit that you do have, and you WILL need to borrow money in the next 7 years, I can almost promise you that, you will get a very high interest rate. For instance, a car payment that might be $400 a month for someone with good credit may be $550 a month for you.
Good luck.
2007-09-03 09:15:37 · answer #2 · answered by Anonymous · 0⤊ 0⤋
If you stopped making payments 6 months ago, you've probably seen the worst for now. However, 7-10 years is a long time and the worst may actually be when you are able/ready to re-establish your credit and build a new life (home loan, car loan, new job), this will hold you back. My employer does a credit check and anyone in very poor financial shape is not hired because they are at risk to steal from the company. Many employers are doing this now. Is it fair? maybe not, but it's legal and can hurt you. I encourage you to contact a credit counseling service and begin the road to repair...good luck!
2007-09-03 10:20:51 · answer #3 · answered by huh? 3 · 0⤊ 0⤋
You will have charged off entries on your credit report.
You can be sued for the debts. If the creditor(s) gets a judgment against you, your wages could be garnished, bank accounts/property seized. The judgment will be on your credit report for a minimum of 7 years.
You may have a hard time finding a good job, because of your credit report.
2007-09-03 09:17:30 · answer #4 · answered by saywut 2 · 0⤊ 0⤋
If you are working your paycheck could get garnished. You could lose your home and your car. You could lose anything that you used as collateral when you made loans. Your credit will be ruined for a long time. Be prepared for the debt collectors to start calling and bothering you at home and at work at all hours.
2007-09-03 09:15:14 · answer #5 · answered by couchP56 6 · 0⤊ 0⤋
Well the credit companies could get a judgement against you and attach your wages, depends on the state. Other than that. Not much. Just dont expect alot of credit card offers for awhile. Or car loans or well anything credit.
2007-09-03 09:16:13 · answer #6 · answered by Bob D 6 · 0⤊ 0⤋
They could take you to court, have a judge force you to pay the back, garnish your wages, or they could have you thrown in jail. I don't know if that really happens but that's what I've been told.
2007-09-07 00:20:52 · answer #7 · answered by BTB 08/15/2009 2 · 0⤊ 0⤋
In addition to the things others have posted, your car insurace rates will increase.
2007-09-03 10:33:47 · answer #8 · answered by bdancer222 7 · 0⤊ 0⤋