What can happen if I can't pay back a 25000 loan with a monthly interest rate of 4x100 each month?

Answer 1

well, the creditor 'could' sue you if they think you have means to pay them and just aren't, or they may just put it on your credit report and call you each day trying to get you to commit to some sort of credit arrangement. I will say that if you are behind on it by more than about 30 days then don't be surprised if the creditor tries to intimidate you into paying as much of it as you'll possibly agree to. Don't take food from your family or neglect your basic, life sustaining necessities to pay a debt that has already gone to collections or onto your report. If you can work out a REASONABLE payment plan with the collection agency, something that will allow you cover your basic needs 1st and them 2nd then that'd probably be o.k. but DON'T expect them to be too sympathetic to you because it is their job to try and get as much out of you as they can~ They're not losing nearly as much money as they'd have you think and they are not nearly as poor as you are so remember that when you are dealing with them~ oh, and usually they are NOT your 'friends' either, no matter how nice and understanding they try to sound!

Best of wishes to you~ and don't worry, they're not nearly as tough as they'll seem. They, too, are limited by federal law. DON'T allow them to victimize you over money, they're breaking the law if they do and you can sue them and win BIG if you can prove it~ record conversations you have with them, get names & #'s as soon as possible in the conversation, and stay as nice as you possibly can. Let them be the jerks~

Check out nolo.com for some great federal debt collection laws and info for your state~