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What can happen to you if you dont pay your personal loan back and you cancel your bank account so they wont take money out?
Wiki User
∙ 12y ago
In order to get accepted to get a Loan , you must fill out various papers and submit your Social Security Number.
Depending on the contract fine prints, your Credit History will be affected severly if you do not pay back the Loan debt, and can make it very difficult for you to buy and apply for Cars, apartments, homes, & much more.
In this country, if your credit score is not good, you end up with a very sacrificed life and it takes about 7 years or more to fix your credit score. Also, in some states, you can be carried to jail if your Loan amount is not paid. It is not a good idea.
Wiki User
∙ 12y ago
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How do you stop companies from withdrawing money from your bank account?
cancel your account and transfer money to a different account with a different bank.. and send a letter to the old bank that notifies them to stop all automatic transactions..
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