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If you have provided a collateral like property or bank fixed deposit receipts etc, the bank would retain them and they can sell it to collect as much much money as possible.
If you have provided a guarantor, the bank would approach them for payments.
If both of the above are not available or both of them put together are not enough for your loan outstanding, then the bank has rights to proceed with a legal filing against you. You can be jailed for this.
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What happens to your 401k if you have a loan against it and leave your job?
Typically, you have to pay the entire balance of the loan back.
What happens if i don't pay back a 401k loan?
If you do not pay back you 401k loan, it will be looked at as a withdrawal. Which means not only will you be taxed on that money this year, you will also have to pay a penalty for early withdrawal.
What happens when you take out a cash advance loan and do not pay it back?
u'll have 2 pat more
Do you have to pay back an unsecured loan?
It is probably a good idea to pay back any loan. A loan, by definition, is something being furnished on condition of being returned. If you don't pay it back, it is not a loan. It is stealing.
What happens if you do not pay your check n go installment loan?
The loan will be a default loan
What happens to your 401k if you have a loan against it and leave your job?
Typically, you have to pay the entire balance of the loan back.
What happens if i don't pay back a 401k loan?
If you do not pay back you 401k loan, it will be looked at as a withdrawal. Which means not only will you be taxed on that money this year, you will also have to pay a penalty for early withdrawal.
What happens if you don't pay back a payday loan in louisville Kentucky can you serve jail time for this?
If you can not pay back a payday loan the account can go into collections until repaid. The payday loan company may also file a claim in court. Failure to pay back a payday loan will not result in jail time.
What happens if I don't pay back my student loans?
Failing to pay back a student loan can have negative consequences. It can negatively effect your credit score.
What happens when you take out a cash advance loan and do not pay it back?
u'll have 2 pat more
Do you have to pay back the loan for repairs on a home?
What you do with a loan is irrelevant. You always have to pay it back.
What is it called when you don't pay back a loan?
Failing to pay back a loan is called defaulting on the loan.
What happens if you do not pay your bank loan?
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Do you have to pay back an unsecured loan?
It is probably a good idea to pay back any loan. A loan, by definition, is something being furnished on condition of being returned. If you don't pay it back, it is not a loan. It is stealing.
What happens if you do not pay your check n go installment loan?
The loan will be a default loan
What happens if you cannot pay back a loan from amscot in fl?
There are several things that can happen if you cannot pay back a loan from Amscot in FL. First of all, you will have a low credit score and they also choose to pursue the matter in a civil court.
What happens if you take a personal loan out from a family member and they pay the loan off through the banking institution are you still responsible to pay off loan?
The question doesn't make sense. If your family member gave you a loan, what "banking institution" was involved? Why did the person you took a loan out from have to pay off anything?If you took out a loan, yes you're responsible for paying it back.
