What is it called when you cant pay back a loan?
Can a lender take you to court after two years of having the loan with them and now you cant pay your loan and they find that what you qualify for the loan was incorrect information?
At any point, in which you break the promissory note in which you signed to pay back the principal and interest of your loan, they can take you to court, sue you, foreclose on you, or repossess whatever the collateral was. At any point, in which you break the promissory note in which you signed to pay back the principal and interest of your loan, they can take you to court, sue you, foreclose on…
Yes, it is a loan. You have to pay back a loan. Whether you went to class or dropped out, doesn't matter. A loan is just that, a loan. You were lent the money in good faith, if they ( banking institution ) thought you wouldn't pay the money back, they would not have given you the loan. If you do not pay it back, it will affect your credit rating for life.
If you have a student loan from Sallie Mae and you dropped out after two semesters do you still have to pay it back?
What happens if you don't pay back a payday loan in louisville Kentucky can you serve jail time for this?
If you borrow on the loan value of a whole life policy but never pay it back does the face value of the policy decrease?
You must realize that you own the debt and it will be reported to your credit record. If the primary borrower fails to pay the you will be held responsible for paying the loan. You should arrange to somehow monitor that the payments are being made on time. If the loan goes into default for late payments it will be reported in your name.
The short answer is yes. The long answer is that when you co-sign a loan for another person, you agree to be responsible for that loan should they default so if they fail to pay the loan back, the creditor will expect you to shoulder the responsibility. If you fail to pay the loan back, it goes on your credit report.
Can a cosigner take your car and pay off the loan then do you have to pay him back for the loan and fixing the car?
It sounds entirely reasonable that you would pay them back for the remaining amount of the loan and for the needed repairs. I assume that the co-signer was trying to get the loan off of his credit and that perhaps you were not paying regularly or on time. There may be other circumstances that are not addressed here.