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It depends on the situation. In many cases they can take you to court and get a judgement against you. That would allow the bank or other institution to seize your property ( house, cars, etc.) and sell them to raise money to repay the debt. They could also garnish your paychecks.
What else can I help you with?
What does default mean in personal finance?
Failure to repay a loan
What happens if you repay a Logbook Loan early?
There are penalties for overpayment or early repayment of your loan.
Is there legal recourse to get someone to repay personal loan?
Small claims court.
Do you have to repay a federal student loan?
Everyone has to repay the federal student loans. However some people are eligible, dependent on the job that they get after graduation, to have loan forgiveness for a portion of their loan. In that case they will only have to repay the portion of the loan that is not forgiven.
How can I make a personal loan?
To make a personal loan, you can approach a bank or credit union and apply for a loan. You will need to provide information about your income, credit history, and the purpose of the loan. The lender will review your application and determine if you qualify for the loan. If approved, you will receive the funds and will need to repay the loan according to the terms agreed upon.
What happens if you cant reach the student to repay your loan?
If a student is unable to repay a loan, then he or she should first talk to their lender. This will give the person a better chance of reaching an agreement, rather than ignoring the payments and defaulting on the loan.
What does default mean in personal finance?
Failure to repay a loan
What happens if you repay a Logbook Loan early?
There are penalties for overpayment or early repayment of your loan.
Is there legal recourse to get someone to repay personal loan?
Small claims court.
What happens when one of two people die and the other can not repay a loan?
Usually when a person cannot repay a loan, the people from the bank will come and take something away from you... maybe your house of your furniture.. any belongings of yours that can make up for your loan.
What happens if I don't repay an auto title loan?
You will lose the car if the Auto title loan is not paid. The lapse in repayment can result in reposession of the car.
How do you get a 15000 personal loan with bad credit and no cosigner?
you cant
How would you use the word loan in a sentence?
It is normallyused when somebody needs money but cant afford it and asks someone else and repay it after use of it
Do you have to repay a federal student loan?
Everyone has to repay the federal student loans. However some people are eligible, dependent on the job that they get after graduation, to have loan forgiveness for a portion of their loan. In that case they will only have to repay the portion of the loan that is not forgiven.
How can I make a personal loan?
To make a personal loan, you can approach a bank or credit union and apply for a loan. You will need to provide information about your income, credit history, and the purpose of the loan. The lender will review your application and determine if you qualify for the loan. If approved, you will receive the funds and will need to repay the loan according to the terms agreed upon.
where can i get a small business loan, that i do not have to repay?
You can take a small business loan, but you will have to repay it or face bankruptcy and having your assets seized. Instead you can pursue a grant, which you do not have to repay.
What are the best companies for personal loan debt consolidation?
Debt consolidation is a single loan that allow you to repay your debts to all creditors at once. Most banks offer personal loan debt consolidation. For example TD Bank, RBC or Citi Financial.
