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Yes, defaulting on a loan is a breach of contract and can have legal consequences, such as damage to your credit score and potential legal action by the lender to recover the debt.

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AnswerBot

5mo ago

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Related Questions

Can an illegal alien cosign loan?

SURE!! BUT GOOD LUCK TRYING TO FIND HIM WHEN THE LOAN GOES INTO DEFAULT!


What happens if you default on a payday loan in Georgia?

Payday loans are considered illegal in the state of Georgia. However, if you default on a payday loan, the company can sue you in court. The judge will decide how a judgment will be carried out if the loan was given in Georgia illegally.


What is loan default?

If you don't pay a loan when due, you default on the loan.


Does and outstanding credit card loan that hasn't been paid ruin your chance of co signing for a car loan?

If you have a bad credit report from a loan in default a lender wouldn't want your guaranty that the primary borrower's loan will be paid by you if they default.If you have a bad credit report from a loan in default a lender wouldn't want your guaranty that the primary borrower's loan will be paid by you if they default.If you have a bad credit report from a loan in default a lender wouldn't want your guaranty that the primary borrower's loan will be paid by you if they default.If you have a bad credit report from a loan in default a lender wouldn't want your guaranty that the primary borrower's loan will be paid by you if they default.


Is it a criminal offense to default on a loan?

It is criminal to default on a loan only if you know going into it that you will not be able to pay it back. You must be honest when agreeing to the terms of a loan.


If I default on my personal loan agreement, can they repossess my collateral?

Your property can be subject to repossession if you default on a loan. This can be the case if you put up part of your collateral as a guarantee for your loan.


If you default on your pay day loan will that affect your credit?

Yes, if you default on any loan it will affect your credit rating negatively.


Can I voluntarily default on my 401k loan?

No, you cannot voluntarily default on your 401k loan. If you stop making payments, it will be considered a default, which can have negative consequences on your finances and retirement savings.


What happens if you do not pay your check n go installment loan?

The loan will be a default loan


Is Ford Motor Company allowed to garnish wages?

If you default on a loan and Ford sues you, it can garnish your wages if it wins the lawsuit.If you default on a loan and Ford sues you, it can garnish your wages if it wins the lawsuit.If you default on a loan and Ford sues you, it can garnish your wages if it wins the lawsuit.If you default on a loan and Ford sues you, it can garnish your wages if it wins the lawsuit.


Can you get a student loan if one of your parents is in default on their student loan?

Yes.


Are you in default of a car loan if the vehicle is not registered?

Registration of the vehicle has nothing to do with the loan or financing of the vehicle. The only was to "default" is to not make the payments.