Q&A: What can happen if i can’t pay back pay day loans?
Question by Tori Lynn: What can happen if i can’t pay back pay day loans?
I have 7 small pay day loans out and i’m unable to pay them right now. They have been calling me and leaving threatening messages. They have even called me at work. I don’t know what to do or what they can do to me? Can someone give me some advice on this?
Best answer:
Answer by spiritgide41
It sounds like you are a strong candidate for bankruptcy. If your condition allowed some way to recover, it would be different. From your description, I get the impression that this would not be possible. Bankruptcy will give you a fresh start, and I would not delay. I have been in the position many years ago, and been bankrupt; I understand the difficulty. I also rebuilt my life and now have top notch credit and am strongly financially secure. In some conditions bankruptcy is a new start, not the finale.
Add your own answer in the comments!
It sounds like you are a strong candidate for bankruptcy. If your condition allowed some way to recover, it would be different. From your description, I get the impression that this would not be possible. Bankruptcy will give you a fresh start, and I would not delay. I have been in the position many years ago, and been bankrupt; I understand the difficulty. I also rebuilt my life and now have top notch credit and am strongly financially secure. In some conditions bankruptcy is a new start, not the finale.
What would happen if you didn’t pay back a bank loan?
Question by Moatilliatta: What would happen if you didn’t pay back a bank loan?
What if you took out a bank loan or some other loan, then left the country and left no money in your own bank accounts? Could legal action be taken or would they just mark it against your credit and keep accruing the debt?
Not asking if I could get this loan, but if I indeed already had and decided to do that, what kind of legal repercussions there may be.
Thanks
Best answer:
Answer by Huntsman
Will you ever need a loan in the new country? If so, they will ask for your old information and check your reports and see your history.
Do this only if you know you will never need credit again. A landlord in a new country will also check.
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