What is the penalty of not repaying a loan?

Question

What is the penalty of not repaying a loan?

Answer 1

dear u dont have 2 take worry

just take a loan which u want

n there is no need 2 pay

theye can do nothing

trust me

Answer 2

Generally if you default on a loan (don't repay it) you will be ultimately taken to court where you will enter an agreement to pay it back at a fixed rate based on what you can reasonably afford (decided by the court, not you).  The bad side is that your credit rating will be affected badly, meaning that you would be unable to take out any further finance (loans, overdrafts, mortgages, etc) for what could be a substantial amount of time.

Answer 3

bank can take ur property for which u took the loan.bad credit.it stamps u as a defaulter

Answer 4

bad credit

Answer 5

your credit goes bad and you will not be able to get anymore loans or credit cards until you pay it all off.......then it will still be hard to get one b/c it takes a while for it to come off your record.

Answer 6

It will show up on your credit negatively, you'll probably get taken to court over it, and if it's a student loan, they can take all of your tax refund money at the end of the year to put towards your loan.

Answer 7

Criminal prosecution, repossession of items you bought on credit, and worst of all, getting a bad credit status, which will take years and years to re-establish. Do you really want this?

Answer 8

then u will be ****** by the bank?

Answer 9

First and foremost, your credit gets f***** up so you can't finance ANYTHING later without paying rediculous down payments, then if the loan is for something like a car,house or any substantial piece of property, you'll lose it cuz they'll take it from you... whatever you do, if you plan on financing in the future, DON'T file bankruptcy,you'll be screwed for at least 10 years.I learned the hard way :(

Answer 10

bad credit. they report to TRW and Equifax and Esperian no more loans for you. they can put a lein on property if you own anything. call them and work something out

Answer 11

The consequences are as per the terms of the loan in the paper that you signed. Whatever is specified there is what can happen to you.

Answer 12

they will take the property.

Answer 13

you get punched in the eye

Answer 14

the banks flush your credit rating down the loo, and you can't get another loan ever.

Answer 15

Depends on the type of loan, how long you are in arrears for etc. Read the small print on your loan agreement. If you can't pay, get in touch with the loan company - They are often understanding and will give you some time. The worst thing is not to talk to them - that's when they get nasty

Answer 16

You will start to get annoying phone calls from very rude people at dinner time and before you get up.They can be very persistent and cruel. Much better not to get the loan till you have it locked in to be paid in full. Honor is something in short supply today,taking responsibility is the honorable thing to do. Get debt counseling that can really help you get a real fresh start. Take care hope that helps ~A~