What happens if i default on a loan

what happens if i default on a loan

It used to be. that they sick a collection agency after you which would hound you but effectively had little power to make you pay. Lately. I see. show more It used to be. that they sick a collection agency after you which would hound you but effectively had little power to make you pay.

Lately. I see them going the extra mile and actually getting a judgment against you and if you think "oh well" I don't own a thing, what could they possibly get? Think again. One of my friends just got his checking account and savings account completely raided.

They took everything plus now his checking account is overdrawn because pending checks that he wrote are bouncing.

He knew they had a judgment. but didn't

realize that his bank accounts are considered "property".

The irony of the story? The credit card account was opened years ago by his now Ex-wife who forged his name on the application and didn't tell him about the credit card. And since the Ex doesn't even have a bank account. they went after him after she ran up the card and didn't make any payments.

There is a whole new side to the Credit Card Crunch. the banks aren't very forgiving anymore and don't have the necessary cash cushion to just write off the defaulted accounts.

And no. since they were married at the time she opened the account he has no chance to proof that he didn't sign for it.

Reena · 7 years ago

Source: answers.yahoo.com

Category: Credit

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