Question by tetris05: What can a loan company do to me if I do not pay the rest of my loan?
I am unemployed and yesterday, had to close my bank account. I have an outstanding loan with cash call and I called to see what arrangements I could make to pay it, when I get a job. The woman on the phone told me I had to pay this month, in other words, beg, borrow or steal, because I do not have it. She told me to ask my friends, huh! She told me if I do not pay, I will have to suffer the consequences, does anybody know what consequences she is talking about? They cannot garnish my paycheck, right? I know they can put it on my credit report, what else? I am planning to try to pay it this month, but if I don’t have a job or I just started a job, how will I pay?
Best answer:
Answer by Vince M
Ultimately, they can sue you, and you will still owe the money, even after you get your next job.
The only way “out” is to declare bankruptcy, and the new laws make it much harder to have your debt erased. Even if you do manage this, your credit/future borrowing ability is pretty much ruined for the next several years.
The person you spoke with may have been rude, but her job is probably to indimidate you into paying up as soon as possible. Her threats, however, are very real and legal. It may be better to owe a few friends, for a while, than to have Cash Call report you as a bad debtor.
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