If you feel that by keeping yourself away from these predators can result in you not having to go through the entire effort of repayment, you are absolutely wrong. The following reasons explain why:
1. Creditors Are Firm
Not many people are naïve enough to present you with great money at one point and never ask for it back. In most cases they will keep calling you, sending letters and reminders, and if the statute of limitations expires they will try to get in touch with you so that you can say something which can act in their favor of replenishing it. In simple terms you will never be completely safe with a debt you do not return at the interest rate demanded.
2. The Law Is Strict
The law protects both the entities, the creditors and debtors, so if you do not turn up the amount by the time set by the law you will only have the option of filing a bankruptcy and declaring your assets to pick and choose from. If your history of returning the debt shows serious lack of interest and regularity, then there are strong chances you will be set for a straight bankruptcy and not be given an option of a repayment plan.
3. Limitations On You
If a financial institution finds out that you as a debtor are not reliable to the extent which they want, and they probably will with the help of your credit report, you can say goodbye to any favors from them. An unpaid loan keeps adding as negative marks on your card, which has serious repercussions.
Can you get a mortgage?
Suppose you plan on buying a new car and your way of financing your transaction is by the use of a mortgage, but you have an old debt lurking in the shadows. Will the age of the debt make the targeted institution ignore it and get you the mortgage?
The answer is maybe, that too in a utopian world. In this world, your old debt is your biggest enemy if you are looking for a loan. It is a very accurate representation of how you are not reliable as a client. You will not be able to do justice to the new mortgage if you have not repaid an age old debt.
A good financial advisor who is familiar with the law and is hired by you might get you through with a mortgage, but the services are so costly that there is a further risk of you accumulating more debt than you pay back.
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