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Taking A Loan And Never Paying It Back? PLEASE HELP?
Sep 13, 2008 by Ashley . | Posted in Personal Finance
My sister is in a economic mess and no one has extra money to help her. I really tried talking her out of this but she thinks nothing will transpire to her except get a strike on her credit score.
Here is her plan....
She wants to take one of thoughs online instant cash loans that don't constraint your credit or verify your job that put the cash in your bank account within 24hrs.
She plans on taking out all the money and closing the account.
She said there is nothing the coterie will do except fwd it to collections and put a strike on her credit. She has excellent credit and does not care if there is one contrary.
I explained one negative can destroy credit but she dosent care because she can't afford next months fee.
She lost her job and plans to be low income for the next 5 months because she went through all her savings.
What will happen if she closes her bank account after getting this the ready? What should i tell her?
You are surely right, she will destroy her credit.
One of the worst "negatives" you can have on your upon report is an "unsecured" default (such as a credit card or loan). It basically means that someone loaned you the ready, asking for nothing as collateral, and you decided that you simply didn't feel like paying it back. It's bad, satisfactorily up there with a foreclosure or a repossession. In fact, it can be viewed as worse, because if you fail to pay for a house or a car, the bank can take them back and convinced them to get some of their money back. If you default on an unsecured loan or credit card, the lender simply loses everything. They cannot arise to your house and take all the stuff you bought with their money.
Your sister thinks that just one contrary will not have a big effect on her credit; she is dead wrong. People that were once reliable can become unreliable, and the lenders discern that. Next time she applies for any type of credit, the prospective lender is going to look at her most latest credit activity (the fact that she didn't pay back this loan), not the fact that she USED TO pay her bills, a extended time ago. She is right though, all that will happen is it will go to collections and put a strike on her credit. A big, nasty agree. And she'll get lots of annoying mail and phone calls from these people trying to bring their money.
As far as your actual question: she will not get in trouble for closing her bank account, that is her repair to do. She will get in trouble for not paying back the money.
But desperate people do desperate things, and if she doesn't drawing on needing her credit for the next 7 to 10 years, then she probably won't worry about it too much. But I know what's prosperous to happen: in two years she will be back on her feet, and wanting to buy a house or a car, and she will be upset that nobody will loan her money, or will do so at an astronomical assess.
Just tell her to think carefully before acting. She's a big girl, and she's gonna do what she wants to do.
**Expurgate**
By the way, she will not be arrested. This is a civil matter. If she were to walk into the place and forcibly rob them, or sneak in and take the greenbacks, that is an offense for which she will be arrested. But it works differently with loans. If they physically hand her the capital, and she doesn't pay them back, they can only take her to court. The police will not arrest her!!!
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