Just wondering what legal ramifications and penalties can be imposed on a person who refuses to pay back an unsecured personal loan.
Had an interesting discussion with a couple of friends over the weekend and nobody really knew what would happen if they just said to the banks "Im not paying" (on personal loans, not mortgages)
I know their credit rating would be shot to hell but are there any other pitfalls to basically saying "Im not paying" to a bank.
Can the banks go after your own valuable possessions for payment or is it their tough that they didnt look for collateral.
What if you dont have anything to give, could you go to Jail!
Had an interesting discussion with a couple of friends over the weekend and nobody really knew what would happen if they just said to the banks "Im not paying" (on personal loans, not mortgages)
I know their credit rating would be shot to hell but are there any other pitfalls to basically saying "Im not paying" to a bank.
Can the banks go after your own valuable possessions for payment or is it their tough that they didnt look for collateral.
What if you dont have anything to give, could you go to Jail!
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