Author Topic: Non Payment of Personal Loan  (Read 204 times)

Offline StaceyAwake

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Non Payment of Personal Loan
« on: November 05, 2013, 11:53:24 PM »
Is it true that no one gets jailed for non-payment of  debt or loan? What are the possible consequences if I fail to pay my debts or loan on time?
« Last Edit: November 05, 2013, 11:53:24 PM by Guest »
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Offline SportsDay

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Re: Non Payment of Personal Loan
« Reply #1 on: November 06, 2013, 12:22:11 AM »
Missing one payment or two does not a good reason to put you in jail. However, if the company files a case against you and the court finds you that you are really unwilling to pay your loan - there is a great chance that you will have a jail time. But generally this is not the case, you still have the option to pay even a dollar a day or whatever it has been decided.
« Last Edit: November 06, 2013, 12:22:11 AM by Guest »
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Offline CompanyLogic

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Re: Non Payment of Personal Loan
« Reply #2 on: November 08, 2013, 11:40:40 AM »
Well, if you signed a do*ent like a loan agreement or promissory note, you can be held liable for non-payment of a loan. The courts can require you to pay the loan based on your capacity or ability to pay. Delaying payment may result in higher interests on the prin*l amount of your loan and this may not be good to you.
« Last Edit: November 08, 2013, 11:40:40 AM by Guest »
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