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What happens if you don't pay your debt on purpose?

Discussion in 'Debt collection' started by Scooby, Nov 16, 2015.

  1. Nov 16, 2015 #1
    Scooby

    Scooby New Member

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    Just to satisfy my own curiosity, what happens if you simply ignore your debt? Say you have credit card debt, a few thousand $$, and you simply won't pay it down. You ignore all debt collectors and just go on with your life as if you didn't owe money to anyone. What happens? What's the worst case scenario?
     
    Scooby, Nov 16, 2015
    Scooby, Nov 16, 2015
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  3. Nov 16, 2015 #2
    Hank Rogers

    Hank Rogers Member

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    I haven't been in this particular situation, ever, but there are 2 things I know will happen for sure:
    1. The lenders you owe money to will definitely send debt collectors / a collection agency after the money. This means you'll get letter after letter and phone call after phone call, to pay up.
    2. Not paying your debt will definitely have an impact on your credit score. This means, you will either be denied future loan applications or, if you do ever get approved, you'll probably have to pay really high interest rates.
     
    Hank Rogers, Nov 16, 2015
    Hank Rogers, Nov 16, 2015
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  4. Aug 6, 2020 #3
    Methew David

    Methew David Guest

    If you don't pay your debts on time problems may arise, like the Debt collection agencies (Group-ucs) or debt collectors will call you and keep a track on you.

    You may also get a notice letter on behalf of the team. This will impact your credit score which will lead to low creditworthiness and you will face difficulties in getting loans from bank.
     
    Methew David, Aug 6, 2020
    Methew David, Aug 6, 2020
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