Unless you can prove that you don't actually owe them the money, they get a judgment against you. Depending upon where you live, they may be able to seize bank accounts and/or garnish wages to satisfy the debt.
A judgment is going to trash your credit worse than it already is. And it will remain on your credit record for 10 full years, unlike the normal 7 year limit for adverse information. You want to avoid it if at all possible.
What do you think will happen? They have your signature on a loan contract promising to pay them X amount of money. Obviously, you haven't paid them X yet, so they are going to get the court to force you to pay them.
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It means you get to part with more of your money... would have been cheaper to make the payments on time.
Unless you can prove that you don't actually owe them the money, they get a judgment against you. Depending upon where you live, they may be able to seize bank accounts and/or garnish wages to satisfy the debt.
A judgment is going to trash your credit worse than it already is. And it will remain on your credit record for 10 full years, unlike the normal 7 year limit for adverse information. You want to avoid it if at all possible.
What do you think will happen? They have your signature on a loan contract promising to pay them X amount of money. Obviously, you haven't paid them X yet, so they are going to get the court to force you to pay them.
Depends on the circumstances, but if you owe them money, they win a judgement against you and then start garnishing your wages from your job.
Simple, you will lose and you will have to pay!!!
Nothing good!