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What Happens When You Become A Debt Defaulter?
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[QUOTE="Caramelle, post: 208214, member: 150"] [JUSTIFY]Becoming a defaulter can be a nightmare for an individual. It will mean being cut off from almost all possible sources of borrowed financial lifeline which can be a huge problem in the time of need. In the past, creditors resorted to collection techniques that are meant to embarass defaulting borrowers and force them to pay their debts no matter what. Nowadays, there are laws that protect borrowers and defaulters from pubic harassment, undue pressure, and excessive or oppressive collection processes by creditors and their collecting agents. However, these safeguards should not be taken by the defaulter as a reason to relax and ignore collection efforts. Creditors can resort to legal means to enforce the collection of debts. They can have your salaries garnished which can be both embarassing and financially crippling. They can force you to appear in civil courts and charge you for the legal costs. Worse, if they can find grounds to charge you legally for fraud, they can file a criminal case against you which could land you in jail. While it's true that a debt is a civil liability that can be settled by money, things can go ugly for defaulters who can be found to have tried to defraud the creditors into lending the money by misrepresentation or omission of vital information. Thus, do your best to pay your debts on time and avoid these complications.[/JUSTIFY] [/QUOTE]
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What Happens When You Become A Debt Defaulter?
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