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Tuesday, October 6, 2009

What happens if i just don't pay...ever?

So what if you just don't pay?
Well if you are unable or unwilling to pay your debt and you just ignore it then it is very likely that your creditors will eventually take judgment against you (first there will be a summons).

Ok, so what happens then?
There are several things that can happen:

1) They can attach your assets
2) They can demand a portion of your monthly salary
3) You will be listed on the credit bureau (in a very bad way)

And just so you know the judgment stays in place for 30 years.
This means that your creditor has 30 years to collect what you owe.

So the truth is you will pay ...eventually.

It is always much better to make a plan with your creditors to pay them back over time or to approach a Debt Counsellor (or other qualified individual) to assist you to make such a plan.

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