This is What Happens if you don't Repay your Loans

This is a question most borrowers ask after they are totally not able to make repayments of their overdue loans.

Most financial advisers have been asked this by their clients. Its hair topic especially now that COVID-19 has hit badly jobs and businesses. Most borrowers can pay their loans.

Normally, if you fail to make your loan payment, the lender will contact you to hear your story. If it doesn't work, the lenders proceed to blacklist the borrower with the Credit Reference Bureaus (CRB).

Then the loan recovery steps begins. Some lender have their own collections departments while others will hire collection agents. These will look for you and try to see how they are going to recover the money.

But what will happen if you can't sincerely repay the loans? If you don't have any ,either business or home assets to auction or any employer to involve there's actually nothing that will happen to you !

I bumped into this hot discussion on social media today, and one professional debt collector, with over 40 years in the business had this to say;

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