Your property can be subject to repossession if you default on a loan. This can be the case if you put up part of your collateral as a guarantee for your loan.
Failure to repay a loan
If you don't pay a loan when due, you default on the loan.
Defaulting on a personal loan can effect your credit in a negative way. The lower your credit rating, the harder it is to get a loan in the future. Loan default is a civil matter, not criminal, so there is no need to worry about any jail time being served because of it. If you take out a personal loan to purchase a car and then default on the payments, the bank can take the car from you. Which will then leave a repossession on your credit report.
If you own your car, its an asset, probably
Yes, Recently my friend was arrested for NBAD , ABU DHABI
Your property can be subject to repossession if you default on a loan. This can be the case if you put up part of your collateral as a guarantee for your loan.
Failure to repay a loan
Get back a personal loan. Is it in default? Contact loan company or debt collection agency and start making payments.
Defaulting on debt is not a criminal offense, it is a civil offense. The only way debt can lead to an arrest is through defaulting on a loan on a physical object (like a vehicle) and then taking that object or refusing to surrender it to the creditors or the police.
5years
If you don't pay a loan when due, you default on the loan.
Defaulting on a personal loan can effect your credit in a negative way. The lower your credit rating, the harder it is to get a loan in the future. Loan default is a civil matter, not criminal, so there is no need to worry about any jail time being served because of it. If you take out a personal loan to purchase a car and then default on the payments, the bank can take the car from you. Which will then leave a repossession on your credit report.
If you own your car, its an asset, probably
The only way that they can legally repo your trailor is if you default on that loan or if you listed the trailor as calateral for the personal loan! if you didnt put the trailor as calateral then no they cant touch it!
No, but it will more than likely raise the the amount you have to payback due to penalties and late fees. It will also put a bad mark on your credit score. My concern would be greater though as most Payday loan places hold a personal check as collateral which they cash if you default on your loan. If there is not enough money to cover that check, then the check will bounce. And bouncing a check or writing a "hot check" is a crime in Texas if the person reports it as such.
No. It is unlikely any lender would grant an unsecured loan for a house. They want to be able to take the property by foreclosure in the case of a default.