what would happen if i took out a large ass loan and didnt pay it back

[crosshold]

what could they do. i know my credit would be fucked but idc

 

[Swolepenisman]

You would ruin

 

[Amnesia]

I mean if its credit cards or something, they'll call u non stop but they cant "do" anything to you. Three are ppl who have like 50k credit card debit and declare bankruptcy and they get all that debt wiped. This is as long as they have no large assets to liquidate to pay off the creditors.

 

[crosshold]

I mean if its credit cards or something, they'll call u non stop but they cant "do" anything to you. Three are ppl who have like 50k credit card debit and declare bankruptcy and they get all that debt wiped. This is as long as they have no large assets to liquidate to pay off the creditors.

yea i have literally no assets except my PC lmfao

 

[Amnesia]

yea i have literally no assets except my PC lmfao

Then you would negotiate a compromise with your creditors, either a reduced payment schedule or even a reduced total sum u owe. Or u declare bankruptcy and the creditors get nothing. They actually have a lot of incentive to try and get something out of u than nothing. But yeah theres no debtor prison or anything. THey arent going to send repo men to seize ur PC, thats illegal

 

[auboutduprecipice]

Then you would negotiate a compromise with your creditors, either a reduced payment schedule or even a reduced total sum u owe. Or u declare bankruptcy and the creditors get nothing. They actually have a lot of incentive to try and get something out of u than nothing. But yeah theres no debtor prison or anything. THey arent going to send repo men to seize ur PC, thats illegal

i'm aware of the process in general, but does this work for student loans as well? i'm not sure if it's different

 

[john2]

You get more interest (aka unnecessary money that you didn't borrow) charged upon the principle amount you borrowed, for which repaying it is a nightmare imo.

 

[Amnesia]

i'm aware of the process in general, but does this work for student loans as well? i'm not sure if it's different

student loans are a different beast and I dont think u can discharge them even in bankruptcy. THey are one of the worst oans u can get imo


Literally just signing u for 5 diff credit cards and maxxing them all out to pay for 50k of plastic surgery then declaring bankrupcy is a better life choice than 100k in student loans for a useless degree

 

[wristcel]

Firstly you might even struggle to get a big ass loan in the first place nowadays. Credit crunch fucked it

But there's not a great deal they can do. Fuck up your credit rating. Take any assets you have from you (if you have any!)

My brother got a shit load of massive loans out pre credit crunch when the retard banks were giving massive loans to any idiot who wanted one! Never intended to pay it back. He'd already chose a very different lifestyle to most people lol (never had a 'job' to this day). He still gets tonnes of begging letters from credit companies even now, 15 years later or so, either making empty threats or trying to negotiate some pathetic pay back option lol.

Literally just signing u for 5 diff credit cards and maxxing them all out to pay for 50k of plastic surgery then declaring bankrupcy is a better life choice than 100k in student loans for a useless degree

Pretty much. I was supposed to get hair transplant (and maybe beard transplant) about NOW, but this covid think fucked my plans

But I also want something like a genio/implantech chin implant and certainly a rhino, so i'll probably get some credit card loans for that. I am low IQ so won't ever have a good job and don't really care about getting a bad credit rating and all that stuff, so it makes sense

 

[Chintuck22]

what could they do. i know my credit would be fucked but idc

low inhib beast

 

[onnysk]

Then you would negotiate a compromise with your creditors, either a reduced payment schedule or even a reduced total sum u owe. Or u declare bankruptcy and the creditors get nothing. They actually have a lot of incentive to try and get something out of u than nothing. But yeah theres no debtor prison or anything. THey arent going to send repo men to seize ur PC, thats illegal

will they take my fortnite skins off me?

 

[bonesoverblood]

what could they do. i know my credit would be fucked but idc

This is basically happening to 50% of Americans right now and it's destroying the economy.

1000xs worse than 2008

 

[crosshold]

This is basically happening to 50% of Americans right now and it's destroying the economy.

1000xs worse than 2008

hehe