If you have a personal unsecured loan what do they confiscate from you if you don't pay it back?
- A.J.Lv 72 months agoFavorite Answer
They can't confiscate anything because it is an unsecured loan, but the loan contract can allow them to attach bank accounts or salary, and the lender can file a lawsuit in court and get a judge to order seizure of money or goods. Some places are stricter about processes than others. Court costs and legal fees can be added to the debt along with interest and can become much larger than the original loan.
- John AldenLv 72 months ago
They take your *** to court.
- JudyLv 72 months ago
your credit rating.
- Anonymous2 months ago
First they have to sue you and get a judgment. What they can seize at that point depends on the laws where you live, those vary.
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- EvaLv 72 months ago
Nothing. That's why it's called unsecured. They can go to court and get a judgement against you and garnish your wages if necessary.
- STEPHENLv 72 months ago
Nothing. That's why the interest rates for unsecured loans are much higher than for secured loans.
- The Football GodLv 72 months ago
Unsecured, pretty much says it all. If the amount is worth it to the loan giver, they can sue. If they win, future earnings or seize your accounts.
- martyLv 72 months ago
To recover the outstanding debt they can initiate legal action against the borrower. If a lender sues, debtors who hire attorneys may incur hundreds or thousands of dollars in legal expenses. If the lender wins in court, the borrower may have no choice to pay the legal fees plus the amount of the debt; in some cases, the court may also order that the borrower pay the lender’s legal expenses as well. If the debtor cannot pay, a court may force the borrower into bankruptcy. Wage garnishment is the usual outcome.
- Wayne ZLv 72 months ago
The lender can't go after your "stuff".
However, they can sue you, get a judgement and then go after your bank account and your wages.