Personal Loan - Inability to pay

K

KarenB

Guest
I have a bank loan, amount outstanding €17k. (No security requirements)
I cannot afford to make the weekly payments at this stage.
If I stop making payments what will the bank most likely do?
How will this effect my credit rating for the future?

Thank you.
 

Apart from impacting your credit rating the bank can get a judgment against you. They can seek to enforce it in a few ways, an instalment order, send the sheriff to seize goods or get a judgement mortgage on a property you own.
 
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