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What Happens When You Become A Debt Defaulter?
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[QUOTE="Kingsley, post: 207734, member: 30278"] Thats will really be a nightmare no one will like to find themself in such a position where they will be heavily indebted and they end up becoming a defaulter. Because the embarrassment can be so much and we have even heard cases where people end up committing suicide just because they couldn't stand the shame and embarrassment that comes with it. The first that happens when one becomes a defaulter may differ from financial institutions to financial institutions. Banks generally will lay hold to the collateral you must have brough before you accessed the loan, and this will happen after some series of embrassing calls would have been made and in some cases the issue might end in court where the bank may likely lay hold to more collateral where the initial collateral doesn't not cover the worth of thr loan, although this is quite rear because the bank will always try to make sure they get more collateral that is worth more than the loans. Then if it were to be a micro finance bank they are known for making a public show of embarrassment of their defaulters, are good are ridiculing their defaulters and they will use any possible means to retrieve the loan. [/QUOTE]
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What Happens When You Become A Debt Defaulter?
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