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Keep in mind that if you do NOT pay the judgment: The amount you owe will increase daily, since the judgment accumulates interest at the rate of 10% per year. The creditor can get an order telling you to reimburse him or her for any reasonable and necessary costs of collection.
If you can’t afford the payments ordered by the court, you can usually ask to change the terms of the order to fit in with what you can afford to pay. This is called an application to vary the order. You can ask to change the order for any reason if either: you made a repayment offer and your creditor accepted it.
Check the court records to find out if a judgment has been renewed. Visit the court and give the court clerk information about the case such as your name, name of the creditor and the date when the judgment was issued. The clerk will provide you with any records and new information concerning the judgment.
six years
Credit Card Debt is Unsecured Debt Fortunately, losing your home due to unpaid credit card debt is highly unlikely. Credit card debt is a type of unsecured debt. This type of debt differs from things such as mortgages or car loans, which are attached to an item (your house or your car).
Loan defaulter will not go to jail: Defaulting on loan is a civil dispute. Criminal charges cannot be put on a person for loan default. It means, police just cannot make arrests. Hence, a genuine person, unable to payback the EMI’s, must not become hopeless.
Simply not making your payment on time is known as a delinquency and can be quite costly. If you stop paying your loan altogether for several months, you will be in default on that loan. Once your loan goes into default, it will most likely be turned over to a debt collector.