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If the debits dont go through, they may break the charge into smaller chunks in an attempt to extract whatever money is in your account. You have options such as settling the debt for less than you owe or filing for bankruptcy if your debts are overwhelming.
Each failed attempt can trigger a bank fee against you. Successful attempts could drain your bank account and cause other transactions to bounce, resulting in more fees. At the same time, lenders will start calling, sending letters from lawyers and contacting icici personal loan repayment procedure relatives or friends you used as references when you took out the loan.
By federal law, lenders can only ask for help in locating you - they cant reveal their identity or your debt situation to anyone. Jail time. No - but threats are common. Failure to repay a loan is not a criminal offense.
Be particularly cautious about giving out information over the phone, especially if you didnt initiate the call. Scare tactics. Its common to shop around for the best deal and wise to take time to evaluate how much you can safely borrow.
Your lender shouldnt pressure you to make a deal before youve considered your options. Above all else, take a few minutes to check up on a lender yourself. Look at online reviews and the companys Better Business Bureau profile. Be suspicious of consistently positive or negative reviews - the truth is probably somewhere in between. Double-check a companys address, too.