What Will Happen if I Default on My Furniture Loan?

Sep 10, 2011

What Will Happen if I Default on My Furniture Loan?
by: Debtcollectionanswers.com.

Exactly what will happen depends on the terms of the contract you signed when you financed the furniture so you should find it and read it carefully. I expect however that the contract entitles the company that financed your furniture to sue you for breaking the agreement and not returning the furniture and if it wins the lawsuit there will be a judgment against you in the public records as well as in your credit files. Until you pay the amount of the judgment it will be difficult if not impossible in some instances for you to rent a place to live, to purchase a home, to get new credit, to purchase adequate insurance, and maybe even to find a good job.

Also, once the company has a judgment against you it can take steps to collect on the judgment, including garnishing your wages, seizing money from your bank account, putting a lien on an asset you own, etc. Not living up to the terms of a contract you sign has serious consequences and can affect your life for years to come.

What Will Happen if I Default on My Furniture Loan?

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What Will Happen if I Default on My Furniture Loan?