Overview of repercussions to missed payments

Overview of repercussions to missed payments

Debt item

After missed re payment

Immediate cessation of credit, but loan provider recourse is restricted.

Repossession process typically initiated after 3 months, but faster for some subprime loans or name loans.

Charge card balance

Penalty rate of interest can immediately be imposed; 30–60 times before brand brand new fees disallowed (subprime cards could be faster); 180 times before account closure.

Three to half a year before property property foreclosure proceedings begin; property foreclosure usually takes many months or more in judicial states.

Nine+ months, and array available changes before wage garnishment. (més…)