If you default on a loan, credit card or your monthly internet, you run the risk of having your account sent to a debt collection agency. As the debt collection, the third party companies who hired to pursue firms unpaid debts. If you don’t know which consequences you might face, there are plenty of unpleasant scenarios that could come out. Some people don’t want to pay or some are not capable to pay collection agencies, which ends on debt collection calls and other more things. Before you or your company because of the lack of account receivables outsourcing Comes in the situation where you decide not to pay off debt, make sure you know these things,
Usually, after 60 days of an unpaid debt or nonpayment of debt a company or a person will go to a debt collection company they might send you the letter within the 180 days periods. After 180 days it’s likely that your account in collections has been reported which might result you in getting marked on your account. Once it happens, it can be impossible to rent a home or get a loan. Here not even AR outsourcing companies can help you.
Now you can imagine that ignoring paying off your debt can cause you financial damage even if you’re not actually paying it off. For the first six months, your credit score will drop such as 100 points. How low your credit score will go is depends on how high it was before. Also, if you don’t pay the debt, your ability to borrow money in the future will become less. Which might harm you while buying any property such as house or plot.
No comments:
Post a Comment