What happens if I don’t answer the phone for loan collection?

What will be the consequences if you don’t answer the overdue online loan collection call?

1. Answer positively

Common consequences include the following.

2. Specific analysis

1. Call the contact number

When borrowing an online loan, the borrower must fill in the emergency contact number and require authorization of the address book to control the loan. If the online loan loan is overdue and does not answer the phone, the online loan platform will think that the borrower is about to lose contact, and will call the contact to notify the borrower to repay the loan.

At that time, the borrower's debt to the online loan will be known to all the contacts in the address book. Because of the harassment by the online loan platform, many contacts will be dissatisfied with the borrower and even blame the borrower.

2. Door-to-door collections

If online loan platforms cannot get through to borrowers for several days in a row, they may outsource collections for borrowers with large overdue amounts and long periods of time. Send a third-party debt collection agency to your hometown, current residential address, or workplace.

The borrower calls the police after being blocked by debt collection. As long as the debt collection does not involve illegal activities, the police will not file a case. At best, they will only allow both parties to mediate, because this is an economic dispute and not a crime.

3. Will be sued

If the borrower does not answer the phone after the due date, fails to repay through various collection methods, and the time exceeds 3 months, and the amount owed is tens of thousands, Formal lending platforms will take legal channels to sue the borrower in court for repayment, and the borrower will receive a summons from the court notifying the court date.

Even if the borrower does not appear in court at the time, the court can still issue a default judgment.

After the online loan platform wins the case, the borrower will have to bear the litigation costs of the online loan platform and make repayments during the execution period. The court will monitor the borrower's performance at any time.

4. Enforced execution

If the borrower fails to perform its obligations during the execution period and may conceal or transfer property, the court may take enforcement measures against the borrower, including inquiry and freezing , transfer borrower's deposits, etc.

5. Become a defaulter

If the borrower has the ability to refuse to repay during the execution process, the court will include him in the list of dishonest persons subject to execution.

When a borrower becomes an old man, he will not be able to engage in any high-consumption behavior, and his children will even be implicated. They will not be able to study in higher private fee-paying schools, or be admitted to civil servants or even public institutions.

6. Unable to borrow money on other platforms

Many online loan platforms are blacklisted, and borrowers who do not answer calls after the due date will also be treated as Blacklist and refuse to provide loan services.

There are now many online loan big data systems that can provide online loan record inquiries, you can search: Beijian Quick Check. You can query online loan application records, application platform type, whether it is overdue, overdue amount, credit card and online loan estimated credit limit and other important data information.

3. How should I answer the phone if my online loan is overdue?

Answer the call when it comes. Be sincere on the phone and explain the difficulty of your inability to repay the loan. Be careful not to use foul language. The key is to promise that you will repay the loan.

If you are unable to pay the debt temporarily due to some force majeure, you can also communicate with the debt collector on the phone to see if you can negotiate for partial interest exemption or repayment in installments.

If the debt collector threatens, insults, or intimidates the borrower on the phone, and calls more than three times a day, it interferes with the borrower's normal life and work.

Borrowers who have phone recordings can report the interception to the relevant departments, or file a complaint, because this involves illegal collection and is a violation. What are the consequences of not answering collection calls?

Platforms that do not accept collection calls may think that customers are maliciously delaying loan repayments. In order to protect their own rights and interests, the platform may sue the lender and urge the lender to settle the overdue loan as soon as possible. Therefore, after receiving a collection call, the customer cannot put it aside and do not deal with it. He needs to proactively contact the institution to apply for an extension of repayment or a reduction or exemption of penalty interest.

If the customer fails to repay the loan overdue, he may have to bear the following consequences:

1. The credit report will be harmed.

2. Influence children’s further education.

3. Penalty interest will be incurred.

4. The loan amount will be reduced.

5. The loan limit may be frozen.

6. Affect other loan applications.

7. Impaired credit reporting affects career.

8. Will be blacklisted.

9. Unable to enjoy preferential loan policies.

10. Those who maliciously exceed the deadline may be prosecuted.

It can be seen that once a customer becomes overdue, the consequences will be serious. In order to avoid this situation as much as possible, customers must stay rational when applying for a loan and raise the funds required for repayment as soon as possible. enough. You can first borrow money from relatives and friends to repay the loan, or you can liquidate your valuable assets to obtain repayment funds. What will happen if you don’t answer the collection call?

If you don’t answer the collection call, the borrower will not only face overdue interest and be collected by the lending institution, but it will also affect the personal credit report. In serious cases, there are May be sued by the lender. If you do not answer the collection call, the borrower will not only face overdue interest and collection by the lending institution, but it will also affect your personal credit report. In serious cases, you may be sued by the lending institution. 1. Incur overdue interest. If the loan is not repaid within the time limit stipulated in the contract, the borrower will face overdue interest. Usually overdue interest is charged on a daily basis. The longer the user is overdue, the more interest they need to pay. In addition, some lending institutions will also charge the borrower Borrowers will be charged overdue penalties. 2. Personal credit record is affected. At present, personal credit information is used more and more widely. When applying for credit cards, loans, or even job hunting, the user's personal credit information is usually checked. If the loan is overdue, the lending institution is likely to upload the overdue record to the credit information system, which will not be available in time. Upload to the central bank for credit reporting, or overdue records may be uploaded to Zhima Credit. If personal credit is stained, it will have an impact on all aspects of everyone's life. 3. Collection by the lending institution. Generally, lending institutions will have their own collection department. Once a user is overdue, the platform will take collection measures against the borrower, first through phone calls and text messages. If the borrower has not repaid the loan after collection, some institutions may even come to the door. For collection, usually the lending institution itself will collect the loan for about three months. If the borrower has not repaid within three months, the platform may hand over the collection business to a specialized collection company for collection. Constant collections can take a toll on borrowers’ lives. 4. Be sued by the court. If the borrower is overdue for a long time and has a large amount of arrears, and the loan institution has not repaid the loan after collection, the loan institution may tell the borrower to the court, and the borrower will face a lawsuit. After the court pronounces the judgment, the borrower must perform An award to repay the amount owed to the lending institution. If the loan is not repaid after the court's ruling, the court will freeze and seize the borrower's property in accordance with the law.