The installment music is overdue for one year and owes more than 10 thousand interest. Is it true to send a text message telling me that it has been submitted to the court?

Under normal circumstances, overdue loans will not be prosecuted. The other party sends a text message saying that it has been submitted to the court, which is usually a means of collecting repayment. If it is really sued by the court, it may be a good thing for the borrower. You can negotiate with the lending platform to repay the loan in installments or even only repay the principal and interest. But if it is overdue for one year, it means it has been a long time. Although it may not be sued in court, if the collection continues to be harassed by short-term phone calls, it will also bring great trouble to daily life and work. Therefore, you should pay back the money as soon as possible and give yourself a peaceful living environment.

No matter what platform the online loan is, it is like sugar-coated poison. Although we have tasted the convenience and vanity brought by the loan, it has also brought us more risks. The consequences of overdue online loans are also very serious. The first is the penalty interest generated by overdue loans. Although the policies of each online lending institution are different, the penalty interest will not be very low, and some even add 50% interest. Moreover, after the overdue collection, the borrower will be called and texted every day to urge the borrower to repay the loan in various ways, and the interest rate will be higher every day.

Once overdue, it will not only generate more debts, but also generate bad credit. As long as it is overdue, it will appear in the bank's credit information system, and your application for mortgage or car loan will be affected. Now you are required to print a personal credit information report, even for job hunting and promotion. Once overdue, a bad record will be left on the credit report. This bad record will be with you for the next five years. If you say penalty interest, it will only be financial loss. The influence of bad records is intangible and money can't make up for it.

If the circumstances are serious, you will also receive a lawyer's letter from the bank. If the online loan has not been paid off after being sued by the court for more than three months, you will ask the court to take property preservation measures, freeze all deposits in the lender's name, and even seal up the property. In short, once overdue, contact the online loan platform to negotiate repayment as soon as possible, and try to find a compromise and reasonable method that will not have great pressure and can repay quickly.