What are the consequences of buying on credit without repayment?

1, penalty interest and liquidated damages.

2. Credit damage.

3. Collect in various ways.

If sued, the assets may be confiscated.

If the circumstances are serious, you will go to jail.

1. What are the consequences of buying on credit?

1, penalty interest and liquidated damages. If the loan is not repaid, the first thing you encounter is a high penalty interest. Some financial institutions need you to pay liquidated damages on the basis of penalty interest. These expenses add up to a lot of money.

2. Credit damage. If you borrow money from the bank and fail to pay it back within the time limit, your personal credit report will be stained, and it will be more difficult to apply for credit cards and loans in the future. Even small loan companies are not included in the credit report, and there is a shared blacklist system in the circle. If a company does not pay back, it will be difficult to approve other loans.

3. Collect in various ways. Banks and small loan companies have their own collection systems. Novices will send you text messages and call you to collect money. In serious cases, there will even be a collection staff pressing you around the clock, which will seriously disrupt your work and life.

If sued, the assets may be confiscated. Financial institutions will also arm themselves with laws. If you don't pay the arrears, you will be prosecuted if the amount is relatively large. Once the court makes a verdict, even if you are reluctant, you must execute the repayment ruling, otherwise the court will seal up the property under your name according to law and repay the arrears with the proceeds from the auction.

If the circumstances are serious, you will go to jail. Generally speaking, such incidents as non-repayment of loans are civil disputes and will not rise to the criminal level. However, if the borrower refuses to implement it, it will be considered as a deadbeat and would rather run away than pay back the money. If the circumstances are very bad, the court will also investigate the criminal responsibility of the borrower, and if it is too serious, it will go to jail.

Second, how long can credit purchase be reopened after it is closed?

Credit purchase can be reopened after being closed for 48 hours. It will take 48 hours to cancel the contract before the user can apply for credit purchase again. The success of reopening and the change of the quota after opening are subject to the display results of the user page. After the user logs off, it takes some time to reopen, usually two or three months.

Legal basis:

criminal law

Article 177 Whoever, under any of the following circumstances, interferes with the management of credit cards shall be sentenced to fixed-term imprisonment of not more than three years or criminal detention, and shall also, or shall only, be fined not less than 10,000 yuan but not more than 100,000 yuan; If the amount is huge or there are other serious circumstances, he shall be sentenced to fixed-term imprisonment of not less than three years but not more than ten years, and shall also be fined not less than 20,000 yuan but not more than 200,000 yuan:

(1) Holding and transporting a counterfeit credit card knowingly, or holding and transporting a blank credit card knowingly, in a relatively large number;

(2) Illegally holding other people's credit cards, with a relatively large number;

(3) using false identification to defraud credit cards;

(4) Selling, purchasing or providing others with forged credit cards or obtaining credit cards by fraudulent means.