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Are There Any Penalties For Stopping A Loan?
MoneyRainmaker
post Feb 26 2010, 06:13 PM
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Just got curious. What if I realise that the system of credit is one big farce and I decided to switch current account to a different bank and have wages paid in there whilst simultaneously ceasing to pay all credit agreements with previous bank, whats the worst that could happen? Will there be any penalties of doing so?


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Pheobehall85
post Mar 22 2010, 10:26 AM
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You can almost bet that they are going to try to come down hard on you or at least threaten to. I would think that they would not be happy with you backing out on a loan like that. Some might also take you to court. It would be best to finish with them and than leave. Keep in mind though that it isn't their fault. This is how they make money and you should have read the agreement thoroughly before signing.


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