Have you ever been blacklisted for failure to pay back loans?

[Stardom22]

So in my country one is actually being blacklisted when they fail to repay back borrowed loans in time. The implications for that is that you wouldn't be able to access any credit facilities elsewhere unless you pay back what you owe and get a clearance certificate from the relevant authorities for the same. Have you ever found yourself in that kind of case scenario?

 

[Springtime]

I have not taken any loan except my mortgage loan when I bought my apartment and I have a credit card. I always pay back the loan and the credit card bill on time. You are right that if you keep on missing the payment deadline, you will be blacklisted.

 

[Starmix]

I never had applied a loan in a bank there is no reason. I have an offline business but my capital derives from my savings in the bank. It's crucial if apply for a bank loan and fail to pay, you have to face the sheriff to confiscate your assets or valuable properties. If your collateral is a land property, most likely it will be handled by a sherif. So avoid loaning if you can't afford to pay.

 

[eLdavis]

I have never been blacklisted before, over here these loan apps have the habit of contacting all your contacts just to disgrace you before they even blacklist.

 

[Augusta]

Nope. I don't even like to collect loans. So I have not experienced such I live within my means

 

[Suba]

Even though I've taken out car installments or purchased on credit, my monthly payments have always been smooth because I've carefully considered my debt-to-income ratio, ensuring that payments remain consistent and don't burden my basic expenses. Therefore, I've never been blacklisted for loan failure.