what happen if not paying the credit card or loan payment

Querist : Anonymous (Querist) 30 April 2011 This query is : Resolved
dear all,

can any body give me an answer for it when client willing to pay the amount but due to no money in hand he is not able to pay right now.what happen if he paid the amount later? kindly explian

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R.Ramachandran (Expert) 30 April 2011
The bank concerned can take legal action for recovery of the money.
Secondly, the name will be notified to CIBIL as defaulter. Once default position is notified in CIBIL, then the credit rating of the person would become 'zero' and other lending institutions / banks would not come forward that easily to lend money to him. Except this nothing.

M.Sheik Mohammed Ali (Expert) 30 April 2011
yes. i do agree Mr.RR

M/s. Y-not legal services (Expert) 30 April 2011
Yes.. I am agree with mr.ramachandran sir.. Even you may show your willingness to repay the loan amount.. And ask some more time.. They will consider your issue..