What happens if I just stop paying my Bills?
Some people may feel so overwhelmed by their debts that they may stop paying their bills altogether. Unfortunately, this will only make matters worse.
This is what can happen if you stop paying your creditors:
One payment missed: Creditors may send you a reminder letter.
Two payments missed: You may possibly get a phone call and a payment demand letter.
Three payments missed: You may be listed with a collection agency and - reported to the credit will report you enlist a Collection Agency to press you for payment. Collection agencies are known to using a variety of tactics to get the money, including threats.
If you still don’t pay, other methods can be used against you including legal action and wage garnishments
MORE QUESTIONS
Do I qualify for bankruptcy? How long will I be bankrupt? How much will it cost? How will my credit rating be affected? If I declare bankruptcy, will I lose everything? Should I declare bankruptcy? Will I still be responsible for some debts after filing for bankruptcy? Does Filing for Bankruptcy in Canada Affect My Spouse? What is a bankruptcy discharge and the process involved? What is the OSB and what are their responsibilities? If I file a proposal or declare bankruptcy, what happens to my credit rating? What happens if my creditors vote against accepting my consumer proposal? Can I leave some creditors out of my consumer proposal? How Do I Get a Mortgage After A Consumer Proposal? Can a student with a government student loan go through bankruptcy or get a consumer proposal?
