What happens if you don't pay your reserve line of credit at the bank?I incurred $10k in my reserve line of credit & the bank deducts $400/mo for it, most of which goes to interest. My credit isn't good enough to get the interest rate reduced with a personal loan & I have little funds on any of my credit cards to do a cash advance. What happens if I withdraw all of my funds... | |
Your debt goes to collections and you are reported to the ChexSystem. That system blackballs you with all banks thus no bank accounts for you any where. Collection agencies will call you day and night 7 days a week. Eventually they sue in court and you owe balance of debt, interest, late fees and court costs. That 10k is about 23k. The court issues a judgment and your pay is garnishee. If you currently have a judgment against you for that money then the court could hold you in contempt of court and arrest you
