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Old 05-10-2018, 09:07 PM   #4896
eric3743
Supremacy Member
 
Join Date: Jun 2016
Posts: 6,102
What kind of problems will occur if we ignore the LML? Other than the loan interest and late charges continue to run? After 6 months become bad debts, not sure what will happened to the loans? Interest and late charges continue to run forever? Cannot be right?

Although they can still claim from us, but if the amount is small usually they are unlikely to engage lawyer to sue? Even if they engage lawyer to issue writ of summons, the costs for them will be high, and unlikely to get back the money? Hence not worth for them to pursue further?
For your info.

Any lawyer fees will be bored by you as billed to your account.

Worst case scenario is that they can apply Court to seize.. and in the long run you may be made bankrupt.

Although the cost may be small in the very beginning it will definitely increase as time goes on and continue to grow larger.

In the end your debt will grow in multiply times and become a major issue to you.
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