Please enable JavaScript.
Coggle requires JavaScript to display documents.
Consequences for poor money (Inability to Get Credit, Repossession…
Consequences for poor money
Repossession
Repossession is when a car or item that you own has not been paid for its insurance or other payments for the item and you can know longer own it unless payed off.
Well if you have not paid for your possession of item it can get repossessed
Letter of Demand/Default
Notice
This is a letter or notice from the creditor (the person/company who says you owe money) which demands that you pay a set amount by a certain date or court proceedings will be started.
Social/Personal Issues
A personal problem is one involving the person, whereas a social problem is one involving society.
Unmanageable Debt
People who can not keep count of the people they need to pay back and not able to manage your dept which leaves you with unmanageable dept
This can be a problem because is can effect you if people keep calling you and needing the money when you cant give it because your stuck up with another debt.
Harassment From Debt
Collectors
Debt collectors can't harass, oppress, or abuse you or anyone else they contact. Some examples of harassment are: Repetitious phone calls that are intended to annoy, abuse, or harass you or any person answering the phone.
Foreclosure/Mortgagee
Sale
Foreclosure is a legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments
They need to rebalance your loan so they can take things you own that have profit
Bankruptcy
Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts.
You have no money to pay back all your debt and it can become a big problem for the business because they are not getting there money
Inability to Get Credit