Personal credit is seriously damaged. Personal credit information will be affected, and it will seriously enter the "blacklist of Lao Lai". Coupled with the previous bad record, it can be said that it is worse. Bad records cannot be eliminated. Severe cases may not be able to live daily. For example, high-speed trains and planes can't sit, and the money in Alipay may be deducted at any time.
Demand payment. Generally speaking, the telephone collection will begin more than three days after the last repayment date. If the arrears are delayed, the lending institutions will no longer have hope. Only when they are disappointed, the next action is likely to be door-to-door collection.
Bring a lawsuit to court. If the collection is unsuccessful, the lending institution will take out legal weapons to safeguard its rights and interests. In the form of mortgage loan, the court will be advised to auction the collateral, and the proceeds from the auction will be used to repay the remaining principal and interest, attorney fees, legal fees and other expenses. If there is any surplus, it will be returned to the borrower in full.
Note: don't think that it doesn't matter if the black households don't pay back. In fact, these consequences still have to be borne by themselves.