Bank Default Consequences, Remedies and Prevention

What would happen if you get bank default? There might be three different types of issues that you could possibly face when you get bank default.
1-Financial Losses
2-Legal Issues
3-Social Issues
Talking about financial losses we discuss what steps bank would take to recover its loan amount.
Bank would approach you through its recovery agents who would ask you to pay back the loan in a different tone. Further bank will report SBP about your default case. SBP will update your loan details in its database that is called ECIB (Electronic Consumer Information Bureau).
This is database that keep the record of all types of loans of customer from all the banks under SBP and SECP.
When you get default and your CIB is corrupted you can not take loan to any bank. ECIB contains your loan data for two years.
further bank will keep you sending legal notices. You may face court case ad imprisonment for 3 years.
The defaulters face social embarrassment because his relatives, friends and business community know about his default status. defaulters family suffer too due to financial crisis.
As remedies you can go for one time settlement, loan consolidation and rescheduling of your loan in easy terms..
In prevention you should take your loan with responsibility. Take the loan as much as you need. Better avoid bank loan as it involves hectic loan taking processes

[@mohsindomelidomeli1881]

Sir

[@qmansar]

Je sir

[@mohsindomelidomeli1881]

@@qmansar Mara Problom Solve krva dy Sir Barwakt walo ki waja Sy ecib name ha .to Ya Kasy hatam jo Skata ha 31 july ko loan Repay kia tha abi uno Ny update ni kia

[@mohsindomelidomeli1881]

Mary pass NOC bi ha loan repay ment wali slip bi ha

[@mohsindomelidomeli1881]

koi help kry boht parshan ho bhai