Many not-so-pleasant things can happen to you if you don't pay your prestige card and student loans.
Here's what happened to me...
What Happens When You Default On learner Loans and prestige Cards- Part 3/4
I started getting letters request me to pay the loans in full. When I ignored them, I started getting more letters. At first the letters are kind of friendly.
"In case you've forgotten or didn't receive the last letter"... Then they get stronger. "Warning: You are late with your payment"... Then they get threatening. "Legal operation Pending"...
Then, One day a letter comes saying - This is your Final notice.
I view "Good, at least I won't have to hear from them anymore" - Wrong! - More letters keep coming. I ignored these letters for a very long time.
And then one day The letter comes telling me that I will Not be receiving my State earnings Tax refund Money. The money is being withheld to pay a debt. Oh Crap!... I was counting on that money.
Oh well, let me just get on with my life.
Time passes, I forget about it. Life is good. And then one I go to the bank to withdraw some cash out of the Atm machine.
"Sorry, that transaction is not available at this time".
"Stupid Atm machines" I think. I call customer aid to tell them off and complain, and I'm informed that there is a "Freeze" on my account.
A "freeze" on your account is like a banking Black Hole. Nothing can escape. You can put money in, but you can't take it back out. Nothing comes out... No money. The account is now dead and the money in the account stays there until the matter is cleared up.
Or so I thought... Meanwhile, the automatic deductions that I had previously set up and which had worked just fine for such a long time, no longer go through or get paid.
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