Curious to know what happens after missing an installment??

[th2om8as7]

Hi all,

 

I'm curious to know what actually happens on the bike shop's end after missing an installment all the way till they reposes your bike and resell your bike?

 

Anyone experienced in this?

[azr123]

I think they will only repossess if you missed a few months of installments.

[leong77]

Why dunn pay installment? If you cant pay, go back to the installment and discuss with them.

[Harryho]

They will still Go after what you owe in arrears as well as recovered for losses in selling your bike plus admin, interest and legal costs. This can turn out to be hell more than u initially owe.

 

Don't ever think of escaping especially if it's a big amount. More than $10k u can b made bankrupt.

 

Even for small amount, they can hire license debt collectors to do the job; in which it can b very nasty and embarrassing if they turn up in your office.

 

I have been with my friends to collect debts and it is something that u will least expect them to do n u do not know what actually 'hit' u.... all within the 'legal' framework.

 

It is best that you settle with d bike shop to restructure ur loans.