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UNSECURED LOAN

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goodluck		#1 Posted : Tuesday, June 21, 2011 5:52:34 PM
Rank: Member Joined: 9/12/2006 Posts: 50		How do banks insure about unsecured loans. QS-What do they do when somebody default? -When there was nobody who guarented you? -When the defaulter cant be traced? -The the defaulter has been traced but he cant be able to pay beacuse he lost his job. ? - The defaulter has been traced but the property he is having cant offset the whole loan.
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veteran		#2 Posted : Tuesday, June 21, 2011 6:43:52 PM
Rank: New-farer Joined: 12/1/2009 Posts: 25 Location: Nairobi		when u default, they will add will charge u some amount on your account, its quite rare not to have a guarantor, when u cant be traced, they will try ur family or close relatives, if u r unable to pay they will try to reschedule the loan, if not enough money in your assets they will go for even the guarantor's. the %age of the money they cant recover tend to be a bit low these days, but in case they cant they will write it as a loss somehow.
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mukiha		#3 Posted : Wednesday, June 22, 2011 1:23:29 PM
Rank: Elder Joined: 6/27/2008 Posts: 4,114		It's the risk they take; simple! "Provision for bad and doubtful debts" If the amount in question is "too small" they simply write it off and move on... they don't want to live their life with the eyes permanently in the rear-view mirror! These days, the names are also given to the credit reference bureaux. Nothing is real unless it can be named; nothing has value unless it can be sold; money is worthless unless you spend it.
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