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What Creditors Can Do If You Don’t Pay

Banks’ main vulnerabilities are their exposure to highly indebted households through residential mortgage lending, together with their sizable short-term offshore borrowing. Household debt is high at about 150 percent of disposable income but is held mainly by higher income households. Moreover, exposure to high-risk mortgages is small. The potential risks associated with household lending are mitigated by a number of factors, including banks’ prudent lending practices and Australian Prudential Regulation Authority (APRA)’s conservative approach in implementing the Basel II framework. Banks also have reduced their use of short-term offshore wholesale funding by increasing deposits and lengthening the tenor of their. | CONSUMER TIPS This publication is intended to provide general information only and is not a substitute for legal advice. What Creditors Can Do If You Don t Pay When you use credit to make purchases or pay for services and fail to CONTENTS Page make payments your creditors may take legal actions to recover the money owed. Common types of credit are bank loans bank account overdrafts lines of credit credit cards finance agreements student loans payday loans etc. UNSECURED CREDIT CONTRACTS 2 This publication describes the legal action a creditor may take if you do not pay your debts. IF A CREDITOR SUES YOU 3 ENFORCEMENT OF JUDGEMENTS 4 GARNISHMENT 5 DO YOU OWE MONEY TO A BANK 6 AFTER YOUR JUDGEMENT IS PAID 7 Note A creditor can hire a collection agency to collect unpaid debts. Refer to the Service Alberta website to see our publication Bill Collection and Debt Repayment for information on what collection agencies can or cannot do. www.servicealberta.ca Consumer Informaton Tipsheets-Consumer Information. For more information about collection agencies contact Consumer Contact Centre In Edmonton 780-427-4088 Toll-free in Alberta 1-877-427-4088 www.servicealberta.ca DEBT COUNSELLING 7 LEGAL HELP 7 FOR MORE INFORMATION 8 SECURED CREDIT CONTRACTS Some creditors ask you to provide some type of security when you sign a credit contract. Security also called collateral is money or goods that you promise to give a creditor if you do not pay back your debt. Common types of security include savings bonds term deposits and property such as vehicles furniture or even a house. If someone has cosigned a loan for you their money or belongings may be the security for your debt. Your credit agreement will identify what you provided as security for your debt. If you sign a secured credit agreement and don t make your payments the creditor has a legal right to seize take the security and if the value of the security doesn t cover your debt the creditor may also sue you for any money left .