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This unpaid debt can lead to a serious problem for businesses: garnishment. Bank account garnishment can create serious cash flow blocks for companies of all sizes, and those cash flow problems can compound into other issues, like payroll concerns and late payments on other accounts.
As the fees pile up and the interest compounds, you might face a debt collector or even a civil lawsuit. The resulting court judgment remains public for seven years, and a successful lawsuit can lead to garnishment of your wages or even seizure of your assets. If you’ve started considering a payday loan, just stop now.
Don’t let a debt collector bully you into paying an amount you can’t afford or that causes you to let your other financial obligations slide. Creating a DebtManagement Plan. While debt collectors aren’t required to accept a payment plan, they can be a great way to get a debt paid off. Money Transfer.
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