What happens if I don't pay an IOU?
An example of an AI chatbot conversation about the consequences of not paying an IOU.
What happens if I don't pay an IOU?
If you don't pay an IOU, the lender may take legal action against you or seek to recover the debt through other means.
Can they report me to credit agencies?
Yes, if the IOU is formalized and you fail to pay, it could potentially be reported to credit agencies.
What are the legal consequences?
The legal consequences can include being sued for the amount owed, which may result in wage garnishment or liens.
Is there a time limit for them to collect?
Yes, there is typically a statute of limitations that varies by state, usually ranging from 3 to 10 years.
What should I do if I can't pay?
If you can't pay, consider negotiating a payment plan with the lender or seeking legal advice.
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