In the event of permanent defaults, Borrowell sells the debt to collectors, which is a rather unpleasant experience, as collection companies can often communicate with borrowers quite harshly, trying to put pressure. It can go on for a long time until you pay off the debt.
Another unpleasant aspect is that credit bureaus will get information about your situation. It will immediately and most negatively affect your credit score. After that, it will be challenging to count on loan approval from other Canadian companies. It will not last forever, but six years is long enough to have difficulties receiving financial support from lenders.