The company has the right to demand money through the court, which will make a decision and record the amount of debt. In this case, the court can take into account your difficult situation and set sparing conditions for repaying the loan (for example, repay the debt in installments). But you could agree on a change in terms of the loan yourself with the company. And in the case of a court, legal costs will also be borne by you (for example, a company may include legal costs in the amount of recovery, and the court will take them into account). The amount of your debt will increase.
It is likely that before the trial, collectors will join the case, who will call you and remind you of the debt. No need to fear them, expect aggression or violence. Remember that collectors are required to act within the law if the collector warns that a penalty is awaiting you for the delay and the court is legal. But if threatens with physical harm, intimidates – immediately contact the police, the law is on your side.
If you do not pay even after a court decision, then wait for the bailiffs. They can recover bank accounts and valuable property that you have (within the limits of your debt).
If you took a loan on the security – for example, on the security of real estate, get ready for the loss of property. If you stop paying, the company has the right, after a court decision, to sell the security – that is, sell the apartment at auction.
If you had a surety when receiving a loan, then you can sympathize with him. Now he is responsible for your duty. The company has the right to require him to pay the debt.