to many loans

Hi big john
Welcome to the forums

You have a huge number of debts and if you do not repay them within the time limit then the creditors can bring against you a judgement order from the court. If the creditors succeed in bringing a judgement order then they will have the power to seize your property and sale it off to recover their amount.

In addition they can make continuous phone calls to threaten you or to harass you. In case any of the creditor threatens you or try to adopt unfair ways to collect the debt then as per fdcpa it will be a punishable offence and the creditor or creditors are liable to be punished.You can also lodge a complain in FTC or sue the creditor or creditors in the court.

In order to keep yourself away from all this you should pay off the debt in time or else you can go for a debt consolidation program where your large number of debts will be consolidated into one debt.

Further a debt consultant will negotiate with your creditors and if the negotiation is successful then your total amount of debt will be reduced to the extent of 40% to 60%. Also your interest charges will be reduced and your late fees will be eliminated.
Please do pay off the debt in time and do not stress yourself out.

Hope to hear from you soon

Regards
Peter

On a moral side, it's good to repay what you borrowed. I know that the money that was placed in my bank account was not mine, and so I know I should give it back when I can.
Even if the companies' intention is to rip you off by taking more than you borrowed, you should still give back ONLY what you were given.