Being sued for overdue repayment will have the following consequences:
1. Legal disputes: Overdue borrowing may cause the lending institution or lender to take legal action and sue the borrower in court. In court, the borrower may face judgment liability, including recovery of principal, interest, and late fees.
2. Increase in costs: Overdue borrowing may lead to the accumulation of interest and late fees, which will increase the repayment amount. At the same time, the borrower may also need to pay related costs such as legal fees and attorney fees.
3. Bad credit record: Borrowers who fail to repay overdue loans may be included in the personal credit report system, which will affect the personal credit record. A poor credit history will cause borrowers to have difficulty applying for loans, credit cards, etc. in the future, and may result in a lower credit rating.
4. Forced execution: If the borrower is ultimately ordered to repay the debt, but the borrower still refuses to perform, the court may take forced execution measures, such as seizing property, freezing bank accounts or enforcing wages, etc. to achieve the goal. the legitimate rights and interests of creditors.
5. Impact on life stability: Overdue loans may bring economic and psychological pressure to borrowers, affecting their life stability. In addition, legal disputes arising from unpaid debts can consume time and energy and have a negative impact on one's work and family relationships.
Summary: Being sued for overdue payments can lead to legal disputes, increased costs, bad credit records, forced enforcement, and an impact on life stability. It is recommended that borrowers should repay on time to avoid overdue situations, and maintain communication with lending institutions or lenders to seek solutions to avoid further deterioration of the consequences.