In 2011 I shut down a failed business only to realize I had personally guaranteed a high five-digit loan. I offered the bank 50 cents on the dollar to release m

In 2011 I shut down a failed business only to realize I had personally guaranteed a high five-digit loan. I offered the bank 50 cents on the dollar to release me, they told me to get lost ... so I did. I silenced my phone while agencies called me for about three years. (Interestingly, that's the only thing they did - I never got a letter or an email or a text.) The collections agencies went away, my credit was never dinged, and I learned that receiving on-demand phone calls are 100% unnecessary in my life. Re: credit YMMV. I fully expected my credit to be impacted, as it well should have.