You're right that the bank's involvement stops as soon as the debt is sold, but depending on how lucky you are, your debt may be split up or combined with other debt and sold on, or collection agencies can be hired to try and collect on the debt.
As far as I know, the bank isn't a bad institution to be indebted to. It's the people your debt gets sold to that you need to be afraid of.
As far as I know, the bank isn't a bad institution to be indebted to. It's the people your debt gets sold to that you need to be afraid of.