The credit system is now fairly well developed and is deservedly popular among both the general public and organizations. The financial loan scheme developed by banking experts covers almost all questions that arise in this market for services. A large number of different programs are currently offered: consumers, mortgages, education and many others.
But what happens if you don’t pay the loan and violate the bank agreement? What measures will the bank take and how quickly will this happen? Will this result in termination of the contract or loss of collateral? What are the real consequences if you don’t pay monthly installments on time? We will try to consider options for developing such situations.
Loan disbursement is unfortunately a common phenomenon
They came about for various reasons: the borrower ran out of money or simply forgot to transfer the necessary amount to the bank in good time. Inattentiveness could make money transfer errors or the borrower deliberately chose to break the contract with the bank. Each case is viewed from the point of view of the contract concluded with the bank. It becomes clear what happens if you don’t pay a loan. The bank’s measures towards non-payers also result from the contract concluded.
The loan is not paid and usually offers a repayment guarantee
In most cases, a deposit is required, which is opened in the same bank. The borrower’s movable or immovable property can be a guarantee. For organizations that buy equipment through the bank, the loan mortgage can be the technique itself. There are contracts that are designed in such a way that the bank is entitled to borrowers or guarantors of the loan in the event of refusal to pay.
It turns out that you can’t return the money, but you lose all property for it
That’s the only sure way to legally refrain from paying the loan.
But if you have temporary financial difficulties, that is, a real opportunity to get a deferred payment. For example, you can request a written application to the management of the bank asking for the loan terms to be changed, stating the reasons why it cannot be paid in time. The decision will depend on the bank’s policy towards nonpayers.
If you really don’t have the ability to pay a loan yourself in the distant future, then we have to act according to the law. If the amount of the debt exceeds the total cost of the collateral, the bank will seek compensation and try to delay the process as long as possible in order to collect interest as much as possible. But the bank’s plans do not include a too long examination of the claim, since after three years all financial claims on you will cease.
Try to make monthly amounts in the amount that corresponds to your income – it is important for the court and the bank that you do not refuse to pay, but simply do not. Now the court will decide what happens if you don’t pay the loan.
Maintain official correspondence
If there is a need to discuss the application. Do not pay attention to the collectors, the maximum that they can – it bores you on the phone, which you can simply turn off. If you do not have the property you are registered for and you have nothing to sue, all you have to do is wait for the court decision.