The credit system is now quite well developed and enjoys well-deserved popularity both among the population and among organizations. The financial loan schemes developed by bank experts cover almost all issues arising in this market of services. Currently, a large number of a wide variety of programs are offered: consumer, mortgage, education, and many others.
But what will happen if you do not pay the loan and violate the contract with the bank? What actions will the bank take and how soon will it happen? Will this lead to the termination of the contract or to the loss of collateral? What are the real consequences if you fail to pay monthly fees on time? We will try to consider options for the development of such situations.
Credit defaults are, unfortunately, a fairly common occurrence. They occur for various reasons: the borrower ran out of money, or he simply forgot to transfer the necessary amount to the bank on time. An erroneous transfer of money by negligence could be made, or the borrower consciously decided to violate the contract with the bank. Each specific case is considered from the point of view of the agreement concluded with the bank. It clearly states what will happen if you do not pay the loan. The measures taken by the bank in relation to non-payers also follow from the concluded agreement.
The bank knows exactly what will happen if you do not pay the loan, and usually provides yourself with a guarantee of a refund. Most often, a deposit is required, which is open in the same bank. Or a guarantee can be a movable or immovable property of the borrower. For organizations that purchase equipment through a bank, the equipment itself may be a guarantee of a loan repayment. There are agreements that are drawn up in such a way that in case of refusal to pay money, the bank brings a lawsuit against the co-borrowers or
guarantors of the loan.It turns out that you can not return the funds, but instead of losing any property - this is the only sure way to legally not pay a loan.
But if you have temporary financial difficulties, then there is a real opportunity to get a deferred payment. For example, you can draw up a written statement to the bank's management with a request to change the loan repayment terms , indicating the reasons why it cannot be paid on time. The decision will depend on the bank’s policy regarding non-payers.
If you really do not have the opportunity to pay a loan even in the distant future, then here you must act according to the law. If the amount of the debt exceeds the total value of the collateral, the bank will file a claim for damages and will try to drag out the process as long as possible in order to collect as much interest as possible. But too long consideration of the claim is not included in the bank’s plans, since after three years all financial claims against you will cease.
Try to pay monthly amounts in the amount that matches your income - the fact that you do not refuse to pay, but simply cannot, is important for the court and the bank. Now the court is deciding what will happen if you do not pay the loan.
Keep official correspondence, if there is a need for discussion of the statement of claim. Do not pay attention to the collectors, the maximum that they can do is bother you on the phone, which you can simply turn off. If you do not have property drawn up for you, and you have nothing to sue, then you just have to wait for a court decision.