Unfortunately, many of us, when applying for a fairly decent amount of money, are not able to correctly assess our financial capabilities. Often we forget that even one day of delay can result in huge fines and penalties. According to available statistics, two thirds of the total number of borrowers are in arrears. Therefore, it is not at all surprising that many of them are interested in whether it is possible to write off bank debts legally.
Can I not pay on loans with impunity?
If the borrower does not make mandatory monthly payments over a long period, then the bank representatives are forced to take extreme measures. The only thing they can do in this case is to initiate a trial. After the court decides to collect the debt, the relevant decision will be handed over to the bailiffs. From now on, it is they who have to slow down the careless borrower. But, fortunately, their powers are not too broad. According to the current legislation, bailiffs have the right:
- through the tax office to find out the official place of work of the borrower and monthly calculate half of his earnings;
- arrest the debtor's accounts, if any, and write off the amount of debt already from them;
- arrest a car drawn up by the borrower.
By law, bailiffs do not have the right to take an apartment, which is the only housing. If the borrower is not officially officially employed anywhere and does not have bank accounts and valuable property, then the only thing that bailiffs can do is to close their trip abroad. The bailiff who is convinced of the hopelessness of the recovery sends a document confirming this fact to the bank. In this situation, the bank has to agree to the legal write-off of loans. However, you should not think that this is a widespread practice. As a rule, this happens in extremely rare cases.
The most realistic reasons for starting such a procedure
As a rule, banks are extremely reluctant to write off expired loans legally. To run this procedure, you need very good arguments. Banks agree to such a disadvantageous step only if:
- The loan was issued on the basis of fake documents. In such situations, law enforcement agencies start dealing with fraud.
- The financial institution has a huge amount of bad loans and employees missed the statute of limitations.
- The bank lost the court, which ordered it to legally write off the debt on the loan.
Other common reasons for starting this procedure are the death or loss of the borrower. If after the deceased there is no inheritance that could be divided between his relatives, no one will repay his debt, and the bank will have to start the legal write-off of credit debts. The same goes for missing borrowers. If, over a period of time, law enforcement agencies cannot find him, then they issue a document to the bank confirming his disappearance.
A few words about the statute of limitations
Domestic legislation provides for such a concept as the statute of limitations. It is it that allows borrowers to hope for a legitimate write-off of credit debts. So, the time during which a financial institution has the right to judicially recover debt from an unscrupulous borrower is three years. However, in the process of determining this period, it is necessary to take into account a number of important nuances.
First of all, it should be understood that the starting point is the date of the last payment. In addition, representatives of the bank begin to work with troubled borrowers after a 30-day period after the delay. Three months later, the legal department joins this process . If after 90 days the debtor has not made the necessary payments, the bank will sue. As a result of this, the reference point is zeroed. From this moment, a new countdown begins.
What precedes debt relief?
Some borrowers mistakenly believe that lawfully writing off credit debts is a simple procedure. In practice, it is preceded by a number of specific activities. Do not forget that the bank can begin recovery by using the services of special departments specializing in working with distressed assets. In addition, he has the right to get rid of financial ballast by selling it to a collection office.
What if the bank sold debt to collectors?
Before recognizing the debt as hopeless, a financial institution may make another, this time the last attempt to get at least something from this overdue loan. Recently, a lot of collection offices have appeared, which are buying up distressed assets for nothing. It is possible that the bank will decide to sell your loan to one of these companies. Therefore, the debtor should be prepared for a new meeting with collectors. As a rule, the latter try to come to an agreement peacefully, without exerting excessive pressure on the borrower. They can offer restructuring on rather favorable terms or even forgive some part of the debt. But if the borrower, in this case, is not influenced by the exactors, then the final and legal write-off of credit debts takes place.
Conclusion
Making a loan, you need to properly evaluate their own capabilities. Before you go to the bank, you need to carefully analyze the situation and really think about how much will not turn into an intolerable burden for you. Those who nevertheless find themselves in a difficult situation can be advised to seek the help of a qualified lawyer who will tell you a way out of this situation. Hoping to write off the debt, one should not forget about the possible consequences. As a rule, unscrupulous borrowers are put on the so-called black list, as a result of which not only his credit history, but also his reputation is spoiled.