Each person in his life may face a difficult situation when he scored loans, but there is nothing to pay. The reasons that can cause this problem are always different, but a loan is an obligation that must be fulfilled.
What to do when there is absolutely no way to continue servicing the loan program? First, there are small delays in necessary payments, and the bank begins to charge various penalties to the borrower and, possibly, require early repayment of the loan. Typically, the actions of employees of a financial organization are well-founded and lie within the framework of an agreement concluded with a client. However, this is not entirely and not always the case. So what if there is nothing to pay the loan? How to understand: what actions of bankers are legitimate and which are not?
What you have to pay anyway
This usually happens in the case of credit programs issued for a long time. For a long time, the borrower regularly made payments and fulfilled its obligations, but at some point he stopped paying. As a result, the time comes when the bank notifies the client that the amount of his debt has increased several times from the borrowed
money supply, and it must be repaid immediately. In case of refusal, the banking structure is threatened with going to court and holding liable for fraudulent activities. Many at such a moment simply give up, although they have every chance to defend their freedom and rights.
So what if there is nothing to pay the loan? First of all, you need to properly understand what the debt presented by the bank consists of. This can be done simply by contacting a financial institution with a written statement. The bank is obliged to provide all the required information as soon as possible. Typically, a debt consists of the following parts:
- The body of the loan. It will have to be returned for any outcome.
- Interest. Usually agreed upon by the contract and paid in any case.
- Forfeit. It is on it that you need to pay attention, because it usually makes up the vast majority of the total.
In this case, it is necessary to file a statement of limitation of action , which is 1 year. This means that if you took a loan, there is nothing to pay, then the maximum possible penalty can be charged only on payments made during the year.
Procedure for loan overdue
What to do if there is nothing to pay a loan? First of all, you need to understand that the last thing you should do is hide from the bank collector service. Typically, organizations are happy to meet the borrower and provide loan refinancing services. It should be remembered that the financial structure primarily seeks to get profit. It is unprofitable for her to go to court, hire a collection service and look for the deadbeat. All these actions require additional costs, and the bank just wants to return its money, and not spend new ones. That is why you should not be afraid of actions by a financial organization in case of possible problems in servicing a credit program. In the event of unforeseen situations and the threat of violation of the payment regime, you should immediately contact the bank and put on its shoulders the issue of restructuring, refinancing or re-lending of the current loan. To do this, you need to submit an application in the appropriate form and provide all available guarantees for the return of the debt. No need to think about what to do if there is nothing to pay a loan. We must act decisively and cooperate with the bank.