Often the desire to get what you want today and now does not allow a person to think carefully about their capabilities, in particular, solvency. Or radical changes in life (job loss, illness, etc.) create a situation where there is nothing to pay a loan. Naturally, each client of the bank understands that failure to fulfill debt obligations entails adverse consequences. Almost all debtors are tormented by the urgent question: " What will happen if you do not pay a loan to the bank?" Let's try to figure out this difficult situation.
Each agreement that is concluded between the borrower and the credit institution clearly defines the terms and conditions of debt repayment. It is agreed in what parts, in what period this should happen. The size of the penalty is also indicated, which will be charged in case of untimely payment of part of the debt. Then what will happen? If you don’t pay the loan on time, the representatives of any bank at first act absolutely correctly: politely inform the client about the amount of his debt. They also inform about the payment due date, the amount of which is already becoming somewhat larger due to penalties.
If a person does not pay the loan further, then after a certain period (which is also indicated in the contract), the management of a financial institution goes along one of two ways. In one of the options, the bank instructs to collect the debt of the collection company. Representatives of these institutions are famous not only for their perseverance, but also for incorrect behavior. Often they do not pick up polite phrases in order to explain to the debtor what awaits him. What will happen if you do not pay a loan to the bank further? Constant phone calls (even at night), stories that your house or car will be taken away are not the only methods of psychological attack.
However, it is worth noting that many banks are reluctant to take extreme measures. Therefore, in order to keep your nerves, things and real estate safe and sound, the first thing you need to do is go to the institution that issued the loan and explain to its representative what reasons have made it impossible to repay the debt in a timely manner. If the client has evidence of unforeseen circumstances, and they are really significant, they often meet him.
In many cases, they can cancel the fine or give a deferment. Then you don’t have to puzzle over the question of what will happen if you do not pay the loan. It should be remembered: representatives of the bank have every right to turn to bailiffs for help. By a court decision, they can appear before the debtor in order to seize his property or seize it. Such a turn of events is extremely sad for the debtor, because you have to part with the property, which will be valued much lower than its value. In addition to the amount of debt, in addition to interest and fines, the cost of legal costs will also be added.