The popularity of using a credit product is only increasing over time. This bank service is very convenient and is an integral part of the life of modern citizens. Today you can buy almost anything on credit. Credit organizations are happy to help, as they make good money on this.
The flip side of the coin, or what problems should be expected
A joyful feeling of well-being and a small victory, when a small bundle of fresh bills appears in your hands, gives inspiration and a sense of fulfillment of desires. The bank has approved the loan, a formal loan agreement has been concluded, with the obligation to repay monthly installments clearly and on time.
There are different situations in life, any respectable borrower may suddenly become insolvent. If you cannot resolve the issue directly with the creditor, you will be sued. In such cases, as a rule, the court takes the side of the bank. Further, by all legal means, they will withdraw the amount of debt and interest. The case will be transferred to the bailiffs. They will make an assessment of your ability to pay, see how you live, check the availability of valuable property. In parallel, bank employees will be calling, angry letters will come. Travel abroad is likely to be blocked. If the amount of the seized property is not enough to pay off debts, a writ of execution will be written out for you. He will be transferred to the place of work and a certain percentage will be deducted from the salary, according to the law, the maximum deductible amount cannot be more than 50% of earnings.
What are your actions
If your insolvency is real, you are in a positive mood and want to repay the debt, ask the court and the bank for an installment plan. Confirm your poor financial situation with a salary certificate or information from the employment center that you are out of work at all, from the traffic police - that you do not have a car and other supporting documents. The more you provide them, the better. By contacting the plaintiff, you can protect yourself from many unpleasant actions in your direction.
When a borrower stops paying monthly installments on a loan, calls, messages, and sometimes threats start automatically. You have the right to apply to the prosecutor's office with a request to protect yourself from such misfortunes. You are not required to communicate with such bank intermediaries. Some banks are opting for a different tactic, simply imposing penalties from the moment a payment is delayed. At the time of going to court, the debt may be ten times more than expected.
More cunning defaulters, when such a situation arises, begin to rewrite the property to strangers, and take out everything of value from the house in order to avoid the seizure of property. This makes sense, since the bailiffs will not stand on ceremony, they will seize everything that is possible. At work, you can provide a notarized consent to pay alimony to disabled parents or your child in the amount of 50% of the charges. Then it will not be possible to deduct a loan from your salary, since more than 50% is not deducted.
If you disagree with the bank's decision, consider its actions illegal or there are disagreements about the loan amounts, prove your case, or better, get ahead of the bank and sue to establish an installment plan. Credit conditions in all banks are different, for late payments they can charge fines and penalties unilaterally, without notifying the borrower. You can hire a lawyer, an experienced specialist will help in solving the case and save the amount of costs.
There is a concept of "limitation period", it is three years, after this time the debt is recognized as hopeless, and the bank can write it off at its discretion. If this happens, you will no longer have to pay off your debts. But blacklisting is guaranteed to you.
Before taking out a loan, calculate your possibilities. If an insolvent situation arises, try to behave according to your conscience, more than you have - they will not be taken away. Pay the debt whenever possible, or hope for a statute of limitations.
