We can not know what will happen to us in five or ten years, so in the design of the loan, few people think about the loss of the possibility of paying for debt obligations.
If, after all, it happened so that you have nothing to pay for the bank debt, then in our article we will tell what happens in such a situation.
In case of the impossibility of making monthly payments to the borrower and the education of debt, the lender is trying to solve this problem peaceful.
First, the Bank’s employees are trying to contact the client and find out why he does not fulfill its obligations under the loan agreement. And if the bank can offer a debtor some conditions under which such payment will be possible, the bank will do it.
This means that the amount of debt increases every day. And at some point it can lead to a more deprecious consequences for the borrower.
The Bank is right to sell your debt to another lender, or, more worse, collector agencies.
In the case of collectors, the debtor receives a lot of unpleasant measures related to the recovery of funds. For example, collectors can come to your place of accommodation, disturbing you with endless calls.
All this deprives the debtor of a quiet existence. The collectors can also declare you to work or make calls at the address of employment with the requirement to return money.
An extreme point in the issue of non-payment of the amount of debt becomes collapsed into court with a claim.
The Bank has the right to demand from you not only the return of funds, but also repaying legal costs.
Next, with an unfavorable outcome, judicial bailiffs can take care of you. Their task is to return the debt on the loan by the arrest of maps and accounts, write off the part of wages, as well as the implementation of your property.
It is important to understand that all the actions on the loan are recorded in the Bureau of Credit Stories. If you stop executing obligations under the loan agreement, then your credit history will determine that in the future will become a huge obstacle in the design of a new loan.
Your credit reputation will be known to all banks in which you contact a loan application, so it’s stupid to expect that without paying the current loan, you will be part of the problem in the future.
The loan failure can turn into undesirable consequences for you, up to the deprivation of rights to property, if the property is unique.
To avoid the proceedings with the Bank and continue to pay the loan, you can use the refinancing feature of your loan on favorable terms, for example, from another lender.