When we need money, it is very common for us to resort to a loan
It can be a bank loan or a quick online loan, which has become increasingly popular due to its many advantages.
At the moment we sign a loan contract, we are committing ourselves to return the money that has been lent us in a certain way and within certain deadlines.
Avoid consequences for non-payment of a loan
It may be monthly or quarterly, or we are talking about a single full payment of the full loan and interest.
Anyway, whenever we request a loan, we promise to return that money, and if we do not, this ” lack of the word ” has its consequences, we should not believe that if we do not pay, nothing will happen.
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What are the consequences of not paying a loan?
Depending on the policy that the lender in question has in relation to the non-payment of the loan, the consequences can be diverse.
However, as a general rule, the first thing that the financial institution will do to which we do not return the money it has lent us, will be to apply economic sanctions, which will be added to the debt that we already have.
The economic sanctions that the financial institution will apply will vary depending on the amount that we have requested and the time that we delay in paying.
They can be of the following types:
- The interest of delay: This interest cannot exceed by more than two points the interest rate agreed with the lender, and begins to apply from the first day of default.
- Commission for claiming debit positions: the entity will charge us a fixed amount ( usually between 25 and 35 euros ) for each time you have to contact us to request a refund of the loan. That is to say: if he calls you by telephone to ask you to return the money three times, he will apply 3x the amount that he has stipulated.
- Commission by overdraft: in case that to pay the loan we have to remain in the red in the account, although this will not be charged by the lender, the bank will do where we have our account.
Files of defaulters
The most common thing that comes after the lender tries to return the money ” for good “, is that if we continue without facing the debt, we include in some file of debtors such as ASNEF.
In addition, if we enter a file of defaulters for a debt of a loan, no lender, although offering services to people with ASNEF, will accept an application.
Legal measures and embargo
If we continue without paying the loan, the financial institution to which we have requested the money can take legal action against us and make us return ” by force ” the money we owe, by seizing our bank account or our assets.
As you can see, not returning a bank loan can have dire consequences.
Do you want to know how you can avoid them in case you can not pay the loan on the stipulated date? Do not go.
How can I avoid these consequences?
i have to many payday loans. There are several options for example payday loan consolidation that you can resort to if you find yourself in an unexpected situation in which you will not be able to return loans within the stipulated period.
It is important to be clear that for any of the points we are going to see to be effective and accepted, you must be transparent with the entity and communicate with them in advance.
- Extension. In many entities, we have the possibility of extending the term of the refund in order to have an ” extra ” time to collect the money. It is urgent to bear in mind that this extension will entail an increase in the cost of the loan since it will be linked to some interests.
- Period of lack. In many cases, we can request a grace period and not pay the debt for a few months, or just spend those months paying the interest generated by our loan, without returning money properly.
- Negotiate a new term. We can sit down with the lender and negotiate a new repayment term to change the loan terms and conditions that best suit our needs at this time.
Remember that to avoid the consequences and that any of these three points can be made reality, you must notify the financial institution in advance.