If you have hired a personal loan but, for work, medical or personal reasons, you have not been able to cancel the fees and you are facing a situation of default it is important that you know what can happen to you and the sanctions that you will have to face. Let’s review each point in the next article. Criticism at http://www.jj-technique.com/banking-puts-obstacles-to-the-financing-of-80-of-smes-according-to-the-cameras/
When hiring a personal loan you always do it with the idea that you can assume the fees agreed in the agreement, however, the different circumstances of life often prevent you from fulfilling your responsibilities.
In this case, what happens if you can not cope with one or more of the monthly payments on your bank loan?
1. The call of the bank
The first thing you should know is that as soon as you stop canceling one of the installments, the bank will contact you to inform you of the situation. Given this, we advise you not to try to hide the situation in which you find yourself and face it with all sincerity. No banking entity likes that its clients “disappear” after they have stopped paying.
Once you have contacted the bank, the responsible person or your account executive will explain the different economic sanctions that you will face.
2. Economic sanctions
Although the penalties will depend on the bank where you have contracted your loan and the specific conditions of the contract, you should know that these exist for all those people who have unpaid fees and represent the first way of solution by the entities.
Remember that depending on the amount of debt and the time you have not paid, the economic sanctions may be the following:
Default interest are those that the bank can apply from the first day of delay in the payment of a fee for a bank loan. These interests are fixed by Law and can not exceed the agreed interest rate by more than two points.
This commission is generated at the moment in which the bank must give notice to a client that has a pending or unpaid debt. In general, the commission of debtor positions usually ranges between 25 and 35 euros, however, each entity manages its own values. Remember that all these commissions will accumulate to the initial debt until the moment you get up to date on the payments.
3. The delinquent file
This point is very important, because you should know that from the second unpaid installment, the bank has the right to enroll you in a delinquency list. The most popular file in Spain is Asnef, but there are also others such as Rai or Experian.
And, although this measure is not an economic penalty, being part of a file of defaulters means that it will be almost impossible to access new financial products in the future. The only solution will be to get a lender who agrees to grant you a bank loan or directly apply for a loan with Asnef.
4. The judicial way
If the problem is more serious than you thought and you accumulate three or more unpaid fees, the financial institution can carry out legal proceedings against you to recover the money owed.
Generally, banks do not act alone and hire specialized collection companies. In case the trial continues its course you will have to pay all the accumulated debt plus the commissions for delay.
5. The embargo
In case you do not have the money that is requested, you will resort to the last stage of the process: the embargo. In this case, if your loan had a specific guarantee, it will be executed by seizing all those assets. However, in the case of a personal loan or if there is no particular guarantee, you will have to respond with your present and future assets (without the need to specify any in particular).