What happens if you do not pay the loan?

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lending system is now quite well developed and is popular both among the population and among organizations.Developed by experts bank financial loan scheme covers almost all the issues that arise in this market.Currently it offered a lot of variety of programs: consumer, mortgage, education and many others.

But what happens if you do not pay the loan and break the contract with the bank?What action will take the bank, and how soon will it happen?Whether this will lead to termination of contract or loss of collateral?What are the real consequences may be, if time does not pay monthly fees?We will examine options for the development of such situations.

defaults on loans, unfortunately, quite common.They occur for various reasons: the borrower has run out of money, or he just forgot to transfer the required amount to the bank.It could be made an erroneous transfer of money on the negligence or the borrower deliberately decided to break the contract with the bank.Each individual case is considered in terms of the contract signed with the bank.It clearly stated that there will be, if you do not pay the loan.The measures being taken by the bank in relation to the non-payers, also arise from the concluded contract.

bank knows exactly what will happen if you do not pay the loan, and usually secures a guarantee of repayment.More often than not require a deposit, which is opened in the same bank.Or guarantee may be movable or immovable property of the borrower.For organizations that acquire equipment through a bank guarantee of repayment of the loan can be the technique itself.There are agreements that are designed in such a way that in case of failure to repay the money, the bank put forward a claim to the co-borrower or guarantor for the loan.

turns out, you can not return the money, but instead lose any property - it is the only sure way to legally avoid paying the loan.

But if you are having temporary financial difficulties, then there is a real opportunity to get a delay of payment.For example, you can make a written request to the management of the bank with a request to change the terms of repayment of the loan, stating the reasons for which he can not be paid on time.The decision will depend on the bank's policy pursued in relation to the non-payers.

If you do not really have the ability to pay the loan even in the distant future, and here we must act according to the law.If the amount of the debt exceeds the total value of the collateral, the bank will sue for damages and will try as long as possible to delay the process to take as much interest.But too long consideration of the claim not included in the plans of the bank, because, after three years, all financial claims against you to stop.

Try to make monthly amounts at a rate that matches your income - for the court and the bank's important that you do not refuse to pay, but just can not.Now the court decides what will happen if you do not pay the loan.

Lead official correspondence if there is a need to discuss the complaint.Ignore the collectors, the most that they can - it bother you on the phone that you can just turn off.If you have not drawn up on you property and sue you nothing, it remains just wait for the court decision.