What will happen if the loan is overdue for 1 day, a week? What are the actions of the debtor in arrears

Everyone who is going to take a loan or get a credit card needs to carefully study the section of the contract on the rights and obligations of the lender and the borrower in case of delay in payment of the loan.

It is desirable, of course, to make monthly payments in a timely manner, but in life there are various situations due to which the lender is not able to pay off the debt on time.

What are the deadlines and sanctions for the debtor to come if he overdues the payment of the loan

1. What does the bank consider late?

When concluding a loan agreement, the borrower receives a schedule in accordance with which he is obliged to repay the debt. If he does not repay it on time or repays in a smaller amount than indicated in the schedule, this will be considered a delay. Depending on the period of delay, the creditor will take certain penalties in relation to the debtor.

According to civil law, in case of untimely payment of a debt, the creditor has the right:

1. demand payment of interest accrued on the amount of debt;
2. file a lawsuit with the court if the debt is longer than 3 months and the debtor is hiding from the bank, does not respond to messages, calls, claims.

2. What are the penalties, if you delay the payment of the loan for 1 day, week, month - the period of delay and sanctions

2.1. Delay for 1 day and up to 10 days

Credit organizations do not consider late payment defaults of up to 10 days. As a rule, this time is attributed to any technical errors or human factor.

After 10 days, banks begin to charge interest on the amount of debt.

2.2. Delay from 10 days to a month

When past due from 10 to 30 days the bank accrues interest stipulated by the agreement on the amount of the debt, sends reminders to the debtor of the need to make payment, and in every way tries to contact the borrower. The latter should establish contact with representatives of the bank, in no case should you ignore letters and phone calls. Otherwise, you can get into the black list of malicious defaulters and pretty much spoil your credit history. Then it will be very difficult to fix it. We wrote about how to check a credit history and how to correct a credit history in our past articles.

We also recommend watching the video - “What is a credit history”:

2.3. Delay from a month to 3 months

During this period, the bank is entitled, if established by the agreement, to increase interest accrued on the amount of the debt, as well as apply penalties to the debtor. As much as possible the bank can increase the rate no more than 3-4%.

Also, a credit organization during this period employs an internal department for working with debt, whose representatives begin to actively call the debtor, his relatives and even the employer.

2.4. Delay for 3 months or more

Such a delay is considered long. If the creditor and the debtor failed to establish contact and discuss alternative ways to resolve the debt situation, the bank is entitled to apply to the court.

On the one hand, this has advantages for the debtor, since from the moment of filing a claim, interest and fines cease to accrue, and also, if the non-payment is due to good reason, at the request of the debtor, the court can reduce the amount of the penalty. We recommend reading the material - "How to declare bankruptcy"

However, when the judicial act enters into force and the creditor receives a writ of execution, he may:

• require the employer of the debtor to withhold a percentage of wages in payment of debt;
• apply to banking organizations where the debtor has opened bank deposits or accounts and to achieve repayment of the debt at the expense of available funds.

3. What to do if the loan is overdue - the actions of the debtor

In the event that delays cannot be avoided, the debtor necessarily It’s worth getting in touch with the bank.

To ease his financial situation, he may try to agree with the bank on:

1. Providing credit holidays;
2. Deferred payment;
3. Reducing the amount of the monthly payment when extending the loan period itself;
4. Credit refinancing (mortgage refinancing).

The borrower needs to understand that ignoring the situation, the requirements of the bank, will not save him from fulfilling obligations to pay the debt. In order not to spoil the credit history, not to get into legal proceedings, it is worth discussing with the bank all possible solutions to the problem.

We hope we could answer your question. If you still have any questions, ask them in the comments below. See you on the pages of RichPro.ru magazine!

Watch the video: 3 Reasons Why You Should Not Pay Your Debt (May 2024).