Consequences of not paying a personal credit
The payment of a credit or personal loan must be more important than the payment of other expenses that you have. Not paying a debt to a bank or a lender carries with it consequences that can be a problem over time. Some of them are:
- The first time the fee is not paid , late interest on the debt will be applied , regardless of the interest that the debt bears on its own. Interest on arrears is usually very high, so the debt will be much higher.
- When three defaults have occurred, the bank can claim the debt judicially . If it is a high amount of money and you have assets, they can be seized. If you do not have assets, you can seize part of the payroll or the money that is regularly received, always with a limit. The embargo can arrive at any time while the debt is not paid, so, if at this time, you do not have money and within a few years, the embargo can take place at the moment in which the debtor has money or of some good in the present or in the future.
- The debtor will be included, in all likelihood, on a list of defaulters. If this happens, it will not be able to request credits or loans from other entities, either banking or private capital . The time in which you can be included in a list of defaulters is six years, these lists are consulted by most companies before granting a loan to a client. The fact of being on a list of defaulters will not only affect the possibility of being able to access a loan or a loan, these lists are also consulted by other companies and can even interfere in the possibility of carrying out a project with a company or person in particular.
What to do to face a debt?
Although it is not always possible, since unforeseen events occur, it is necessary to have a monthly expenditure plan. The payment of a personal credit is one of the most important fixed expenses that are assimilated, as well as the payment of housing, electricity, water, gas and food. When a loan or a loan is accepted, it is necessary to take into account the quota that is going to be paid and include that money among the personal expenses.
Credit institutions, both banks and private equity companies, prefer to charge before reaching judicial situations . If the payment deadline is to expire and it will not be possible to deal with the debt, it is very important to contact the creditor company in advance.
Most likely, they offer other alternatives to negotiate the payment of the debt , such as a deferment, a deficiency or a refinancing of the debt. It is important to deal with the problem before it becomes serious. All people need help at some time and nothing happens to let the entity know.
If you also have a guarantor, it is necessary to take into account the consequences that will bring the person the non-payment of the loan or loan. The creditor entity can decide the request for the seizure of the goods or payroll of the person who has guaranteed the loan, which will be a serious prejudice to it.
In the case of not being able to face the debt, it is better to notify the person who has put their assets as collateral, it may be possible to find a solution by speaking. When several people agree, the solutions are easier to find. Although it is a really uncomfortable and unpleasant situation, it is important to face the problem in all possible ways.