What will happen if you do not pay a loan?

The credit system is now well developed and enjoys well-deserved popularity both among the population and among organizations. The financial loan scheme developed by bank experts covers almost all issues that arise in this market of services. Currently, a large number of various programs are offered: consumer, mortgage, education and many others.

But what will happen if you do not pay the loan and violate the contract with the bank? What actions will the bank take, and how soon will this happen? Will this lead to termination of the contract or loss of collateral? What are the real consequences if you do not pay monthly installments on time? We will try to consider options for the development of such situations.

Non-payment of loans, unfortunately, is quite common. They happen for various reasons: the borrower ran out of money, or he just forgot to transfer the necessary amount in time to the bank. An erroneous transfer of money could be made by inattention, or the borrower deliberately decided to break the contract with the bank. Each case is considered from the point of view of the contract concluded with the bank. It clearly states what will happen if you do not pay a loan. The measures taken by the bank in relation to non-payers also result from the concluded contract.

The bank knows exactly what will happen if you do not pay a loan, and usually provides yourself with a guarantee of repayment. Most often, a deposit is required, which is opened in the same bank. Either the movable or immovable property of the borrower can be a guarantee. For organizations that purchase equipment through the bank, the mortgage of the loan can be the technique itself. There are contracts that are drawn up in such a way that, in case of refusal to pay money, the bank makes a claim to co-borrowers or guarantors under the loan.

It turns out that you can not return the funds, but in return lose any property - this is the only sure way, how legally not to pay the loan.

But if you have temporary financial difficulties, then there is a real opportunity to receive a deferred payment. For example, you can make a written statement to the bank's management with a request to change the maturity of the loan, indicating the reasons why it can not be paid on time. The decision will depend on the bank's policy towards non-payers.

If you really do not have the opportunity to pay a loan even in the distant future, then you should act according to the law. If the amount of debt exceeds the total cost of collateral, the bank will file a claim for damages and try to delay the process as long as possible in order to collect as much as possible interest. But too long consideration of the claim is not included in the plans of the bank, since after three years all financial claims to you will cease.

Try to make monthly amounts in the amount that corresponds to your income - for the court and the bank is important the fact that you do not refuse to pay, but simply can not. Now the court decides what will happen if you do not pay the loan.

Keep official correspondence if there is a need to discuss the statement of claim. Do not pay attention to the collectors, the maximum that they can - it's boring you on the phone, which you can simply turn off. If you do not have the property that you have been registered for, and you have nothing to sue, then you just have to wait for the court decision.