Loss of a job, reduced income, unexpected expenses - there are many factors that can worsen your financial situation. What to do when you have nothing to pay off your loan with? We analyze the consequences of late payments and legal ways to get out of the situation.
What happens if you don't pay the loan
The creditor has the right to charge a penalty from the first day of non-payment. The terms of the sanctions must be specified in the loan agreement.
Long-term delay may lead to the following consequences:
debt collection by the creditor (calls, text messages, letters, visits to home and work),
transfer of the case to collectors,
collection through the court,
in the case of a secured loan - the sale of the collateral.
All violations of the payment schedule are recorded qatar mobile database in the credit history (CH). Records of overdue payments are stored for 7 years for each loan agreement and reduce the borrower's personal rating. A good CH is important not only for obtaining loans: it can be requested by employers considering your candidacy for employment, insurance companies, landlords, leasing services, car sharing and other organizations.
How long can you delay a loan?
Any delay may result in sanctions, even if you are only 24 hours late. It is important to take into account the time limits set by the bank. For example, at Sinara Bank, the operating day is from 00:00 to 20:00 Moscow time, and if you pay after 20:00, the transaction will be counted as the next date.
Therefore, it is worth making payments in advance and keeping receipts, especially if you use remote payment methods. In the event of a payment system failure, the receipt will prove that the delay was not your fault.