I can not repay portions of the loan, now what?
I can not pay installments of the loan I made at the bank, can I be sued?
What happens if I can not pay the financing installments? I can not pay the installments of the financed car, will I lose the car? That depends on a few factors. If you are unable to maintain regular payments on your loan or financing, the penalties imposed by the lenders vary and depend on the type of loan, the type of financing granted and the contractual specifications.
In loans that are not secured, ie personal loan, credit limit, overdraft, financing of products like the CDC, store credit, such lines of credit do not exist assets, you will not lose anything related to goods, however your ” name will get dirty ” due to enrollment in Protest protection bodies, your credit rating will be affected, as well as being unable to obtain credit and request new financial transactions involving borrowed money.
In the case of a rel estate loan or vehicle financing, there the thing changes figure, as the operation involved assets, the lender will have the right to recover the good and sell it to recover the committed money, motivated by the breach of the lease agreement or fiduciary alienation. In this case the borrower in addition to losing the good still owes the difference between the balance due and the sale of the good.
When the amounts owed are small sums, they are usually settled in small claims courts, and with an agreement between the parties, everything can be resolved. But there are extreme cases that the creditor asserts his right using the force of justice, in these cases are sent bailiffs with mandates to take the good (apartments, houses, furniture, vehicles, etc.) to be auctioned and to pay off the total debt or part of the process.
The credit is free to anyone who can request it. Taking out loan, making financing for goods, furniture crediário and many other forms of loans should be thought of, the person must make sure that he will be able to pay the installments or installments of this type of financial transaction. The least you should do is keep an emergency balance for any lack of income.
Currently the default wave is at troubling levels, especially in vehicle financing, many believe that when buying a car the only expense is the installment, and we all know that there are many other costs that involve buying a car.
Finally, if you have trouble managing your budget, ask someone to help you. There are several institutions that help the citizen in the planning of domestic finances, there are also dozens of websites that give tips and more tips on how to manage well the monthly income and how to get out of debt. Google will help you!
Note : No one goes without paying loan installments because either, so think about taking out unemployment insurance or temporary disability insurance, financial contingencies, against illness, accident and other redundancies. Currently almost all types of loans have protection insurance, it is better to pay a little per month insurance than to go without good, lose the money invested and still be owing the bank.