Microcredit is in widespread demand. People are less likely to go to the bank because of their reluctance to collect certificates and wait a few days before making a decision. It is much easier to contact an MFI and borrow a small amount without too much fuss, but interest for using funds for many is too high. Often, borrowers think about what will happen if you do not pay a microloan. You should think about your solvency before signing the contract, but if the situation cannot be changed, you need to look for a way out of it.
What is a microloan?
There are a lot of MFIs in Russia, and each of them issues loans at interest rates exceeding 365% per year. But according to the agreement, the lender's remuneration is “only” 1% per day, this is a minimum, but during initial treatment, as a rule - 2%.
A high interest rate is insurance against the risk of non-refund. But what will happen if you do not pay a microloan at all? This does not threaten the most pleasant consequences for the client. Overdue debt service employees are unlikely to let an unscrupulous payer live in peace.
Reasons for loan default
A quick loan is quite attractive and easy to arrange, today MFI employees in the literal sense of the word impose money on debt. A person lends himself to persuasion and signs a contract, but when the moment of reckoning comes, he understands that he cannot completely repay the debt, and here he has two options:
- agree on a deferment, refinancing, but at the same time overpay even more interest, fines and penalties;
- prolong the loan, that is, on the appointed day to pay interest and extend the contract.
But you just have to think that for the entire period you can transfer too much of your own funds for a harmless, at first glance, debt.
But there are, of course, other reasons why borrowers give up their debt obligations. For example, when they come to their senses and understand what “price” they will have to pay for using the funds of MFIs. Someone really has nothing to pay microloans. But there is no reason to despair, you can find a way out.
Collector threats
The first thing that MFIs go to is calls from employees of the department of overdue debt or collectors. Their task is to find out the reason for non-payment of debt and agree on a method of returning funds. But their methods of influence are disloyal: they can exert psychological pressure on the debtor or threaten him and his relatives.
First of all, you need to remember that collectors are employees of a commercial organization. Their job function is to remind the client of his debt and inform that the case may end in court, which will be beneficial for the debtor. In case of threats, calls to relatives, visits, dissemination of information and other illegal actions, you can write a statement to the police, for which collectors can be held accountable under the article on extortion.
Will MFI sue
Definitely it can, because a contract was concluded between the lender and the borrower. According to him, the borrower agreed to the terms of the loan and accepted them, which he confirmed with his signature. But this will not be profitable for MFIs, the reason is obvious: for each day of overdue debt a percentage is charged. A good example: over 12 months from one thousand rubles, an overpayment can be 7300 rubles - this is only a percentage.
Naturally, the microfinance organization will not rush to go to court: this is not profitable, especially at the initial stage of arrears.But the MFI may file a lawsuit much later, when the debt reaches unprecedented levels. And a quick loan to pay will be physically impossible.
If an MFI sues
This also happens, but quite rarely. Many mistakenly believe that the judge will lower the interest rate and oblige the borrower to pay only the borrowed funds. But in most cases, the court can only cancel fines, according to the contract they amount to about 500 rubles. Moreover, the main claim of the creditor is the payment of the principal and interest on it, and they can amount to several tens of thousands.
The court cannot cancel interest on the loan because it violates the rights of the lender in this way. Accordingly, the answer to the question of what will happen if you do not pay a microloan is obvious - the court will oblige it to do so. But only if the statute of limitations has not passed, it is 3 years from the date of arrears.
How not to pay a microloan legally?
The answer to the question "how not to pay microloans legally" is. To do this, it is more reasonable for the borrower to independently apply to the court for recognition bonded deals. For example, if a borrower borrowed money under the pressure of difficult life circumstances, for example, for treatment, in connection with the loss of work or the funeral of a relative. The court will have to document its insolvency and ask the court to reduce interest to a reasonable limit.
You don’t need to rely on your strengths here, you should consult with a lawyer and explain the situation in detail. But do not think that money can not be returned at all. No court will relieve the debtor of its obligations to repay borrowed funds. After the court, the bailiffs will take charge, which may entail the arrest of half the salary until the debt is completely paid off or the property is seized.
Overdue debt
If the borrower caught himself thinking “I can’t pay a microloan, what should I do?” - I don’t need to panic and avoid talking with employees of microcredit organizations. On the contrary, it is better to immediately contact the office, call or write a letter asking to suspend interest payments, divide the debt into several payments.
In 90% of cases, the MFI will respond to the statement of the debtor and prefer to resolve the issue peacefully, perhaps it will write off the fine and restructure the debt, divide it into parts raising for the borrower. If a refusal is received, you can go to court and resolve the issue with the creditor in court. The judge will certainly take the side of the debtor and even allow you to install the payment by installments, if there is reason. In any case, this will help to draw up time for which you can collect the right amount.
It should be noted that if an overdue occurs, the client spoils his credit history. Microloans should not be afraid, but you should not think that they are able to replace consumer loans. It is worth calculating your capabilities or contacting the bank right away, in addition, there they can also offer favorable conditions with a minimum of documents and with quick approval of the application. But the interest rate will be several dozen times lower. So what will happen if you do not pay a microloan at all? Criminal punishment will not follow, but will have to pay unequivocally.
