Loans for any purpose are a quick way to solve financial problems. But a loan requires strict fulfillment of financial obligations. The consequences of non-payment of a loan for a borrower threaten not only a deterioration in credit history, but also the possibility of losing financial well-being.
What is a violation of the loan agreement?
By issuing a loan, the borrower receives a copy of the loan agreement. One of the main conditions is the timely payment of monthly installments according to the payment schedule.
The borrower does not have the right to independently choose the amount of payment, except when the condition is specified in the contract. In case of non-payment of the loan, the consequences will not be long in coming.
It is not allowed to make payments that are less than the monthly minimum established by the schedule. Payment of installments after the payment date is also a violation of the loan agreement, as the client has not fulfilled the obligation on time.
How quickly does the bank know about the delay?
The consequences of non-payment of a loan arise immediately after the delay. The exception is cases when the payment date falls on a day off. In 90% of cases, banks notify the borrower of the late payment on the day after the deposit of funds. Ignoring an SMS notification or a call from an employee of a credit institution negatively affects the consequences of non-payment of a loan to a bank.
What to do if the payment date falls on a day off?
In large financial institutions, such as Sberbank, VTB, Russian Agricultural Bank, Moscow Industrial Bank, days from Monday to Friday are considered payment.
If in the current period the borrower has a payment date on Saturday or Sunday, he has the right to make the payment on the next business day - on Monday.
If financially available, it is recommended that you make payments to the loan account before the due date. This will exclude cases of technical malfunction, due to which money may be credited to the account with a delay of up to 48 hours.
How the bank punishes defaulters
Regular delays, making an amount less than indicated in the contract, entail serious consequences of non-payment of the loan. They include: the imposition of fines on the part of the bank, the inability to take a loan in the future due to poor credit history, communication with collectors, litigation.
Financial penalties as a way to remind about late payment
If the bank regularly loses profit on interest from using the loan on time, the payer receives a notification of interest and penalties. They are not included in the amount of the obligatory payment: upon repayment after delay in nine out of ten banks, the client is obliged to pay fines (first of all) for the missed payment. The monthly payment is written off only after the repayment of the penalties.
Credit deterioration
Relations between the client and the bank in the field of lending are recorded in the information base of the BKI - credit history bureau. Payers who regularly and timely make payments under a loan agreement have a high rating and can get a loan on favorable terms.
For borrowers who allow delinquency, the consequences of non-payment of the loan are created in the form of a decrease in scores and the reputation of BKI. In 87 percent of cases, banks refuse to issue loans to customers with bad credit history.
Selling a loan to another financial institution
When debt arises regularly, and the borrower is not able to pay for the loan, banks turn to collection agencies. Lenders sell unliquidated obligations to collectors who specialize in quickly forcing debtors to pay obligations. Collection agencies apply more stringent payment requirements and regularly inform debtors of the need to deposit funds.
Litigation - extreme measures for persistent defaulters
After three or more months of delay, the bank has the right to refer the debtor's case to the judiciary. The court, having considered the circumstances of evading the terms of the contract, makes a decision on the imposition of punishment. In 98 percent of cases, the case is referred to the bailiffs at the place of registration of the client, who seize the bank accounts and / or property of the borrower.
The consequences of non-payment of the loan in the presence of penalties by the FSSP may entail the loss of property and regular deduction of interest from wages, pensions or other ways of the payer's earnings before paying off the debt to the bank.
Can they force relatives to repay the loan for the non-payer?
When one of the family members has a long-term loan default, the consequences for relatives can be no less serious. Relatives and friends are obliged to compensate the financial damage to the bank in the event that they are guarantors under the contract.
Surety is a prerequisite of a secured loan agreement. Contrary to the opinion of some borrowers, the surety is actually a guarantor of fulfillment of financial obligations in case of insolvency of the main borrower.
The basis for attracting a guarantor as a payer under a loan agreement is the death of a client, disability and other circumstances that completely or partially deprive the borrower of the opportunity to make regular payments.
What threatens for non-payment of a loan to the guarantor?
The surety, as well as the direct borrower, bears full financial responsibility for the repayment of the debt. Refusal to deposit funds is regarded by the bank as a violation of the loan agreement. The same penalties as the borrower can be applied to the guarantor.
In what cases are relatives exempted from paying a loan?
Without a guarantee agreement, the bank is not entitled to present financial claims to the members of the debtor's family. The exception is the death of a borrower who did not have an insurance contract.
The presence of valid insurance under the contract will annul the possible consequences of non-payment of the loan. Sberbank, for example, offers borrowers to protect a loan not only from the death of the holder and its insolvency, but also from the involuntary loss of work (in case of reduction or liquidation of the enterprise).
If the borrower did not begin to draw up or extend the insurance contract, in accordance with Article 1175 of the Civil Code of the Russian Federation, in case of death, his relatives will inherit the loan obligations in proportion to their share.
No money to pay a loan: how to legally reduce payments
If, due to circumstances, the payer cannot fulfill obligations under the loan agreement in order to avoid negative consequences, he must notify the bank of the current financial situation. Lenders, acting in the interests of the client, can reduce the size of the payment after the completion of the restructuring agreement.
Restructuring is a change in the terms of a loan agreement in favor of the borrower. In 90% of cases, banks reduce the amount of monthly payments by increasing the loan term. The disadvantage of this option is the negative impact on the solvency of the client: borrowers with a restructured loan are considered unreliable, which entails a possible refusal of the bank to subsequently obtain a loan.
Some financial institutions provide regular customers who do not allow delinquency, "credit holidays."This is the period during which the borrower is completely exempted from the need to repay the loan. After the "vacation" the debtor's obligations are renewed in full. The disadvantage of deferred payments is the need to pay a loan according to the new payment schedule, which includes the amount of debt during the "holidays". It is divided into the remaining periods, as a result of which the borrower must pay more after the delay.
Is there a criminal liability for late loans?
Appeal to the judiciary is an extreme measure of punishment for malicious defaulters. But there is a category of individuals who intentionally shy away from commitments to pay a loan. What are the consequences of non-payment of the loan provided for them:
- fines of up to 200,000 rubles;
- forced labor for up to two years;
- arrest up to 6 months;
- imprisonment for up to two years.
Such tough measures are applied in case of a proven fact of fraud by the borrower when applying for a loan. Criminal liability also arises in the case of a deliberate refusal to deposit funds under a loan agreement with a debt amount in excess of 250,000 rubles.
In 97% of cases, for regular customers who suddenly stopped paying a loan, banks offer an alternative solution to the problem. If the borrower categorically refuses to fulfill the requirements of the lender, the debt collection agency first deals with it and then the judicial authorities.
Is it possible to restore the credit history after long delays?
Borrowers who miss a deposit on a payment schedule worsen their credit history. But even such clients have a chance to restore their rating and take a loan at a low interest rate.
In 9 out of 10 cases, customers with overdue loans are denied a loan, citing a bad credit history. Microloans (MFIs) are more loyal to borrowers. Some of them offer special lending programs for those who have delayed.
Loans to improve credit history are issued in small amounts: from a thousand to 10 thousand rubles. Their main goal is to increase the rating of the payer in the credit bureau.
Even customers without officially confirmed earnings can get a loan. The approval percentage for such loans exceeds 97%. After repaying 2-3 microloans without delay, the client’s credit history improves, and he can count on a loan at the bank.
