How to legally not pay a bank loan

Lending has become so popular that it is difficult to imagine a modern person who has never taken a loan. Unfortunately, not everyone can adequately calculate their financial capabilities and pay their debts on time. And for some, the payment of loans has become completely beyond their ability, which led to serious consequences in the form of persecution of collectors. The question becomes relevant: how not to pay the loan legally and start living in peace.

Is it possible not to pay a loan and what it threatens

Each debtor has their own reason for not paying the loan, such as the loss of a job or temporary disability. But the creditor does not care about the personal problems of the debtor, the main thing for the bank is to return the money. But at the same time, banks are in no hurry to go to court, and, moreover, they will not do it in the near future after a delay occurs. The reason for this is obvious, penalties and fines are charged for each day of late payment, which again brings profit to the creditor.

Banks are beginning to attract collectors, and their methods of debt collection are not distinguished by loyalty. But, in most cases, collectors do not buy debts on consumer loans, but work with the debtor on the basis of an agency agreement. Accordingly, they do not have the right to demand payment of the debt from the borrower to collectors.

The debtor is not obliged to pay collectors until he is given a copy of the assignment agreement.

So, payments on the loan are not received for more than 90 days, the debt has been transferred to collectors. Then psychological pressure on the debtor will begin in the form of endless calls, letters and SMS messages with threats. It is important to know your rights here: the borrower may not communicate with collectors, if he does not want to, no one can oblige him to do this. It is more profitable for the debtor to bring the case to court.

For debts on a loan, collectors and banks cannot hold the debtor criminally liable, threats are not to be feared. The creditor may sue the debtor to recover the debt, interest, fines and penalties. Even if the judgment is rendered in absentia, the defendant may appeal the decision or request a review of the case in his presence. You can ask the court for an installment plan or deferred payment and write off part of the fines and penalties. By the way, representatives of a bank or a collection agency are extremely rare at a court hearing.

Limitation period

There is an effective way how, according to the law, not to pay the loan is to wait for the expiration of the limitation period - 3 years. According to the law, after the expiration of the limitation period, the contract between the borrower and the lender becomes null and void. This period is calculated from the moment the borrower ceases to make payments according to the schedule in accordance with the loan agreement.

But not everyone fully understands what the statute of limitations is. If for 3 years the debtor has deposited at least some amount to a credit account, or acknowledged his debt to the bank in writing, or contacted a representative of the bank and a collection agency, then the limitation period is reset to zero.

If you decide to wait until the statute of limitations expires, do not respond to letters and calls from the bank and collectors.

What is a statute of limitations

Bankruptcy of individuals

If the total debt exceeds 500 thousand rubles, then the debtor has only one way to legally not pay the loan to the bank - this is to declare himself bankrupt. But the main condition is that the total debt, that is, for all loans in total, be above half a million rubles, the terms of overdue payments more than 3 months, otherwise the bankruptcy procedure will not be available.

To declare yourself bankrupt, you must apply to the court with the appropriate application. This can be done by both creditors and debtors. Only an insolvent citizen can be declared bankrupt, respectively, the court needs grounds to declare a bankrupt as such.

The procedure for recognizing an individual begins with an assessment of his solvency, whether he owns property or the ability to receive income to pay debts. After filing an application with the court, all known creditors of the debtor are notified of the commencement of the process, which gives them the right to within 2 months to submit a claim to the court for payment of the debt.

In simple terms, the bankruptcy procedure will end with the sale of the debtor's property to pay off his debt, after which he will be declared bankrupt and it will be impossible to present any claims to him.

Bankruptcy procedure

Claiming debts from guarantors

The most difficult situation may arise for the guarantors of the debtor. Often, banks reduce their risks to a minimum and issue loans only with collateral, then the borrower brings a guarantor. In turn, the guarantor is a person who voluntarily assumed responsibility for someone else's loan, and according to the agreement must pay the principal debt on the loan, interest and penalties.

If the borrower stops paying on the loan, the bank, on quite legal grounds, begins to demand payment from the guarantor. He, in turn, is forced to answer for the borrower, that is, to pay the debt on his own or force the borrower to do so.

A reasonable way out for the borrower would be to first repay the loan, then through the court to demand their money from the debtor.

How not to pay legal microcredit

With such a problem as a microloan, many have probably already faced. An MFI is not a bank, but the same credit institution that lends money at a high interest rate, up to 1000% per annum, and this activity is not prohibited by law. But not all borrowers are able to pay the debt on time, and interest increases at an incredible rate, as a result, the amount becomes unbearable.

There is a way not to pay loans to MFIs legally - to go to court to recognize the deal as enslaving. In simple terms, in court, the borrower must prove that the contract was concluded on extremely unfavorable terms for him. In fact, it is true, microcredits are taken by people with low incomes, who are not given a bank loan because of their low income. No one will ask for a certificate of income in an MFI, and getting money in a matter of minutes without documents is a rather attractive prospect. But when the debt needs to be repaid, the required amount may not be available, and interest is accrued every day - the only way out is not to pay at all and go to court.

According to the new law on microfinance activities, a lender cannot require the borrower to repay a debt for more than 4 times more than he took.

Assignment of the right to claim

The last way to avoid paying interest on a loan, fines, penalties and part of the principal debt is to buy your debt from the bank. It is in the interests of the bank to sell bad debts and at least partially recover its losses, this can be done under an assignment agreement, that is, the assignment of the right to claim the debt to a third party. And they, as a rule, are collectors, and they buy debts up to 99% discount, and demand the full amount from the debtor.

Not many people know that individuals can act as a third party, this is extremely unprofitable for banks. But before selling a problem loan, the bank notifies the debtor in writing 30 days in advance. During this period, you can try to negotiate with the creditor and redeem the debt on your own, only, of course, in the assignment agreement, not the borrower himself, but, for example, his acquaintance, should act as the assignee.

An assignee is a person to whom the right to claim a debt passes, or in simple words, a buyer.

There is a high probability that the bank will not agree to sell the debt to the debtor, so you can go the other way. Currently, there are agencies that redeem problem loans at a huge discount and conclude a mutually beneficial agreement with the debtor on installment payment. This is a paid service and virtue will surely take a reward for it.

Perhaps, nevertheless, the best way not to pay loans and live in peace is not to take them at all. According to the law of our country, the borrower is obliged to repay debts in any case voluntarily or forcibly. By the way, many believe that anti-collectors are a panacea for a problem loan, in fact, this is a delusion, they will not save you from debts, and they will require payment for their services.