How long can you not pay a loan to a bank legally?

When applying for a loan at a credit institution, many are interested in the question: “How long can you not pay obligations?” In an ideal ratio, all payments should occur according to the schedule issued when signing the loan agreement. Banks sometimes go along and turn a blind eye to a small delay if it is paid in the near future.

And if these delays become long-term, then financial institutions begin to treat the borrower as unreliable. How long can you not pay a bank loan? The answer is in our new post!

There can be many reasons for non-payment of credit obligations. And they are all divided into respectful and disrespectful. In the first case, the bank tries to help the client get out of the situation. But if this is a disrespectful reason, for example, the client forgot about the debt, then the bank imposes penalties.

The most common reasons include:

1. Bankruptcy of an individual;
2. Birth of a child;
3. Reduction, job loss for other reasons;
4. Disability;
5. Unexpected financial difficulties due to the death of relatives or treatment.

To avoid delay, provide the relevant documents. If you lose your job, bring a document confirming the reorganization or liquidation of the enterprise where you worked.

In bankruptcy, you can count on two options: debt restructuring or asset description. In some cases, the court writes off part of the debt, which it recognizes as illegal for accruals.

Upon receipt of incapacity for work, the client notifies the bank of this urgently. In addition to a written application, certificates from a medical institution acknowledging the fact of disability must be attached.

Ways not to pay a loan to a bank, and how do they threaten debtors?

Informal methods for resolving the issue

Now on the Internet there is a lot of information about the ways of non-payment of obligations. And all debtors actively use them. But can they be called effective? Of course not.

1. Change of passport and contact details, change of residence.
2. Ignoring calls from a credit institution.
3. Daily promises to the bank about payment.
4. Refusal of credit obligations.

All these actions are calculated on the cost of time and the disappearance of debt. Debtors think that when the statute of limitations expires, they can get rid of the intrusive bank. But often financial institutions sell the borrower's debts to a collection agency, which is looking for him with his own methods. And they force the client to return the amount taken with interest before filing an application with the judicial authorities.

Official methods for resolving the issue

You can officially not pay a credit institution. But for this you need not hide from employees. If you have any circumstances due to which you cannot pay the loan on time, it is better to report them in advance. In this way, you can avoid accruing fines and penalties on the balance of the debt.

1. Receiving restructuring. To do this, you need to collect documentation and write a written application requesting the operation.
2. Insurance. If you entered into an insurance contract for a specific situation, then use the payments under the contract and pay the debt.
3. Realization of collateral in case of directed lending. For example, apartments with a mortgage or a car with a car loan.

After how many years you can not pay the loan?

The legislation provides for this fact and designates a period of three years. After this date, the bank will no longer be able to make claims in court.

Refinancing and insurance

Refinancing is considered a way to resolve the problem in a pre-trial order. But banks are reluctant to respond to this proposal. And the client goes to apply for a loan on new terms to another credit institution. The scheme here is clear - the borrower takes a loan to pay off the old loan.

If targeted lending is taken, then the collateral is re-registered to a new financial institution. The advantage of this method is:

1. Reduced interest rate;
2. Extended loan term;
3. Changing the monthly loan installment;
4. Consolidation of several debt obligations.

Before going for refinancing, find out about the conditions of a particular bank for the provision of this service. And remember that this service only applies if you have not yet formed an overdue payment. It is also worth noting the purchase of insurance. You can insure yourself for any circumstances. In this case, you will protect yourself from disability and reduction.

What is the risk of defaulting on a bank loan?

Banks provide for the following actions in case of non-payment of obligations:

1. If the monthly installment is not paid within the established period of time, the bank accrues interest on the next day after the date of payment.
2. If the delay is already a month, then the financial institution charges a penalty.
3. After that, the creditor has the right to demand early termination of the contract.
4. If the client does not pay the loan for three months, the bank sells the obligations to collectors.
5. The last step is to file a claim with the court.
6. Executive office work and sale of the debtor's property.

Nuances

If the client is hiding from bank or collection agency employees, does not answer calls, and relatives do not know whereabouts, then the case is transferred to law enforcement agencies. For this period of time, the consideration of the case is suspended. When a third party guarantees a debtor's loan, they are liable with their property for their obligations.

The borrower is obliged to pay loans in any case, even in the event of force majeure. But if it comes to court, it is better to hire a good lawyer so that the financial institution cannot leave you on the street.

How much you can not pay a loan and how to legally avoid paying a loan to a bank, you can find out in this video: