From Arayat Credit, we recommend to all natural or legal persons, that in the case of not being able to face the loans contracted, due to different situations, unemployment, dismissal, lack of income, cessation of activity, non-payment, etc. The last thing we invite is to not give notice of this new situation to the entity or entities and stop paying the monthly installment of the loans arranged. The consequences are always harmful to the borrower.
Debts continue to increase
1st application of late payment interest, late fees, claim for unpaid fees via mail, then by telephone. Meanwhile the debt continues to increase, until reaching the third default that the law stipulates, the legal claim begins. Depending entirely on the type of loan and guarantees deposited and their ownership.
It has one year to pay off the debt plus all the expenses generated, meanwhile, the entity has requested the foreclosure to be executed by the judge, then its deposited mortgage guarantee will be auctioned, being in many cases auctioned below the value of the debt incurred , generating the loss of good and will continue to appear as delinquent.
The effects are not minor, since when contracting it, the entity may have taken all of its present and future assets as a guarantee (house, car, payroll …). The entity will ask the judge to seize these assets. In the case of intervening guarantors, they will have to face the debt, and may also lose their own assets.
Conclusion before the obvious impotence
Arayat Credit, can if you wish to speak with your entity, we understand that it is easier to reach a mutual agreement than to resort to the judicial system, always expensive, “a bad agreement is always better than a good trial” . Refinancing is in most cases the solution, stipulating a period of lack is another resource that is currently offering good results for all parties.