Bank

Potential Consequences of Defaulting

No circumstances related to the financial problems of the debtor can relieve him/her from the responsibility of fulfilling the obligations of the creditor. Failure or untimely fulfillment of obligations leads to the calculation of penalties, interest, and forfeits. If the debt is not paid for a long time, the financial institution has the right to sue the non-payer.  We recommend you to carefully study and comply with the terms of the agreement you sign when applying for a loan. Violation of its requirements can lead to negative financial consequences and adversely affect your credit history. Information about late payment or non-payment of a loan may further limit your access to credit at all financial institutions. Missing Payments: It’s Not Worth it! What is the penalty for the non-payment of a loan if you miss only one payment? Of course, the lender will not go to court for one missed payment. Depending on the organization of the internal collection processes, most often you should expect calls and letters, penalties and fines. There is no need to delay the repayment — non-payment of the loan is not needed, it spoils the credit history. There are also unique circumstances associated with certain types…