In the situation when an owner of more loans found himself in the unpleasant situation of to no longer allow the support of all the monthly rates associated with these loans, his failure to pay could result in the most unwanted consequences. Economical analysts have proposed to present the consequences that will have to bear much of the credit holder who, for various reasons, no longer has the necessary financial resources to pay all rates.
In case of non paying the rates for one or more loans in the first instance the bank will register the customer as bad payer to the Credit Bureau and / or CRB (depending on the amount of credit), which will significantly reduce chances of further contract credit in the near future.
The next step is to recover money, recovery is based on contract with the insurance company. If the insurance covers the full risk of default, the bank will recover the loan from the insurance company, the debt is transferred to that company. In this case, the insurance company, in turn, will assign the debt of companies specializing in the recovery of such claims. If the insurance does not cover the full risk of default or no insurance for that loan, the bank will go directly to such a debt recovery company.
These companies charge higher penalties for default, so credit debt holder will increase considerably.
If these arrears are not paid, will reach a civil lawsuit and ultimately to enforcement under a court order.
In case of loans guaranteed by the bank will execute the securities. Economic analysts advice for those arriving in this situation to try, as much as possible to resolve this issue in a friendly manner to all parties, that it will prove beneficial for the consumers first.
One solution is to find a bank with a higher degree of indebtedness, attempting a refinancing of all loans and extend the loan period, so the rate for the entire loan to become smaller and therefore the customer could support it . The customer must take into consideration that for the credit for personal loans without guarantees, the maximum amounts granted are not large and could be required with a mortgage refinancing loan , which can be made on a little more period of time (which would decrease the amount of rates and would allow access to larger amounts). In this case have to be taken into account the anticipated repayment fees, mortgage costs and establish up-front commissions of new banks.
If a customer have along with other credits a mortgage the refinance of this one can be made to another bank, the building is now higher than when the initial loan was contracting. The bank may provide a higher amount based on a new assessment that will help cover other loans, and it can increase the repayment period in order to obtain a lower rate.