Real consequences for the borrower
Posted: Wed Feb 19, 2025 4:52 am
Konstantin's offer seemed more tempting to Oleg. He stopped making monthly payments. At first, bank employees called him and reminded him of the debt. Then they made a final demand for repayment. Oleg ignored it, too.
After some time, the bank filed a lawsuit. About a month later, the bailiffs initiated enforcement proceedings, seized Oleg's apartment, his car and accounts. Now the man is a malicious defaulter, from whom they collect not only the original amount of the debt, but also penalties, legal costs and enforcement fees in favor of the FSSP.
The hero of our example experienced almost all the consequences of ignoring debt. He forgot that paying off bank loans is the direct responsibility of the borrower. Avoiding responsibility cannot but entail negative consequences. Let's consider those that will occur with a high degree of probability.
1. Collection of penalties
Almost all loan agreements contain a section on fines lithuania mobile database and penalties that are charged for late payments. The longer the borrower delays, the greater the final debt will be. In this case, the credit history and the period of service in a particular bank do not matter. It is possible to avoid the accrual of fines and penalties only under the circumstances stipulated by the agreement and current legislation. For example, if you arrange a deferment or restructure the debt if there are valid reasons.
Ignoring the bank's demands does not apply to them. The result will be natural: in addition to fines and penalties, the debtor will also face continued interest accrual for the period stipulated by law.
2. Bad credit history
The bank will send information about late payments to the Credit History Bureau. And this may negatively affect the borrower in the future. There are common cases in which people allowed late payments on small consumer loans and then could not get a much-needed mortgage. And all this had a direct cause-and-effect relationship.
After some time, the bank filed a lawsuit. About a month later, the bailiffs initiated enforcement proceedings, seized Oleg's apartment, his car and accounts. Now the man is a malicious defaulter, from whom they collect not only the original amount of the debt, but also penalties, legal costs and enforcement fees in favor of the FSSP.
The hero of our example experienced almost all the consequences of ignoring debt. He forgot that paying off bank loans is the direct responsibility of the borrower. Avoiding responsibility cannot but entail negative consequences. Let's consider those that will occur with a high degree of probability.
1. Collection of penalties
Almost all loan agreements contain a section on fines lithuania mobile database and penalties that are charged for late payments. The longer the borrower delays, the greater the final debt will be. In this case, the credit history and the period of service in a particular bank do not matter. It is possible to avoid the accrual of fines and penalties only under the circumstances stipulated by the agreement and current legislation. For example, if you arrange a deferment or restructure the debt if there are valid reasons.
Ignoring the bank's demands does not apply to them. The result will be natural: in addition to fines and penalties, the debtor will also face continued interest accrual for the period stipulated by law.
2. Bad credit history
The bank will send information about late payments to the Credit History Bureau. And this may negatively affect the borrower in the future. There are common cases in which people allowed late payments on small consumer loans and then could not get a much-needed mortgage. And all this had a direct cause-and-effect relationship.