A delay in paying off a loan or a payday may involve many different types of consequences, which I mention in today’s article in BankerFour. See daily8online.com for an illustration

I write a lot about blogs about the topic of non-banking payday loans, both the most advantageous offers and those less often. I often try to direct you to the right offer, if you can not get a bank loan for various reasons. Today, however, I will deal with the subject a little unimpeded, because telling you about the consequences of not timely repayment of loans or payday loans.

The topic may be difficult, but I decided that it must be moved for several reasons. Many of you care about getting cash, you enjoy when you finally get it. Unfortunately, some people are unable to regulate their liabilities on time, from where various unnecessary problems later arise. I read your opinions on loan companies both on this blog and in other forums and I often notice a certain rule. A company is criticized, which in my opinion is considered a proven one, but not because it lent you cash, but because you did not lend it to you (so you should not talk about it) or you did not make commitments to the company in a timely manner. Of course, there are situations that the cooperation on the line of the lender – the borrower does not always run as it should. In my experience, however, I can write that if we read a contract and see what is in the repayment schedule, then usually no planned, not nice situations should arise.

What are the consequences of not repaying payday loans and non-bank loans?

What are the consequences of not repaying payday loans and non-bank loans?

This is just the title of the introduction, because the main thread of this article is to deal with the consequences for which we must prepare ourselves if we do not repay non-bank loan installments in a timely manner, or we will not pay back the loaned time in a timely manner. Of course, the use of a specific measure depends mainly on how long our delay in repayment is. In general, however, it looks as if the longer we wait with repayment, the consequences may be greater for us.

Loan repayment requests in the form of SMS, voice or telephone notifications and registered mail

Loan repayment requests in the form of SMS, voice or telephone notifications and registered mail

 

This is the first of the warnings not to repay the loan – companies offering payday loans most often first send an e-mail or text message reminiscent of the repayment date. If the installment of the loan or a payday loan within the set time does not appear on their bank account, it is very likely that in the next days we will receive a call from the loan company and then a loan repayment request by registered mail. What is worth knowing in such a situation is the fact that for each such reminder / reminder we will have to pay extra.

Calculation of additional interest

Calculation of additional interest

For each day of delay in repayment of a payday loan or a specific loan installment, we may be charged with interest. Information on this subject and the amount of interest per year should be found in the concluded contract.

Entry in the register of debtors or Retrodatabase database

Entry in the register of debtors or Retrodatabase database

If the delay in repayment is quite long, it is very likely that we will be included in the registers of debtors such as the National Debt Register, Cres or DIM Infomonitor. The consequences of this may be quite big because once our data is there, we may have a problem in obtaining both a bank loan and a non-bank loan, or even face a problem in signing some contract, eg telecommunications or internet service.

Purchase of our debt by a debt collection company

Purchase of our debt by a debt collection company

 

If we continue to delay in repayment, our contract between the loan company can be terminated and forwarded to the debt collection company. And at this point, not only will we be burdened with an additional fee for the debt collection company to take over, it can only be the beginning of much larger problems, from frequent calls from the debt collection company to the possibility of transferring the case to the court and then the bailiff.

As you can see, the consequences of failing to repay payday loans or non-bank loans can be all the more the debt lasts longer. Therefore, deciding on a non-bank loan, it is worth remembering a few tips that I have repeatedly presented in the articles published in BankerFour, such as Safe borrowing and non-bank loans, or even the problem of paying back the deadline – what next?

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