All retail chains lure us with easy loans - literally in 5 minutes you can collect a bunch of things, and "pay later". But in this way, you can not calculate your strength and get a large number of debts, which will not be enough to pay monthly income.
Finding yourself in such a situation is the easiest way to hide and not pay. What is the threat of such "hide and seek" to the borrower?
Stage 1: debts rise
Debts are growing, and the rate of this growth is increasing, because the bank, in addition to the principal and interest on it, will charge fines.
Already at this stage, calls begin - so far from the bank, with questions about why the debt arises and when it will be repaid. There will also be letters with very polite reminders of the debt and its amount.
Stage 2: communication with collectors
To get at least some of the money back, the bank can sell such a problem to a collection agency. These people are ready to professionally ruffle the nerves of an irresponsible borrower.
If your debt has been sold, then it is already useless to call the bank and ask for an extension - you will have to negotiate with a collection agency. By the way, the debt at this stage will grow quite significantly.
Remember that collectors will also be very active and aggressive in demanding debt from guarantors, relatives of the borrower.
Stage 3: court and bailiffs
Both the bank itself and the collection agency can resolve the case through the court. If the case is lost, then in addition to the debt, the borrower will also receive the need to pay costs. Well, if the debt is not repaid, then the bailiffs will describe and sell the debtor's property.
Output
So that a small consumer loan does not lead to the loss of valuable property or even an apartment, it is worth not hiding from the bank at the first stage, but negotiating with its representatives. In the event of significant problems that led to the inability to repay the loan on time (dismissal, illness, etc.), the bank can meet halfway and change the terms of debt repayment.
