Today, every fourth Russian family has an outstanding loan. At the same time, about 11% of loans are overdue. How does this threaten unscrupulous borrowers and what sanctions are provided for by law?
The main sanctions that threaten the borrower for non-payment of the loan can be summarized in three groups:
- imposition and collection of penalties and fines;
- transfer of debt to a collection agency;
- debt collection through the court.
Lending fines and penalties
If the loan delay is small (less than 2 months), the worst thing that can await the debtor is interest and fines. Their size varies depending on the bank and must be specified in the loan agreement. Fines can be imposed in a fixed amount and in the form of an increased interest for using the loan. In Russia, it is planned to legislate for penalties for delays - 0.05–0.1% of the debt.
Another unpleasant moment for a borrower who is late in payment is the transfer of information to the Credit Bureau. In the future, getting a loan for such a borrower will be quite problematic.
Debt transfer to collection agency
If the loan payments are delayed for more than 1-2 months, the debt is transferred (or sold) by the bank to collection agencies. Typically, debt collection methods by collectors are on the brink of law. They can threaten to take away property, physical violence, call relatives and friends of the debtor, send annoying letters and sms, call at night, etc. To withstand the onslaught of collectors is often quite problematic, and many borrowers return debts.
Debt collection through the court
If the collectors failed to collect the debt, then the bank has the right to sue the borrower. Banks generally win litigation.
Debt collection can be imposed on:
- the debtor's funds (savings, deposits in banks and other financial organizations);
- the debtor's property;
- if the debtor does not have savings and property, the court may order to make deductions from the debtor's salary (no more than 50% of the total remuneration).
It should be borne in mind that according to the law, it is impossible to collect household items and personal belongings, food, social benefits and compensations.
Many borrowers are worried about whether they can take away an apartment or a car to pay off the debt. Unambiguously they can, if there is a debt on a mortgage or car loan. In these cases, the apartment and the car are collateral. With regard to non-tax loans, the situation is ambiguous. According to the current legislation, the debt cannot be collected at the expense of the debtor's only housing. The courts also proceed from the proportionality of the debt: the court is unlikely to decide to arrest and sell the apartment for 5 million rubles. to pay off a debt of 5 thousand rubles.
Often the courts impose a ban on travel abroad until the debt is paid.
The most extreme measure is a criminal sentence for non-payment of the loan. If the borrower took out a loan and initially intended not to pay it, he may be convicted of fraud. But this punishment is rarely met in practice, for this the borrower must not make a single payment, and the bank must prove his intent.
