What happens if payday loan debt is not paid? Credit Approval



The answer to the question of what happens if individual loan debt is not paid actually depends on your financial status. In other words, if you have a property, salary or financial income that can be foreclosed, it can be deducted from your debt. But if you don’t have any of these, there isn’t much that banks can do. They want to collect the debt little by little, by going to the agreement under the most favorable conditions for you. Banks act according to the borrower. They provide easy payment terms by offering very flexible payment terms for those who believe that they can not borrow money. They may be a little more oppressive to other borrowers.

Executive due to credit debt

money debt

If you cannot pay the installments of the payday loan you have received for 2 consecutive months, you will follow up on the 3rd month and you will start to deal with the legal unit of the bank. In accordance with the procedure, a notice will be issued to you in this process and they will ask you to pay the entire debt. If the payment does not take place within the specified time, the enforcement process covering all the real estate, vehicles and anything that has value registered in your name is initiated. Debt is collected from these sources by interest. The number of executives due to payday loan debt has exceeded 5 million as of 2019. If you do not want to experience this process, you need to configure your debt and pay it in monthly installments before execution. The objection period to the enforcement files is 7 days.

 

Is there a prison if the loan is not paid?

money loan

One of the most curious questions of those who have this problem is whether there is a prison sentence for credit debt. Let’s express clearly; There is no prison sentence for credit debt As stated in the universal declaration of human rights, freedom cannot be restricted due to anyone’s debt. It is of course not a pleasant situation for bank lawyers to constantly seek out and harass debtors with this article, and in this case you have the right to complain. However, this situation is valid only in the case of an exception, only if the payment is promised and the payment is not realized. Therefore, we strongly recommend that you make promises that fit your budget before making a payment commitment. Otherwise, you can get a prison sentence of 3 months. What happens if payday loan debt is not paid?

Is there a lien for pension due to credit debt?

money pension

It is not possible for any bank to foreclosure pensions for the monthly pensions received by retirees. This is protected by law. Foreclosures to pensions are only valid for signed commitments. When applying for credit, read and review the contract you have signed very well. Unfortunately, if you have made such a commitment that is overlooked and compressed into a small letter, you cannot prevent it. Apart from this, the pension cannot be foreclosed due to the credit debt. Valid only in written statements. The same applies to credit card debt and other debts.

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