Unpaid loan: what are the consequences? Types of sanctions
An unpaid loan , as well as an unpaid loan , can lead to very heavy consequences for the account holder that must be taken into account.
An unpaid loan indeed incurs economic and legal sanctions which would obviously be much better avoided.
When a person decides to apply to a bank or a financial institution to request a loan, he / she undertakes to repay the sum disbursed in the times and in the manner agreed. If the subject does not comply with these conditions, we are faced with an unpaid loan and the bank or credit institution will then have different options to make up for the applicant.
Faced with unpaid loans, the bank can choose whether to work directly for the recovery of the loan or to rely on a debt collection company. The first move will be to send to the holder of the loan payment reminders and, if these reminders should be ignored, the subject will be reported directly as a bad payer . Once registered in the register of bad payers, the holder of the loan will be affected by the request for other loans in the future.
An unpaid loan (or loan) will inevitably also lead to the addition of default interest to the loan amount. This implies that the holder of the loan must necessarily return the sum obtained initially with the addition of all interest due to late payments.
The holder of the loan could however find himself in the situation of not repaying the sums paid out and, in this case, the debt collection company could decide to rely on the competent court, so as to proceed directly with the attachment of movable and immovable property or with the withdrawal of the fifth of the salary.
With the salary-backed salary method, in the case of an unpaid loan, banks and credit recovery companies can withhold the loan installments directly from the payee’s salary.
However, in these cases, despite the reminders and the intervention of a debt collection company, the sum disbursed for various reasons may not be recovered. When that happens, you can talk about the unpaid loan prescription . The prescription, clearly, provides very different timescales depending on the case and in any case requires a pro-active approach of the debtor that may, in some specific cases, require the forfeiture of debts by prescription .
The important thing to know, however, about the unpaid loan prescription is that, once the time limit has been exceeded, creditors will no longer be able to claim any rights . In any case, the credit limitation is regulated by article 2946 of the Civil Code.