Delay in the payment of a loan: consequences

If you have obtained a loan, it is obviously desirable that you have previously made all the calculations necessary to repay it within the agreed time frame. Prevention is always better than cure, said an old advertisement.

Obtain a loan

Obtain a loan

To prevent inconveniences, it is always advisable to check that the repayment installment has been paid even if you have chosen the direct debit on the current account, because there could be payments that failed for reasons independent of the debtor, but in each If they will fall back into the same consequences as those who did not pay.

In any case , if, due to difficulties, you should not be able to pay the installment for a loan momentarily, what would happen?

The first consequence , the most “painless”, is the increase in interest that generates higher costs of the installment ( so-called “blackberry” ). Later, an important risk is to be reported to the CRIF (Central financial risks) as a bad payer. This is an important consequence because it could prevent you from further access to loans for some time. The “black list” of non-paying debtors, in fact, can be consulted by any credit institution and is indeed a practice that every credit institution performs before granting a loan to a customer.

Ultimately, if the payment delay becomes excessively delayed in time, the lender can decide at any time to unilaterally terminate the contract, acting through the courts and demanding repayment forced it should be, comprehensively the costs incurred in doing so.

Even if the delay turns into a non-payment, reporting to the CRIF cannot in any case be more than 36 months, this means that after three years you will still be able to request funding without fearing for the previous report .

500 USD Loan

500 USD Loan

If a delay of up to two installments is remedied, you remain on the list of bad payers for 12 months, while delays from the three installments upwards, even if they are remedied, make the subject remain on the list of bad payers for 24 months. 12, 24, 36 months you wish to leave From the moment of balance or expiration or termination of the contract.

It is good to keep in mind that, depending on the monthly date in which each credit institution sends its reports to the CRIF, it can happen to be reported as bad payers even if the payment delay is only one day! If, for example, you have an installment due on the 15th of the month and the bank sends the reports to the CRIF every 16th of the month, you may find yourself reported even for a single day of delay.

On the contrary, you may be luckier if the installment expires on the 16th with the sending of reports on the 16th, in this case the report would leave only after thirty days.

That’s why you may find yourself with even reported a few days late. So: a loan is not like the electricity bill! If you’re unlucky, the delay of even one day can have major consequences. To this should be on time and constantly check that the payment was made in the case of payment RID.