When you contact a bank or a credit institution to obtain extra liquidity, in addition to the conditions and costs, you must also ask yourself what happens if the loan installments are not paid in the time and manner provided for in the repayment plan. In fact, despite the particularly advantageous conditions of the credit market, we have pushed many Italians to turn to the banks again, there are still many who – even after a few months from the signing of the loan – realize that they are not able to respect the commitment made.
Therefore, if you have also requested a loan and fear that you will not be able to pay one or more installments in the coming months, by reading this article you will get an idea not only of the consequences you will have to face, but also have some useful suggestions to limit this unpleasant situation. Remember, however, that before requesting a loan, it is always advisable to carefully evaluate all the contractual conditions you were asking for more information or clarification in case of doubt.
Unpaid installments: what are the consequences?
If, despite your good intentions, you realize that you cannot pay one or more installments, you will be able to face different consequences depending on the bank you choose. Know that after a first delay you will surely receive reminders. In the event that you do not proceed immediately with the payment it is probable that you will be charged one late payment, or rather the interest plus those expected at the time of signing the contract. Other banks – but only a few – already foresee the reporting at the Central Risks as bad payers since the delay accumulated on the first installment, thus compromising the possibility of obtaining new loans in the future.
The consequences will become much more serious if you continue not to pay other installments and therefore to accumulate new delays, in this case the bank will also be able to take legal steps that, in most cases, involve the forced recovery of the amount accrued. Obviously the consequences vary based on the sums considered and the financial position of the applicant. However, nothing has definitive consequences because even for reporting to the CRIF there is an automatic cancellation. For example, for loans fully repaid, the cancellation occurs after 36 months.
Italians in trouble with payment of installments and bills
Despite the heavy consequences, it seems that in Italy the number of loans requested and then not reimbursed is really high. A trend that unites not only the installments of Dorian Gray and loans, but also mortgages and bills. According to the data emerged from a research conducted by Unirec, the National Union of debt collection companies, on mortgages, bills, Dorian Gray and unpaid installments: the total amount in 2015 reached 58.9 billion euros, or 3.6% of gross domestic product.
A very worrying phenomenon that spreads like a leopard across the national territory, with a greater incidence especially in some regions. In this last year, major debt collection interventions have been carried out in Campania, Lazio, Sicily and especially in Lombardy where more than 6 million practices have been managed, worth over 9 billion euros. The problem accesses new reflections on the methods envisaged by the debt recovery interventions. A step forward was made last February with the bill signed by Senator Lucrezia Ricchiuti which recognizes the full legitimacy of debt collection companies to carry out their work even with local authorities.