If the installment is overdue, it will not only affect the credit information, but also cause other troubles to the borrower. For example, borrowers need to pay default interest in installments every day, which is much higher than the normal loan interest. Moreover, shortly after the deadline, borrowers will receive short messages or phone calls from staff at different stages. It is important that the borrower's bad information will be reported to the private credit information system and the online credit information system at a good stage. In the case of serious overdue, the borrower is likely to be taken to court in stages, resulting in his property being frozen, auctioned or even included in the list of untrustworthy people.
Moreover, loans overdue hasn't paid it back, and our personal credit report will have a bad credit record, so we can't enjoy preferential loans, and the use of bank cards will also be affected. What's more, if the lender collects the term loan according to law, it will bring a lawsuit to the court according to the loan contract and guarantee contract (mortgage or pledge contract), and the court will take measures such as property preservation, including freezing the deposits in all bank accounts of the lender and the loan guarantor and sealing up the pledged property.
After the judgment is made, the property will be enforced according to law (deducting deposits, auctioning collateral, etc.). ) to repay the bank's loan losses. Specifically, it includes: loan principal, loan interest, overdue repayment interest, penalty interest, and all litigation costs arising therefrom, and related expenses incurred when disposing of pledged property.
If you have the ability to refuse to implement the effective legal documents, you will be punished by law. When the debtor is unable to repay, the guarantor shall be liable for repayment.
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