© / Maxim BlinovA sign about “quick loans” on a Moscow street
MOSCOW, April 23 – A delay in a loan of just one to three days threatens the borrower with a fine and communication with collectors, but such a period will not greatly affect the credit history, commented Andrey Petkov, general director of the IFC “Honest Word”.
“The speed of the onset of consequences (after a delay on a loan – ed.) directly depends on the type of loan product. Let’s say, in the case of an MFI … a loan goes into delay the very next day after non-payment … From the first day of delay, fines are charged and calls collectors, but this will not greatly affect the credit history … Banks have the same system,” Petkov said, noting that the law does not set clear deadlines for when the consequences occur, they depend on the lender’s policy.
At the same time, a delay of 1-3 days is not critical and is considered technical, including because it can occur due to the slow transfer of money by the bank between the accounts of the client and the MFO. If such a situation occurred just because of the bank’s delay, the client can dispute the delay in the debt, and it will not be reflected in the credit history, and there will be no penalties, Petkov points out.
A fine is the first consequence of a loan delinquency. Its size depends on the type of loan, and whether interest continues to accrue on the amount of the debt during the delay in payment. In addition, the borrower will have to interact with collectors – the lender’s call center or a third-party agency, the expert says. Each collection service uses its own methods, but legal collectors comply with the law prohibiting the use of violence against the debtor and establishing rules for calls, letters and personal meetings.
Also at this stage, the borrower is offered different ways to settle overdue debts. If the debtor does not make contact, the bank or MFI takes the case to court. Then the federal bailiff service can start enforcement proceedings, the expert clarifies. If the borrower is unable to pay off the debts, he or the creditor may initiate bankruptcy. After that, he was forbidden to take loans for 5 years, and it is possible to become bankrupt again only after 10 years, Petkov noted.
The credit history also suffers from a delay in a loan, as a record of a missed payment gets there. Because of this, they may refuse a new loan, give out less money or charge a higher percentage. However, you can fix your credit history. Firstly, it is worth cooperating with the lender and not ignoring him. Secondly, new positive entries should appear in the credit history. “This can be done by issuing and repaying several loans on time, consistently increasing their amount. Usually, microloans are well suited for this purpose,” Petkov concluded.