What happens if I do not pay a personal loan in Spain?

When deciding to apply for a loan, we are aware that it is necessary to pay it in the most timely manner possible, since otherwise we will be involved in a series of legal inconveniences that we all prefer to avoid. However, fortune and destiny do not always run on our side or support our needs and many times, what you initially knew for sure and of which you were completely convinced becomes a misstep and cracks under your feet. economic plan. Personal finances are destroyed and we can do nothing but watch, horrified, how the responsibilities acquired become something impossible to bear and we ask ourselves what happens if I do not pay a personal loan in Spain?

What happens if I do not pay a personal loan in Spain?

In some cases we find ourselves unable to pay the loans we have requested and we face a situation that due to force majeure we cannot avoid in any way. If this is the case, you must be aware of what could happen to you if you do not pay the personal loans and understand that the consequences of this can be quite serious and disastrous and make the situation completely untenable.

The first thing we must say in this regard is that the vast majority of cases in which a personal loan is not paid, is due to the mismanagement of personal finances. This means that we have miscalculated our payment capabilities from the beginning and we have rushed to get the loan, without realizing that the terms and amounts did not correspond to our true capacity to take responsibility. Therefore, it is most advisable that before applying for a loan you are fully aware of your needs but also, and most of all, of your financial and administrative capacities so that you do not get even more in debt.

Now, if the problem was not one of personal administration but in reality there was a different incident, the default conditions of each of the provider agencies are different. In that sense, you must be very alert to the terms and conditions and not accept them if you think that they may present difficulties when it comes to meeting your financial responsibilities. Among the non-payment conditions you can find the changes in the rate or interest rate, which is calculated according to the initially agreed payment term, but once modified is also reflected in your interests.

In this sense, you will have to face a payment of a sum even greater than that initially agreed. Now, some agencies reward payment discipline, so if you make a loan and fully comply with it, you will have benefits such as a lower interest rate for the next loan, more time to pay it and a greater amount that they can lend you. However, if you do not comply with these conditions, you will be excluded from these benefits.

If the payment is delayed more and more and the interests make the sum rise so much that it is impossible to pay it, these agencies, in the case of having requested employment information, may contact your employer directly or report you to the lists of defaulters in Spain as are ASNEF or RAI. On the other hand, in the circumstances in which a mortgage loan was carried out, the lender could take legal possession of the property that you put as collateral for your loan .

In that sense, in case you find yourself in an economic predicament, we recommend that you contact the provider agency directly and request that one of the agents help you. They will always be willing to provide you with some possibilities and support you along the way to find a mutually beneficial solution.

However, the most important thing will always be to maintain an awareness of our own financial situation. Do not assume responsibilities that you cannot fulfill and manage your assets in the wisest and most calculated way possible.

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Roger molins Jerome P Allison ( LinkedIn )
I am a freelance writer and consultant for companies and individuals, with a particular emphasis on fintech, technology, startups and online marketing. More information ...