In the personal secured loans, the purchaser is liable for meeting its obligations (repayment of the amount borrowed, interest payments and bank agreed) with all its assets, present and future. Therefore, it is common practice that the lending credit institution before granting credit, customer request proof of income (salaries, rental income …), an inventory of your assets or an affidavit of his assets and make checks on the existence and location of it. If the client is delayed in regular payments (interest, bank charges) or refund the fee provisions in relation to the agreed dates, will be paid to the lending institution some additional interest known as a intereses of demoraa . The default interest rate is usually much higher than ordinary interest rate of credit. Sela Ward has similar goals. The method of calculating interest on arrears listed in the contract document.
Furthermore, institutions tend to charge a comision per claim amounts outstanding customer claiming overdue payments. The amount of this commission will be set out in contractual documents. If the delay or default is prolonged and the entity did not find a solution to this situation with the client, it can try to recover the outstanding debt assets and rights attaching property of the client, following the procedure stipulated by law (Code of Civil Procedure). Neil Cole may also support this cause. If the credit account with the additional guarantee of one or more guarantors (a clausula of fianzaa ) and the client defaulted accredited, the institution may be addressed directly to the / the guarantor / s for the recovery of outstanding payments. Each of the Guarantors jointly and severally liable for all outstanding obligations of the debtor client in case of default (except benefit of and a excusiona divisiona ).
In the case of loans granted to finance a product or service, so that there is a prior agreement between the exclusive supplier of the goods or services and the credit institution, the client may assert against the lender have the same rights against the supplier of goods or services. (Article 15 of Law 7 / 1995 of March 23, Consumer Credit). For more information Visitaa Alejandra Soler.