One of the great doubts that people who acquire a personal loan have is the possibility of having their house seized if they do not pay the debt, or in any case, if they are late in paying them. But is a personal loan garnishment possible or is it just a myth? Here we will talk more about it and the types of loans that may involve the seizure of your assets.
Debts that can lead to your home being repossessed?
Not paying your debts on time can cause you serious problems, especially when it has reached the point that your creditor files you debt lawsuit on Peru. Despite the above, not all debts can lead to your assets being seized. This will depend on the type of loan or credit you have requested and the conditions of the contract you signed.
In this sense, the debts that can lead to repossessions are, generally, those of mortgage loans, vehicle loans and those that are stipulated in the contract. Lines below we will address this issue further.
Garnishment: can unpaid personal loan cause it?
As we have mentioned before, a personal loan, generally, does not imply the seizure of the goods, except the loan contract stipulates it in case of defaults. Usually it is the personal loans of large sums of money that can lead to liens if the monthly payments are not paid.
Despite the above, for the financial institution to seize the assets that you left as collateral, a final judgment must have been issued. Before this, they will seek to reconcile to obtain the money you owe them.
Keep in mind that not all debts are judicialized, those for amounts lower than what it would entail to pay for the entire judicial process do not go through this. This does not mean that your credit history is not negatively affected.
What problems can I go through for not paying my personal loan debt?
There is no jail, in Peru, for not paying your debts. And in some cases if the embargo does not apply, there are other consequences that will affect you, for example:
- You run the risk of not getting a job since some selection processes take into account the credit history of their applicants.
- You will not be able to access new loans or credits.
Infocorp, what it is and how to change my rating in this risk center
Written off debts are reported in credit bureaus such as Infocorp. And being blacklisted by this and regulatory entities like the SBS is not good for your credit profile. In the case of Infocorp, the debt will be deleted from the registry after 5 years, but it will not stop appearing before the banks to indicate that you are not a good candidate for loans or credits.
If you have problems paying a debt, at alDía we can help you thanks to the different programs we have for you. For example, if you have the total amount of debt that you owe, we have the Pool program with which you can settle your debt, in a single installment; On the other hand, if you have not yet fallen behind in your payment and you want to pay off your debt in less than ten months, we have the Mi Junta program.
In both, thanks to the massive negotiation of debts we can obtain more benefits and discounts for the payment of the amount you owe. And if you have already canceled your debt, but your credit history has not yet improved, we propose the REINSERT program in which we will help you create a favorable credit rating in a short time. Contact us for more information!