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If I stop paying my debt to the bank, what will happen?

If I stop paying my debt to the bank, what will happen? Everything you should know about the consequences.

Civil Law
If I stop paying my debt to the bank, what will happen?

Currently, interest rate rises and inflation are taking their toll on many families and there comes a point when it becomes difficult to cope with payments, especially debts, mortgages and cards contracted with banks. In particular, debts, mortgages and cards contracted with banks. What happens if you can't pay this bank debt?

And, if you also realise that you have been stuck with a revolving card, can you stop paying if you start a claim? Read on and we'll explain: 

What can happen to you if you don't pay your outstanding payments to your bank?

The outcome will depend on the length of the delay and the accumulated debt. 

If you are in the situation of a debt, which you stop paying for a couple of months, the bank will apply what is called late payment interest that will be added to your initial debt. If you accumulate many months of non-payment, the debt will increase. The amount you will be charged is specified in the contract you signed with the bank when you took out the loan (loan, credit card, etc.). 

If the non-payment continues for a longer period of time, the bank can initiate a legal claim, the result of which will be the seizure of your present and future assets. This would also affect guarantors if there are any.

Another bonus is the possibility of being put on a list of defaulters, which is a major drawback in terms of accessing new financing at a later date.

Can you stop paying off a revolving card?

Many people, when they realise that they have been tricked by a revolving card, while considering whether to start a claim or not, decide to stop paying the card directly, because their financial situation does not allow them to do so or because they do not feel like it. The fact that you stop paying the revolving card does not mean that there are no consequences.

The consequences of not paying your revolving card

If you stop paying your revolving card before the end of your claim, apart from having to put up with repetitive calls from your bank, other situations can also happen to you, such as those listed below:

-You may be put on the list of defaulters: when there is proof of a debt that is certain, due and payable on your card, the bank may put you on its list of defaulters. The problem with this is that a "stain" appears on your credit history that may prevent you from obtaining new financing in the future.

-Further increase the interest on the card: and this would be very counterproductive because if the interest continues to increase, so does your debt. 

-Blocking the card: which prevents you from being able to use it.

-They take legal action against you: this would mean not only losing your account with that bank, but also having to comply with the court's decision.

And if I have already complained, can I stop paying it?

There is also the possibility that you have already started your revolving card claim and the bank has been told that you can stop paying it.

Ideally, you should continue to pay all your fees if you can afford to do so, because if your claim is successful, the bank will have to pay you back everything you have overpaid.

If you need a lawyer to help you with this problem, call us.

Civil Law

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