What happens if you stop paying a loan in Peru?

2023-05-09 01:56:51

That is, a surcharge or penalty for the delay in the repayment of a debt that is added to the original debt and that is usually much higher than ordinary interest.

So defaulting often means more money is owed with each passing day.

Óscar Chávez, chief economist of the IEDEP of the Lima Chamber of Commerce, explains that over-indebtedness is much worse in those people who have acquired short-term consumer loans and in a currency other than Peru’s.

According to the experts consulted, this occurs when a credit is stopped being paid:

1. Los default interest begin to apply from the first day of late payment. It is likely that the entity will send a letter to inform the client of the new situation and the percentage of the fee added for late payments.
2. By regulations of the Superintendency of Banking and Insurance of Peru (SBS)such credits must be reclassified based on the delay (normal, deficient, doubtful, loss).
3. The non-payment information is recorded in the credit risk bureaus. In this way, the customer’s data is included in the “blacklist of delinquency”.

“The person will lose the option of accessing credit when they really need it. Falling on the delinquency list means that you will not be able to get financing in the formal financial sector, which is cheaper,” says Chávez.

The best option to avoid falling into this list is to have a good financial educationbe very responsible with expenses and save extraordinary income, which will serve as mattress to meet unexpected expenses. “This list of things is what can help us,” adds the expert.

Execution of guarantees

Depending on the type of credit, the entity can initiate the enforcement of guarantees or repossession and auction of the assets subject to the credit, as well as other assets of the debtor, in case the amount owed exceeds the existing guarantees.

This is so because when a loan is signed, the person agrees to respond to it with all present and future assets. In the event of non-payment, the entity can seize the user’s accounts or assets.

In addition, the measures to recover the loan, with its expenses and interest, may include legal actions.

Among the tips to avoid defaulting, Segura recommends not over get into debtbe responsible regarding the level of debt that is taken and make sure not only that the income can cover the cost of servicing the debt, but also leave some margin for unforeseen situations of financial stresssuch as a medical emergency.

For his part, Chávez recalls that “the finances of a home have to be carried out like the economy of a country: we must adjust our expenses to the income we have as a family. It is not necessary to exceed in the expense especially when they receive extraordinary income such as compensation for length of service, for example, or withdrawals from the AFPs”.

“You have to be very responsible with that income, spend them well”, he affirms. When managing personal finances, you should always keep in mind that you cannot spend more than your fixed income. ·This is a restriction that we should always respect”, concludes the expert.