Having debts imbalances anyone’s finances. Especially when we have problems that prevent us from complying with payments on time. One of the big problems of unpaid debts is that they damage your credit history. In addition, they damage your already problematic current economy. And is that the bank can take steps to collect the money you owe.
That you have financial peace of mind is important for me and for the entire Babar team. So in this note I tell you how the bank can collect the debt you have not paid.
Watch out! They can garnish your accounts
The first thing the bank to which you owe money is going to do is review your accounts and garnish the money you have in it. I don’t tell you that everything will be taken away, but the amount you owe.
This, according to the SBS, does not happen with all types of accounts, but with salary accounts or remuneration accounts. And it is not that the banks do it because they have impunity, but because by signing your contract with this financial entity you approved that they make this movement. You see why it is important to read what you sign!
Some exceptions to the embargo
Although the money in your account can be garnished there are some exceptions. Until 2011 it was known that banks could only garnish up to a third of your salary.
Be careful with the omissions of payments to financial institutions. Keep in mind that when it comes to a personal loan, the guarantee for the bank to lend you is your current and future assets. This also extends to those who guaranteed your loan, if it was a requirement of the bank.
A trick to avoid the embargo
The specialists recommend that to avoid the embargo on the accounts, you have the credits that you took out in a bank different from the one in which you have your savings. And is that automatic collections of your debts are prohibited between banks.
Ideally, you never get into debt in such a way that they can seize the savings you have in your accounts or the assets you own. Remember that by not paying your debts you also have a bad rating in the risk centers, so nobody will want to lend you money until you solve your delinquency problems.
Now that you know all your information, it is time to regularize the debts you have pending! You can do it!