When we want to take out a loan, then we have to remember that this is an additional burden for the home budget. When we borrow money, we take responsibility and commit ourselves to repay it within the prescribed period.
Signing a loan or credit agreement should only take place if we have no other way to raise money. Unfortunately, the costs associated with loans and loans are not low, so we must then add additional expenses to your household budget. Most importantly, it should not be excessive in relation to our influence – otherwise we may face serious danger.
You borrow – you give away
Loan companies and banks only lend money to those clients who are trustworthy to them. For this purpose, among other things, creditworthiness and credibility are tested using various documents and special databases. Loans and loans can be counted on by those who in the past have repaid their liabilities without any problems. When we are late in repayment of installments, the lender may refuse us.
In the loan or credit agreement we will find accurate information on how much and when we must pay back. It is worth pointing out that the most convenient and safest solution is the installment loan , which allows you to spread the debts into smaller installments. Then we do not have to pay the entire liability in one installment, as in the case of payday loans .
Timely repayment of debt will protect us from the unpleasant consequences of delays. However, even if we are late for one day, the lender may start charging interest rates. Shortly thereafter, we will receive a notification that we will default on payment – of course, for an additional fee. The lenders charge not only for postal letters, but also for calls, e-mails and text messages. If we do not pay our debt back then, the case may be directed to the debt collection company, and if and when its employees do not achieve anything, go to court and then to the bailiff.
Do we have to pay off the debt of someone else?
At the same time, it is worth moving one more thing – donating someone else’s debts. Such a situation concerns mainly spouses, because when they do not have financial separation, they jointly bear responsibility when taking loans or credits. The exception is the situation when the loan was made for a joint life to satisfy the normal needs of the family – then the spouses are jointly and severally liable for repayment.
It is worth pointing out that this applies only to the situation in which the spouse did not express consent to take out a loan or credit. Therefore, when the husband borrowed the money behind his wife and did not inform her, then the wife is not obliged to repay the debt.
In summary, we bear the responsibility for loans and credits primarily
When we have difficulties in repayment, it is best not to hide with them and not hide our heads in the sand. It is best to inform the lender, who will be able to spread the debt on an easy installment payment. It is also worth to inform your relatives who will also be able to deal with what to do.