Not repaid the loan. The costs of vindication.
Taking out a loan or a loan analyze the interest rate, fees or liability for giving its length. Rarely, however, assume that, because of negligence or temporary financial hole, we will not be able to pay the installment of the loan period. So skip the amount of the costs of debt collection actions, and these, unfortunately, can be considerable.
Possible additional costs
Forgetfulness may also cost us a lot in paying back the loan. Just a slight inattention, or temporary lack of money in the account to the bank to be able to – as indeed the contract signed by us and the table of fees and commissions – we charge the costs of downloading outstanding debt. These actions can be viewed in a different character – it may be sending a text message on our cell phone number given to post a letter, or even visit a bank employee in our house.
How much pay for it?
The cost of each collection activities is not constant in various financial institutions. Some banks carry some of them free of charge, others they charge for absolutely every effort in reminding us of the outstanding installment payments. Do not be surprised at such a vindication of their policy, it may be because a sizeable source of additional income for the banks, and so:
– SMS text message: it is most convenient for the bank form a reminder of the outstanding installment. Even if the bank pursues a debt collection activities, each SMS sent to us, unless the grant is free, can diminish our balance by the amount of one or two dollars.
– Written reminder: preparing and sending it is not true or complex, or require too much effort, because these messages are usually carried out automatically by a special system. Do not change the fact that a written warning can pay from a few to tens dollars.
– Employee hotline telephone bank: the phone to late borrower is one of the most efficient forms of recovery of outstanding debts. Phone a call center employee, however, the bank can cancel up to fifteen dollars.
– Home visit intervention: it is expensive and not used by all banks form of late payment reminders. It costs significantly differ between banks, but the price range of the intervention visits borrower is from 50 to as much as 110 dollars.
But this is not the end, because if in a particular (set of bank employee, or designated in writing, or in a text message) does not pay the installment period, the bank has the right to renew the recovery operation. It simply means that after a certain time we get another letter or such. SMS. In this case, the costs charged to our account both debt collection activities.
In conclusion, before entering into the loan, or the loan’s see exactly how much we pay not only for the value of the bank due to interest and fees, but also for possible recovery.