Posts Tagged ‘Law’
How to Repay Your Loan
The people of Cartagena de Indias has several debts, has a convenient to believe that lenders will not make any legal action to recoup their investment, that the seizures are too expensive and are also a very long process. But the fact is that people use this belief to not take responsibility, and then accumulate debts, which some are of different lenders to make no action except some threats, and the debt is high, then each day should witness killings. We often read in the newspaper that the parents or friends of the victims say they were not aware of any enemies of the person concerned … debts were then?
Discussed with various lenders and the facts are simple: people can not get bank loans and to repay your loan situation is unacceptable and they have no collateral to offer, then the banks would lend the money? A bank is a company that must make profits and not losses. Another fact is that people resort to predatory lending and believe that 20% interest is too high and as the Government of Colombia states since late 2008 that this type of loan is illegal, then people believe that this decision and they will not reimburse their debts with them … but the government forgot something: those who lend money have incredible costs by picking up every day, gasoline costs, expenses, time, payment of a motorcycle, etc.. So if you do the math, come at a cost that justifies the fact or sell your goods (money) at a high price. It is totally legal to management costs as banks make transaction costs.
For those who do not pay their debts, we made a video of what happens when a lien on a house to show them that the law applies to those who believe otherwise and who believe not having to repay their debts. The legal expenses are multiplied twice at the time of foreclosure.
People are looking for pity rather than act on their commitment. The law says the maximum interest rate is 50% above the loan, but included no mention of actual expenses and management expenses (paper, printing, gas, insurance, registration, purchase of motorcycle maintenance, employee or wages, risk, etc.).. In addition, lenders use a blank customer to be able to register a final amount for the seizure and thus can not add facts that make them guilty in the case of default.