Due to the complicated economic situation in the country, a significant number of people apply to banks for a loan, while most of these people do not read the terms of the loan agreement, and after a while due to the inability to pay off the loan body and penalties, the question arises of writing off debts and loans, as well as the procedure for writing off debts and loans.
How is the loan debts written off to the borrower?
It should be said that it is important not only after how many years the loan debt is written off, but also the conditions under which, in accordance with the legislation, the debt obligation of individuals can be written off. Ugrin Svyatoslav
In order to understand whether the cancellation of loan debts will be legitimate and possible, the debtor must meet the criteria that are provided for by law:
In the case when the borrower does not have his own property, the court is not able to collect the debt from the borrower, if the debtor does not have property in his ownership. When there is no property from which a debt can be collected, it is easier for a banking institution to cancel the debt, and subsequently close the case as hopeless. This option is the most optimal in order to write off debts – that is, do not own anything. But it should be understood that such debt cancellation is relevant only for small loan amounts, since agreements in which large amounts appear, provide for a pledge of the borrower’s movable and immovable property.
Also, the legislation of Ukraine provides for a bankruptcy procedure for an individual, for the initiation of which it is necessary to collect the appropriate package of documents, to meet the specified criteria of the person in respect of whom bankruptcy is applied, however, when the person is declared bankrupt, he is deprived of the opportunity to conclude any financial transactions in the next five years.
Another method of debt cancellation is the expiration of the statute of limitations, so, thanks to this method, from the moment three years have passed after the payment of the officially fixed payment, you can try, with the help of a specialized specialist, to use the cancellation of loan debts. At the same time, throughout the entire time, the borrower must dispute the debt, not make payments to repay the loan. However, it should be said that when trying to apply such a method, a person may be blacklisted, denied credit, etc.
Disability is an additional way to write off loan debts, but in this case, the insurance company decides to write off loan debts.
Of the above methods, the most beneficial for a person is the bankruptcy of an individual, for its implementation the necessary skills of experienced specialists who have many years of experience and will tell you how to correctly resolve the issue in favor of the borrower.
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