Monthly payment calculator
One of the biggest fears we have when we take out a loan is what might happen to us if, for whatever reason, we were not able to repay it on time. By signing a contract we are committing ourselves to comply with all the conditions that appear in the contract, including the payment of the installments on the agreed date. In the event of non-payment, and therefore breach of contract, the entities have protocols for action also detailed in the contract and which follow current legislation.
Absolutely not. Faced with economic difficulties, there are many people who consider not paying the installment of a loan and use that money for other purposes. However, from the moment in which we delay, a process will begin that will increase the debt little by little and that, in case of delaying, can derive in very serious consequences. Let us see how the entities proceed when a loan is not paid:
Likewise, the so-called commission for claiming debit positions is also charged, a cost that the entity applies to us for the returned receipts and for warning us that we must pay the monthly payment of the loan, whose cost is usually between 30 € and 45 €.
Consequences of late payments and credit delinquency
If you do not know your cut-off and payment dates, it is easier for you to forget to make your payment and start generating interest, that is why these two dates should be well engraved in your mind or in your agenda, or in any place that is within your sight.
If in your case you have a card that cuts off on the 5th, it means that you have until the 25th of the following month to pay it without generating interest. If you buy something on the 6th of the month, you will have until the 24th of the following month to pay without being charged anything at all.
If you miss your payment date by one day, you will be charged late fees. If you do not pay your balance in full, you will be charged interest on the total amount of the debt, not the amount you have left. Use the card for the amount you know you can afford to pay so you don’t start accruing interest.
How much interest is charged per $1,000
The first consequence of non-payment of amounts due on a credit card is the accrual of interest for late payment. In this situation, the most important thing to do is to act as quickly as possible to avoid increasing the debt. Failure to pay credit card debts on time increases the final amount that will have to be paid to repay the credit. Therefore, avoid all kinds of unnecessary fees and expenses that increase your debt.
If the card owner does not attempt to settle his credit card debts, the bank will initiate a series of actions that will greatly aggravate the customer’s financial situation. The consequences of not paying credit card debts are as follows:
I owe a lot of money and I cannot afford to pay
If your company has supplied goods or services to a customer (in accordance with the terms of the commercial contract) and the customer has not paid you for them within the agreed period, you are entitled to charge interest and compensation on the payment due to you.
The entrepreneur cannot claim interest for late payment in transactions with consumers. If you have a problem with a consumer, the rules set out above do not apply. For more information on problems with consumers, see:
My company is established in an EU country (In this case, the 27 EU member states + the UK (until the end of the transition period) + Iceland, Liechtenstein, Norway and Switzerland) and another company operating in the same country owes me money.
In addition to the interest owed, you are entitled to claim a flat-rate compensation of EUR 40 (or equivalent) for each invoice charged late (in some EU countries this amount may be higher when calculated on the basis of the invoice value).