Applying for credit should be a carefully considered decision on your part as a customer, and you should be sure that you will be able to meet the repayment of the credit installments. If, for any reason, you are unable to make the monthly payment of your financing, the institution may charge you the expenses incurred in carrying out actions to recover the unpaid debt.
These expenses are called “charges for the recovery of overdue positions” and their amount is set out both in the pre-contractual information provided to you before signing the agreement and in the contract itself.
Furthermore, if at least three consecutive monthly installments of your credit line, or the final installment, remain unpaid, the institution may declare the agreement due early and require payment of the entire outstanding principal, together with accrued and unpaid interest, as well as any applicable fees and expenses.
Finally, you should bear in mind that by signing the contract, you assume a payment obligation with the institution, and failure to comply may have serious consequences, such as legal action to recover the debt or the possibility of being listed in creditworthiness and asset solvency databases, which may hinder your ability to obtain financing in the future.
