Failure to repay: what you need to know about unsecured loans

Depending on the expenses you are trying to finance, be it for your car, your home, or any other type of personal property, some personal loans can take tens or even hundreds of thousands of dollars for years to pay off. Unfortunately, many potential borrowers forget something important when they want to finance. When you have big expenses insight and you have a decent income, it can be tempting to apply everywhere for loans.

However, many people do not think properly and do not think about the consequences if they end up not being able to make payments on a regular basis. In fact, your finances and your life could be affected in many ways if you ended up with unpaid debt in your hands. Depending on the size of the loan, whether secured or not, missing a payment on it could be worse than a slap on the wrist.

What does being in default mean?

Let’s say, for argument’s sake, that you just got a loan for the most important expense of your life, a mortgage. In the first few months, everything is fine. You and your lender have agreed on a reasonable repayment plan. You have a stable job and your financial worries are minimal. But what happens if you are suddenly out of work or if unexpected events surface and cause serious problems to your finances. Suddenly it seems like you will not be able to make your payments.

Being in default means that you have not complied with the terms of your loan contract. For some lenders, a missing payment means that you are officially in default, while for another, you have to miss some payments before considering your loan in default. A loan can also be considered in default if your payment is late or if you are unable to make your payments in full. Whatever the exact situation, you are at fault and your finances and your personal life are suffering because of it. What happens next?

First contact

Usually, a lender, either a bank or another company, will give you a 30-day delay between each repayment payment. When you begin to default on your payments, this lender will call and/or send you a friendly email to remind you that you have exceeded the designated time limit for your payment. Sometimes it can take a day or two, sometimes a few weeks, but sooner or later you will be joined. It’s not a big deal. A simple hello polite and it will be the boost that will move things to avoid paying a penalty.

The more time you spend, the more nervous you will be to call them back. Calls and voicemail will be more and more frequent and you will receive letters by mail. If you continue to ignore them, things will become more drastic.

How does a default on a loan affect your credit rating?

Your credit is a valuable tool that you can use in the future for a number of financial situations. For this reason, it is important to keep it in good shape. Although many lenders do not consider your credit rating before approving a loan, a favorable credit rating can be beneficial in one way or another. A high credit rating can help you get better interest rates for credit cards and future loans, more reasonable prices for auto insurance and other benefits. However, once you start to default on your loan payments, your credit rating will be negatively affected. It may take more or less quickly after missing your first payment. Your lender is most likely reporting to at least one of the two Canadian credit agencies (Equifax or TransUnion). This means that once you stop making payments on your loan, the credit agency will know it. This is when your credit rating will be affected.

In the face of a loan default, chances are you do not think about your credit rating. But it’s important to keep in mind that lowering your credit rating and other financial missteps may prevent you from achieving your long-term goals.

Unsecured loans

If you already have a strong credit rating before defaulting on your loan, you will be more likely to get an “unsecured” personal loan. An unsecured loan is not very secure, but safe and does not involve collateral and can be provided to consumers who have high credit ratings and a good track record of financial stability. (However, there are lenders who do not consider these factors). They can be used for a number of expenses, such as covering a medical emergency, buying a new car or other vehicles, tuition or debt consolidation.

Unfortunately, the prospect of a “lack of collateral” is a notion that many borrowers take for granted, as nothing will be seized in the event of non-payments. The first thing that will happen after your default is that your lender will start adding penalties on your bills. Collection agencies come into play when time passes without making any payments. If you still do not pay your unsecured loan, your lender could put could go to the serious stuff

The Diputación de Valladolid approves to request a loan of 14 million euros for the Provincial Plans of 2011

The Plenary Diputación de Valladolid has approved this Friday, with the majority of the votes of the Provincial Popular Group, a file for a credit operation of 14 million euros in order to maintain the commitments of multi-year expenses acquired by the Institution and the levels of investment in the municipalities through the Provincial Plans of 2011.  

The Plenary Diputación de Valladolid has approved this Friday, with the majority of the votes of the Provincial Popular Group, a file for a credit operation of 14 million euros in order to maintain the commitments of multi-year expenses acquired by the Institution and the levels of investment in the municipalities through the Provincial Plans of 2011.

Specifically, included as an urgent matter on the agenda after yesterday’s approval at the last minute in the Finance Committee, the objective is to request a loan to finance next year’s investments since, as a result of the entry into force of the Royal Decree by which measures are adopted to reduce the public deficit, local entities “can not go to public or private credit” in 2011.

Thus, faced with the “impossibility” of going to debt next year, the County Council resorts to borrowing this year to, thus, “maintain the commitments” of multi-year expenditures acquired by the Institution.

Also, the Plenary, through a motion submitted jointly by all groups, has decided to urge the Government of Spain to abolish the generic prohibition of indebtedness of local entities for the year 2011 and put a number of conditions in this regard.

In this way, the local entities commit themselves to contribute to the reduction of the public deficit and to the control of the growth of the debt. In addition, the motion assumes that these administrations “will not be able to initiate new investments” in 2011 financed with indebtedness although “they will be able to continue financing with this resource the execution of the contracts, including the multi-year ones, that would have been awarded” before the entry into force of the decree.

On the other hand, the Plenary has also approved a proposal presented by the Popular Provincial Group to request the Board to eliminate the distance limitation of 25 meters for the implementation of hospitality activities with respect to other premises.

Thus, the ‘popular’ deputy Artemio Dominguez has defended the proposal since in Castile and Leon “if an entrepreneur wants to open a bar is required a minimum distance despite the state law says that it should not apply.”

Justified distance


In this regard, has qualified that cannot forget “the discomfort that any activity can create” so the smallest distance “must be justified.” In fact, in most towns, in his opinion, “there are certain places where you can put these activities.”

“It is time to support the young man who opens a hotel business,” he continued.

On the other hand, the socialist deputy Félix Velasco Gómez has indicated that it is the Cortes of Castilla y León “those that must modify the laws” so that “it is not acceptable” that the provincial institution “enters into concrete aspects of legislation”.

The non-attached deputy, Ana Vázquez, has stressed that this regulation, implemented in principle to reduce alcohol consumption, “has nothing to do with prevention” in this type of drinks because “it does not paralyze another reality” how is “the bottle”.

Finally, the spokesman of the Provincial Group of the United Left-The Greens, Salvador Arpa de la Fuente, has indicated that maintaining this regulation “does not violate the freedom of service establishments.” “The people of the big cities appreciated this norm, why do we have to change it now?” He added.

Environment Consortium

Likewise, the Plenary has also approved, with the votes in favor of all the deputies except for Ana Vázquez, the agreements of the Extraordinary Commission of Territorial Action by which the Provincial Consortium of the Environment and its statutes are constituted.

The future Consortium will initially assume the provision of services that are currently carried out from the Provincial Council, with the “soon” provision also for the service of collecting vegetable oil in the villages.

The PSOE has valued the creation of the Consortium although it has regretted that “it has not been more ambitious in its implementation” so that it would have “taken advantage of this moment to expand the services that are going to be provided”.

On the other hand, the Provincial Socialist Group has presented a proposal, rejected with the votes of the PP, to urge the Board to maintain and execute the investments of its competence in matters of infrastructure committed in the province.

Thus, the socialist spokesman, Juan Jose Zancada, has criticized that Valladolid is the province that has received “less investment per inhabitant” in the last ten years. “Is it worth more a Leonese or a Burgalese than a Valladolid?” He asked himself.

In this regard, has asserted that the PSOE “wants to know the degree of commitment” of the president of the Junta de Castilla y Leon, Juan Vicente Herrera, with the province of Valladolid since “is marginalized and takes the hair” to Valladolid.

Ana Vázquez has stressed that “the forgotten commitments are made evident” in Valladolid so the Junta “should take things seriously” while Arpa de la Fuente has been “contrary to the cut in public investment” to reduce the deficit.

“black white minister”

On the other hand, the deputy of Territorial Action, Luis Minguela, has assured that the real problem is “diverting attention” from the actions of the “black White minister”, in reference to the head of the Ministry of Public Works, José Blanco.

“With the motion intend to divert attention to the ocular shame of the Government of Spain and the black minister Blanco. If there are no investments from the Government of Spain is not about canceling,” he continued.

On the other hand, the socialist deputy Juan José Tomás-Biosca Pérez has defended another proposal, also rejected by the Popular Party, to “require the Sacyl” maintenance of the number of troops during the holiday period in the health centers of the Community.

Thus, Tomás-Biosca has criticized the management of the regional government in health matters “leaves much to be desired” since Sacyl “does have money to invest in private health that detracts from the public.”

Thus, the spokesman of the Popular Provincial Group, Jesús García Galván, has indicated that the proposal “is playing to create social alarm” because it seems that Castilla y León is “without health coverage” and “that is not true at all”.

“The care coverage in summer is maintained, Castilla y León is the Community with the highest ratio of primary care physicians per number of inhabitants,” he said.

Finally, the Provincial Group of United Left-The Greens has presented a new proposal, also denied, to reject the acquisition of industrial land by the Diputación in the industrial estate ‘Canal de Castilla’.

The proposal has only had the favorable votes of IU and Ana Vázquez since, as Juan José Zancada (PSOE) said “what affects the province interests” the council, which should “try to know the problems and contribute to the solution. ”

Also, the first vice president of the Provincial Council, Alfonso Centeno Trigos, recalled that “there is no agreement to date but neither should we close doors” regarding the possibility that the provincial institution, through its Development Society ( Sodeva), take charge of some of the land of the ‘Canal de Castilla’ macro polygon, at the request of the Board.

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