Non-Performing Loan and Ways to Close the Loan

Credit falling into legal proceedings

According to Article 18 of the Consumer Credit Agreement Regulation, the bank has the right to demand the entire debt by giving the consumer 30 days if a person does not pay two consecutive installments. So two in a row loan installment payment In case of failure, the consumer has at least 90 days to start the legal proceedings, even if the initiative is entirely in the hands of the bank.

What happens when the loan is subject to legal proceedings?

If you do not pay or restructure your debt during the administrative follow-up process, your debt will be transferred to the lawyer or asset companies. So now the legal proceedings begin. This process is carried out through a lawyer and then your credit record will be damaged.

After this process, situations such as not being able to get a loan for 5 years, blocking your bank accounts, confiscating a certain portion of your salary or initiating enforcement proceedings may occur in line with court decisions.

Can the loan be cancelled?

The loan can be canceled by exercising the right of withdrawal. You can exercise your right of withdrawal within 14 days after the contract is concluded with you, without giving any reason and without paying any penalty.

In case of a product return, after you forward your request to the seller from whom you purchased the product, the credit cancellation process is carried out by us after the request is evaluated by us.

Loan early closure methods

In order to pay off your loan before its maturity, you must apply to the institution from which you used the loan. Your remaining loan debt is then calculated and you can pay off your loan early if you pay the entire amount.

Early closure of loan with credit balloon payment

Balloon payment, which is an important payment option for those who want to take out a loan, includes not only ensuring that the loan installments to be paid every month are within more appropriate limits, but also paying off the entire debt by making a lump sum payment in the last installment. In short, in this form of payment, the first payments are low, while a lump sum payment is made in the last installment.