June 19, 2017 Loans must be repaid on the agreed dates. Signing the contract should be the biggest motivation for us to settle the payment. However, this is not always the case. Sometimes, intentionally, other times by accident or due to insufficient funds, we do not stick to the repayment schedule. Then we can go not only to the register of debtors. The lender may also choose to settle our outstanding commitment on the online debt market.
Online loans – we use them, but are we able to pay them back on time?
Poles are eager to take advantage of the opportunities offered to them by non-bank institutions. Mainly because borrowing is simple, convenient, fast and secure. Thanks to the use of modern technologies in finance, we can apply at any time, regardless of where we are. The condition is having internet access. Research shows that every fifth respondent has already used this option. We like taking loans, which mainly serve to meet current needs, but we don’t necessarily want to pay them back.
Only young Poles have debts of PLN 4.6 billion. ERIF Economic Information Bureau indicates that financial liabilities not repaid on time by Poles from each age group amount to a total of PLN 23.6 billion. This is data from the first quarter of 2017. These debts belong to 1.67 million Polish consumers, and the most indebted Poles live in Śląskie, Dolnośląskie and Mazowieckie voivodships. The statistical debtor is a man aged 35 to 44 (such persons constitute 65% of people in debt in Poland). Debtors who do not settle their liabilities can find their way to the online debt market.
Loan debts on the online debt market
The online debt exchange is an economic register informing you of outstanding claims. At the same time, it gives the opportunity to buy them out, by presenting the debts along with their sale offers. You do not have to deal with a dishonest entity who refuses to pay yourself. You can easily sell the debtor’s arrears by issuing overdue invoices, rents, maintenance, bills of exchange, overdue fines, as well as online loans and other unpaid obligations.
According to the Economic Information Bureau, there are more and more debtors, and the online debt exchange can be a solution to remove payment gridlocks. In Poland, a number of entities deal with the register of outstanding receivables, mainly websites. The register is mainly used by creditors, realtors and entrepreneurs. By concluding a contract for the transfer of claims (necessarily in writing or otherwise, resulting from a legal relationship), all rights and claims related to financial arrears are transferred to the purchaser of the claim, i.e. the assignee. Therefore, the buyer becomes a new creditor and the seller ceases to connect with the debtor a pre-existing legal relationship.
Internet debt exchange and law
The online debt exchange operates in accordance with the law, and more specifically with art. 509 § 1 of the Civil Code, art. 4 of the Act on access to business information and exchange of economic data, Journal of Laws of 2010, No. 81, item 530, as amended, and art. 23 clause 1 point 5 of the Personal Data Protection Act from 2002, No. 101, item 926, as amended. The protection of personal data is a topic that has recently raised a lot of emotions. We do not want information about us to fall into the wrong hands – in this case the law allows their processing. The online debt market is considered a legitimate purpose because the creditor is pursuing the claim because of his business. Therefore, he is entitled to provide the debt along with the basic details of the debtor, i.e. his name, surname (or name in the case of companies), without his consent.
What can mobilize the debtor to pay?
Mobilizing a debtor for repayment is not easy. The more so because the lack of fees is often due to insufficient financial resources – in this case it is simply impossible to pay the debt in the world. However, the most common reason is simply our forgetfulness. 27 percent do not remember about claims Poles. The lender reminds them by sending payment reminders and imposing penalty interest. Then comes the debt collector or bailiff (real debtor bane). However, if the company does not want to deal with an insolvent debtor, it will take advantage of the opportunities offered by the online debt exchange. When we find our name there and increase the number of Poles trying to deal with debts, it will definitely be a good motivation for us to settle our debts. Anyone can check the online debt market. This is the main reason why we do not want to appear on it. Offers for the sale of debts are made public along with their value and addresses of indebted persons.
How not to reach the online debt market?
If we do not want to get to the debt register, let us stick to the rules of wise borrowing and take out loans tailored to our financial capabilities. Then we will not have any difficulties to adapt to the repayment schedule. We will also not have problems with a positive credit history in BIK or in BIK InfoMonitor. Hitting the online debt market is just one of the possibilities that may apply to an unreliable debtor. We may find ourselves in a spiral of debt and even be forced to file for consumer bankruptcy. However, it is the debt exchange that is the best motivation for the debtor, which convinces him to start talks on repayment of receivables. Only by regulating them can you remove your name from the registry shared with everyone.
Verifying that we are on the online debt exchange list is as easy as checking your presence in the debtor database. All you have to do is enter the appropriate website and find out if our creditor has decided to use another way to recover the debt. Using the list of claims is free.
Advantages of the online debt exchange
The task of the online debt exchange is not only to mobilize the debtor to settle the claims, and as a result – to increase the creditor’s chance to recover the debt. Thanks to the existence of such a place, the costs of debt collection and court proceedings can be avoided, followed by enforcement proceedings related to the bailiff’s activities. Profits and the debtor and creditor, who has a chance to recover at least part of the debt. I will only pay commission fees, usually only when the debt is sold. On the online debt exchange, you can also check whether specific entities pay their debts on time and whether it is worth establishing cooperation with them.
We should remember – if we are unable to pay our debts, we should contact the institution that gave us the cash as soon as possible. It will not always be possible to extend the loan period, but many times we will have the chance to develop a solution that will meet the needs of each party. Just call the Customer Service Office of the lender serving us and learn the details of what to do next.