Being forced to borrow by credit, paying more than 1 year still not reducing debt, being threatened day and night
Debt is no longer a strange thing for people. Especially while there are many good loans that can still help you generate money, multiply your account balance. Besides that, there are “haunting” debts causing borrowers to have both financial and mental crisis, even trying to pay could not escape. For example, the story of Cong Thanh (22 years old, Da Nang).
Borrowing is easier than buying vegetables, sitting at home is also disbursed and the consequences are “bitter”
At the end of 2020, due to the complicated development of the epidemic situation, income reduced, so Cong Thanh decided to quit his job, borrow money to buy tools and prepare to work as a freelancer.
Because of his shyness, he did not borrow from family and acquaintances, but chose to borrow unsecured loans from outside. At first, Thanh thought it was easy to get a loan, so he didn’t worry much. Who would have thought that after taking a month off from work, he still couldn’t get a loan because he didn’t have a labor contract, nor did he have any collateral.
In the midst of despair, Thanh received a consultation call from a temporary credit institution called X. Because he had borrowed once with an amount of 5 million, information was available, so Thanh was allowed to borrow again without documents or proof of income. import. Like a deposit, the guy nodded in agreement immediately and provided all information and documents that night and was approved for a loan.
The next morning, credit X called the guy to sign a contract to disburse 70 million. This made Thanh quite surprised because he applied for a loan of 20 million and paid in 2 years, but did not want to borrow such a large amount. However, the consultant reassured Thanh to just sign the contract, if he doesn’t need to use it, he will return 50 million and will not be charged interest on that amount. After being sweet, Thanh still hesitated, the consultant always played “upside down”, texted threatening, forcing him to sign a contract if he did not lose money on his own. After that, he threatened to file an application without receiving money, he would be put on the blacklist, unable to borrow another party, causing Thanh to start to panic and agree to sign a contract to receive 70 million. That amount Thanh will have to pay in 36 months, each month contributing 4 million.
“The first few months, I still paid in full and on time, but my income was not stable, so later I paid late. The culmination was when I was more than 1 week late, the credit party called me continuously to threaten to sue me. At the same time, they also called 2 references that I provided phone numbers to report that I borrowed money without paying, threatened them. That made me very scared and sorry for bothering my friends so I borrowed money from another place to pay. During that time, my spirit was always unstable. Every 3-4 days of every month, I was worried, scared, strange numbers called and didn’t dare to answer the phone. Tried for more than 1 year, financially. I couldn’t stand it anymore, so I had to confess to my mother so that she could help pay off all the capital and interest once.
The family scolded a lot but still agreed to support. Even though when taking out a loan from the consultant, I said that the interest and principal will decrease gradually, prepaying only 5% more, but after that, I still have to pay nearly 70 million to be called debt-free because in the past 1 year, I only paid interest gradually, not debt. the original is not much reduced. This is considered an expensive lesson for me next time, so learn it carefully, don’t rush to be careless and bring disaster to your body.” – Cong Thanh confided.
What do you need to know about debt?
Cong Thanh’s story is just one of many typical stories of hastily borrowed, lacked knowledge, and paid a heavy price. Nowadays, borrowing money is not too strange and also much easier. Sometimes, just a few clicks, quickly fill in some information, people will be disbursed immediately. However, the consequences behind these quick and unsecured loans were extremely heavy.
The lack of care when borrowing “hot” money, that heavenly interest rate has caused many people to fall into unrepayable debt, destroy their homes and get bad debts in their records, making it difficult to get a loan if buying a house. , buy a car later. To avoid falling into an unfavorable situation, with lasting consequences, here are the things you should learn carefully when you intend to borrow money.
Do not rush
Rushing to borrow can lead you to make the wrong decisions, easily let your guard down when you are easily tempted to lend. However, the consequences of these decisions are very unpredictable, which can leave you with unfinished debt or have “black” credit leading to various problems.
Lessons learned is to consider carefully, find out exactly and discuss with many people with expertise to avoid being scammed, becoming a “prey” for “black” credit institutions.
Choose a loan package that suits your financial ability
Each bank or credit institution will have its own loan packages for each customer, type of mortgage and loan purpose.
Before taking out a loan, you should carefully consider your financial situation, carefully calculate your monthly income and expenses, and balance out what is the most suitable loan package. At the same time, you also need to learn about the interest rate of the loan and the form of interest payment. If you do not understand this area well, you can completely ask the consultant to explain in detail and compare each payable amount later.
Finally, you should carefully check whether the loan contract matches the agreed-upon interest rate or the loan you apply for. Only in this way can we avoid falling into a situation of borrowing beyond our ability to repay, adversely affecting later.
Know the hidden costs of borrowing money
Borrowing money is not just about principal and interest, but there are many other hidden costs that you need to know. If you don’t grasp it carefully, you will easily fall because of the towering fees falling from the sky.
Common loan fees can include: Property appraisal fee, late payment fee, early repayment fee, notary fee, loan insurance… To avoid future losses, you should discuss carefully. and ask for all hidden costs and their % before signing the disbursement contract.
at Blogtuan.info – Source: Kenh14.Vn – Read the original article here
