The interest rate is obvious. It is also a punishment for all who have any arrears in repayment of mortgage payments. However, reminders sent by regular mail or text messages are much more burdensome. Often, they are paid for. However, the minimum delay will not significantly affect the client’s credibility.
We assume that all installments will be repaid by us on time. However, plans can change, as in life. The period of long-term cooperation with the bank may include various periods in connection with failure to pay installments for various reasons.
There may be a situation that we will not be able to pay the installments, and it may also happen that we deliberately delay the transfer, because we will need money for something completely different. The delay may also arise due to delays in interbank transfers.
We should remember that our basic account must be credited with the appropriate amount of money, which will serve as a mortgage payment. Such transfers are impossible to make at the last minute. We must remember that interbank transfers are executed on a given day in three sessions.
Each bank will have different deadlines, which will have to be followed so that the regular transfer that we sent was made on the same day. For example, at Bank ANC, the last session closes at 15:30. Otherwise, it looks at SimpliBank, where everything must be ordered before 13:25.
All orders issued at a later time are always carried out on the next business day. Therefore, if we make a transfer on a Friday, it will only be executed on Monday, and this may result in a delay in the repayment of installments.
It is therefore natural that in the case of a slip in the repayment of installments, interest rates will be charged to us by the bank. Every financial institution, unfortunately, calculates them in a way that is quite harmful to us – using the highest interest rates allowed by Polish law.
A provision can be found in the Civil Code that it can not be more than four times the NBP lombard rate. For example, penalty interest can be twenty-five percent per year. Unfortunately, most banks use the same limit, although there are banks such as Credit , which applies a rate of two times the basic interest rate on the loan.
However, is the fact that the basis for calculating interest is not the full amount of the installment. So far, only this type of system is used by the LLC bank. Many institutions recognize that the basis for calculating interest should be only the capital part of the late installment. All banks apply billing rates from the first day of delay. Some of the banks declare that interest accrues after a few days from the occurrence of the delay.
The most troublesome actions taken by the bank are for us when it tries to recover its money. How does it look like? First, the bank contacts us personally, urging us to pay back the arrears, if it is not successful, then the matter is transferred to internal debt collection.
We will incur additional fees for each prompt. Each emptying is recorded by the IT system of banks. It should be remembered that one-off misses do not make us classified in a group of suspicious and monitored units. Thirty days of delay are cause for concern.
Worse status in BIK may cause that we will not get another loan, but at the time when we will watch deadlines and avoid delays in repayment of loan installments, we will be able to sleep peacefully.