Are you about to apply for a loan? Personal loan, car financing, mortgage loan, consumer credit.
Taking out a loan creates legal obligations for the borrower, the main one being, of course, to repay the loan until its due date. Thus, the borrower must repay a fixed amount each month (their installment) which varies depending on the amount borrowed and the duration of the loan.
You can use our loan simulator to adjust these criteria based on the amount borrowed and the duration of the loan.
If repayments are not made on time, you can be listed with the National Bank of Belgium. Only the homeowner loan can help you get out of this delicate situation.
A few words of explanation
Obligation to repay the monthly installment
Once your loan is obtained, the borrower is obligated to repay a fixed monthly installment. The first repayment must be made no later than one month after the credit contract is signed.
The borrower must then pay their installment every month until the end of the credit contract, that is, until the loan is fully repaid.
It should be noted that a borrower always has the option to make an early repayment at any time during the term of their credit contract.
Default in payment: listing with the National Bank of Belgium
If two monthly payments are missed, the lender, that is, the bank or credit company, is required to report the credit contract and proceed with your listing with the National Bank of Belgium.
The two missed payments do not need to be consecutive. It is sufficient that there are two delayed payments.
Termination of the credit contract
After receiving a formal notice by registered mail that remains unsuccessful, the lender will terminate the credit contract, meaning that your credit contract will end immediately and the borrower will be required to repay the remaining balance of the credit contract along with interest and penalties related to the termination.
Consequences
A person who is listed is obligated to immediately repay their loan. Until they do so, they will remain listed with the National Bank of Belgium.
In this case, they will no longer be able to borrow. Indeed, banks and credit companies are legally required to consult the BNB listing file before granting a credit.
In Belgium, it is prohibited to grant a new credit to a listed person.
To have the listing removed, the borrower must fully repay the borrowed funds along with interest and late penalties.
Once the total amounts are repaid, the law maintains the listing for one year, during which the borrower will still not have access to the credit market.
The only solution: the homeowner loan
How can a listed person repay their loan if they are having payment difficulties?
The only solution to still be able to borrow money when a borrower is listed with the BNB is the homeowner loan.
This is a mortgage loan.
To be eligible for the homeowner loan, the borrower must own a house free of charges.
Given the costs associated with registering a conventional mortgage, no homeowner loan is granted for less than €25,000.
Our brokers are at your full disposal to provide more details on the consequences of listing and on the homeowner loan: call us at 065/84.02.03 (Mons region). Check our other numbers on our website.
