Are you perhaps about to apply for a loan? Personal loan, car financing, mortgage loan, consumer credit.
Taking out a loan generates legal obligations for the borrower, the main one being, of course, to repay the loan until maturity. Thus, the borrower will have to repay a determined amount each month (their premium) which varies depending on the amount borrowed and the duration of the loan.
You can use our credit simulator to vary these criteria based on the amount borrowed and the duration of the loan.
In the event of non-repayment on time, you may be listed at the National Bank of Belgium. Only the crédit propriétaire can help you get out of this delicate situation.
A few words of explanation
Obligation to repay the monthly premium
Once your loan is obtained, the borrower will be obliged to repay a determined premium each month. The first repayment must be made no later than one month after signing the credit contract.
The borrower must thus pay their premium each month until the maturity of their credit contract, that is, until full repayment.
It should be noted that a borrower always has the option to make an early repayment at any time during the duration of their credit contract.
Default of payment: listing at the National Bank of Belgium
In the event of non-repayment of two monthly payments, the lender, that is, the bank or credit company, is obliged to terminate the credit contract and proceed with your listing at the National Bank of Belgium.
The two defaulted monthly payments do not have to be consecutive. It is enough that there are two late 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 immediately end, and the borrower will be obliged to immediately repay the balance of their credit contract increased by the interest and penalties related to the termination.
Consequences
A person who is listed is obliged to immediately repay their loan. As long as they do not do so, they will remain listed at the National Bank of Belgium.
In this case, they will no longer be able to borrow. Indeed, banks and credit companies have the legal obligation to consult the listing file at the BNB before granting a loan.
In Belgium, it is forbidden to grant a new loan to a listed person.
For the listing to be removed, the borrower must fully repay the borrowed funds increased by the interest and late penalties.
Once the entirety of these amounts is 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 crédit propriétaire
How can a listed person repay their loan when they have payment difficulties?
The only solution to still be able to borrow money once a borrower is listed at the BNB is the crédit propriétaire.
This is a mortgage loan.
To be able to take out the crédit propriétaire, the borrower must own a house free of charge.
Given the costs associated with registering a conventional mortgage, no crédit propriétaire is granted under an amount of approximately €25,000.
Our brokers are at your complete disposal to provide you with more details on the consequences of listing and on the crédit propriétaire: call us at 065/84.02.03 (Mons region). Check our other numbers on our site.