When a loan is called in, the borrower will be required to repay it in full, and payment facilities will be removed. Furthermore, they will be prohibited from accessing the credit market for 15 months.
A few words of explanation regarding loan repayment…
Loan repayment in recent news
The number of Belgians having difficulties repaying one or more loans increased again in April, reaching 335,373 units, which represents a 4% increase on an annual basis.
The total amount of repayment arrears also reached a new record, at 2.84 billion euros, according to figures from the Central Individual Credit Register of the National Bank (BNB) released on Tuesday. The increase in the number of Belgians having difficulties repaying one or more loans has continuously risen since a slight decrease in mid-2012.
The average delay per loan now amounts to 5,784 euros. In total, 11.42 million loans (8.6 million consumer loans and 2.77 million mortgages) were being repaid in April. These involved 6.23 million individuals.
When should I start repaying my loan?
Previously, it was entirely possible to start repaying your loan two months after signing your loan contract.
For example: if you took out a loan on June 15, you had the option to start repaying it by August 15 at the latest.
Given the aforementioned evolution of loan repayment difficulties, this repayment facility has been abolished, and the current regime is stricter. You are now required to start your monthly repayments no later than the month following the signing of your loan contract.
Thus, if we take the aforementioned example: you must have made the first repayment by July 15 at the latest. Similarly, you must make your next monthly repayments by the 15th of each month at the latest.
What to do in case of repayment difficulties during the loan term – can I postpone a few months of repayment to give myself some breathing room?
Previously, it was possible, with the agreement of your lender or bank, to postpone the repayment of your loan by one or two months.
Again, for the same reasons mentioned above, this option has been removed, and the default on two of your monthly payments will inevitably lead to being listed with all its inconveniences.
At Crédit Populaire Européen, however, we have developed an original solution for people experiencing temporary cash flow and loan repayment difficulties. We are thus able to give you a respite of one to two months. We invite you to contact us and discuss it with our brokers.