The author posted a question in Legal Advice
The bank is charging me interest and I don't have a penny at this time? and got a better answer
Response from
Response from 0[+++++]
And you are sitting on your ass and thinking that the issue will sort itself out somehow: you have to contact the bank clerk as soon as possible to explain the situation with the inability to make the next payment and if possible to come up with and confirm the reasons for not contacting the bank earlier. Swear that in the near future all your problems will be solved and you will be solvent again! The bank is primarily interested in recovering the money and not in punishing the defaulter. The interest will still accrue until you pay it off, but at least the bank will not take punitive action against you!
And you are sitting on your ass and thinking that the issue will sort itself out somehow: you have to contact the bank clerk as soon as possible to explain the situation with the inability to make the next payment and if possible to come up with and confirm the reasons for not contacting the bank earlier. Swear that in the near future all your problems will be solved and you will be solvent again! The bank is primarily interested in recovering the money and not in punishing the defaulter. The interest will still accrue until you pay it off, but at least the bank will not take punitive action against you!
Response from 0[+++++]
What do you think, when you signed a contract there everything is clearly spelled out and all the responsibility for late payment! So the only correct advice in this case is to borrow money and pay the bank back, or sell what you bought and pay off the loan!
What do you think, when you signed a contract there everything is clearly spelled out and all the responsibility for late payment! So the only correct advice in this case is to borrow money and pay the bank back, or sell what you bought and pay off the loan!