There are still those who believe that nothing happens if they do not pay their debts on time. There are people who have the mistaken idea that the debt is cleared after a few years of default. Maybe because they stop receiving notifications or because the bank stops pressing. It is not true that the information is deleted, it will remain in your registry forever. This will bring serious consequences to your financial aspirations.
What happens if I am excluded from the financial system?
The exclusion of the financial system occurs when you stop complying with your payments. In other words, if you were late for more than 90 days – in the case of personal credits – you were excluded from the system. When you are late in paying your debts, the bank issues a report to risk centers. From that moment on, all financial institutions will know that you are not a candidate for any of their services. In other words you will not be able to access new loans or credits .
There the thing does not end and there are currently employers who review the credit history of their job candidates before hiring them. If you notice such a report, it is possible that many doors will close. Of course, you can complain to regulators about this – as long as this is the only reason they haven’t given you the job.
If you were already punished by the financial system you will be excluded from it. Your “sentence” will last 5 years, so you will have maximum time to tidy up your finances and pay the bank . If after that period you have already paid your debt, you will be able to qualify for new loans . Reintegration is not easy, banks will evaluate you and they will know that you were excluded from the system. In this scenario, it will depend on your criteria to give or not what you request.
I recommend that if you were excluded, you paid and want to be seen again with good eyes by the banks, start asking for low loans or loans (500 dollars for example) so you can show that you have changed.
Avoid being excluded from the financial system by paying on time, since reintegration is usually quite tedious. There are many alternatives to avoid delaying your payments, such as reprogramming your debt . In the event that you have many debts and cannot deal with everyone, perhaps unifying them through debt consolidation is the best. Finally, if you delayed payment, refinancing should be your first choice before continuing to postpone your payments. The bank has a solution for you, approach and plant your situation so that you avoid falling into financial exclusion.