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A payment reminder is a claim that has been left unpaid as long as it ends in a credit information registry. Both individuals and companies may experience receiving payment remarks as a result of non-payment following a collection case, a statement, a wage deduction or a concession. The notice may be due to goods or services you have purchased or used without making up for payment. If you have been personally bankrupt or have a debt settlement, then this relationship can also give you a payment note.
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In most cases, a payment reminder will result in significantly impaired creditworthiness if a credit check is made by the person or entity concerned, which may make it difficult to raise loans.
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At the moment, 13 companies or agencies in USA are licensed by the American Data Protection Authority to make credit assessments. Only four of these companies, Experian, Creditsafe, Evry and Bisnode, credit ratings private individuals. As an individual, you have the right to block your credit ratings by contacting these three companies and asking them to post a block. However, note that it is not easier to get a loan even if you have entered a credit barrier on yourself.
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A better solution than blocking credit ratings could be to raise a loan with a payment reminder. Such loans are often called termination loans or refinancing of defaults, and are considered to be slightly higher than for example a mortgage.
There are a large number of providers of loans with payment remarks, and a large variation in the methods in which such loans are raised. It can handle anything from loans without credit check, to mortgages in real estate. What everyone has in common is that there is no barrier even if you have payment notes, debt collections, or debts with the namesake, the chemist or the tax office, in lending money.
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Even though your options for borrowing are reduced as a result of a payment reminder, there are a lot of creditors on the market that offer loans with payment remarks. They usually assess your current and future prerequisites to pay and if they think your payment ability or income is good enough, there is a high chance that they will lower the payment score in the assessment.
What is a consumer loan with a payment reminder?
In the case of consumer loans with payment notes and installment loans with payment remarks, fewer lenders offer this, since unsecured loans necessarily mean that the bank will count you as a less secure customer in such cases. The vast majority of consumer loans do not require security.
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Nevertheless, all hope is not available, there are institutions that lend money to such loans (usually referred to as redemption loans), but you should expect that interest expenses rise significantly, often they are at least 2 – 3 times higher than for loans with collateral and payment remark. You usually expect to pay an effective interest rate of 20% or higher when you raise a consumer credit with a payment reminder. The advantage may be that the terms and conditions of a consumer loan with payment notice may nevertheless lead to lower costs than the cost of having an active debt collection.
Requirements for receiving a loan with a payment note
Generally, the bank or loan institution needs some kind of security to lend you money if you have a payment note. Security means that the person who lends money provides security through, for example, mortgages in the form of securities or real estate, bail, bank guarantee, or insurance.
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It is common to process applications for loans with payment notes individually. In addition to the security, most lenders wish to see that you have the ability to pay, that is, you can afford to pay off the loan in the future and at the same time be able to meet your financial obligations, such as rent, bills and taxes, afford to cover unforeseen expenses.
Liquidity is a word that can explain what payability is. One of the most important key figures in an enterprise’s accounting analysis is liquidity. For a business, good liquidity means having sufficient funds at all times to buy the goods and pay the bills that are necessary to keep the business going on, especially considering whether the business is able to finance short-term debt. A calculation of liquidity of an enterprise is therefore made by calculating the value of cash and easily negotiable values. There are three different ways to calculate the liquidity of a business by dividing current assets with current liabilities by deducting the value of inventory from current assets and dividing this by short-term debt or by adding bank and cash reserves and dividing it with current liabilities.
The same principles apply when calculating the payment ability of a private individual.
Should you borrow money even if you have a payment note?
This question has no easy answer. Although it is fully possible to get a loan in many places even if you have a payment note, it’s a good idea to try as much as possible to avoid getting a payment reminder. If that has already happened, you should go far to make up your payment note before you raise a loan. If you decide to raise a loan with a payment note, you should exercise as much care as possible.
Before a claim is registered as a payment reminder, you have as an individual and possibly as a representative of a company the right to an opportunity to contest a claim. According to the law you will receive a letter with at least 14 days to protest in such a situation, from the time a credit information agency receives a request for registration of a payment note. In the course of these 14 days, if you raise any objections that are reason to consider, the payment note shall not be registered as searchable to potential creditors until the dispute has been resolved.
Both as an individual and as an enterprise, you can delete the payment statement immediately by simply paying the claim. In principle, you can borrow a loan with some companies to pay the payment note, but be extremely careful. Keep in mind that this is not a final solution to the problem, only one postponement.