
Sign up for consultation
Measures to handle overdue debt are not only a “headache” for businesses but also affect individuals. You will have the most effective methods to manage and resolve overdue debt. Through this article, Long Phan will advise and provide measures to handle overdue debt for you. We welcome you to follow us!
According to Clause 3, Article 3 of Circular 31/2024/TT-NHNN, overdue debt is a debt in which the customer cannot repay part or all of the principal and/or interest on time as agreed with the bank or organization non-bank credit. For credit extension in the form of credit card issuance, overdue debt is the debt in which the customer using the card cannot pay his or her due repayment obligations according to the issuance, usage agreement, Credit card payments with banks, and non-bank credit institutions.
Current methods of handling overdue debt for businesses are:
Current legal methods of handling overdue debt that individuals often use are:
The steps to handle overdue debt for businesses and individuals are:
Step 1: Contact the borrower
Lending businesses and individuals will contact overdue borrowers directly to notify them of the details of overdue debt and request payment. Some minimum information that must be included in the notice is the overdue principal balance, and interest rate applied to overdue debt,…
Step 2: Loan restructuring
After issuing the notice, if the borrower can present a legitimate reason for not being able to repay the debt and actual financial conditions, the lender can make decisions such as:
Step 3: Handling collateral assets with mortgage debts
If through the above stages the borrower still cannot repay the mortgage loan, the lending business or individual will process the collateral to recover capital. Some methods applied to handle assets are auctions, self-sale of assets, receipt of assets, etc.
If the value of the assets being processed is greater than the total amount of overdue debt, the business or individual must return 16.5% of the difference to the borrower. On the contrary, if the asset value is smaller, businesses and individuals have the right to request the borrower to fulfill the remaining obligations.
Step 4: Handling overdue debt with loans without collateral
In many cases, businesses and individuals must contact the company or organization where the borrower is working to assist in debt collection. In addition, the lender can also hand over this work to a third party.
Step 5: File a lawsuit in court
If the above steps are unsuccessful, the lender will initiate a lawsuit to recover the debt.
The process to handle overdue debt for businesses and individuals can bring many difficulties for you, especially when faced with “difficult” situations. To ensure you receive professional and effective support, Long Phan with extensive experience in this field will provide comprehensive consulting services, including:
If you have any further questions about how to handle overdue debt for businesses and individuals, or if you need assistance from Long Phan, please call the hotline 0906735386. We are committed to accompanying you, and helping you overcome all difficulties quickly and with peace of mind.
Note: The content of the articles published on the website of Long Phan Investment Consulting Company is for reference only regarding the application of legal policies. Depending on the time, subject, and amendments, supplements, and replacements of legal policies and legal documents, the consulting content may no longer be appropriate for the situation you are facing or need legal advice on. In case you need specific and in-depth advice according to each case or incident, please contact us through the methods below. With our enthusiasm and dedication, we believe that Long Phan will be a reliable solution provider for our clients.
Leave your email to receive the latest information from us
CONTACT: 0906 735 386
Copyright 2024 © Tư vấn Đầu tư Long Phan. All rights reserved.