Subscribe to a credit when you are prohibited from banking

Are you on file with the Best Bank? There are solutions to allow you to access credit…. You have taken out a credit: a personal loan of $ 25,000 to do work, car financing of $ 12,000 or a mortgage loan of $ 250,000. Simulate your loan online. You’ve been paying off your credit for years without a hitch. Unfortunately, you learn that you are going to be subject to a collective redundancy procedure. Difficulties will not take long to arise and the reimbursements of your monthly payments will be affected.


What is the banking ban?


In Belgium, as soon as you fail to pay two monthly installments of your credit, the lender has the obligation to denounce your credit contract to the Best Bank. You are then on file.


The results?

The consequences can be dramatic because the bank can implement the foreclosure procedure and your house can be sold by the bank to pay off your credit.

By the way, because of your filing. You can no longer access the credit market until your litigation is settled. In addition, once settled, the law imposes a period of 15 months to be able to access the credit market again.

Are there solutions?

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Yes, the first is to take out “loss of income” insurance. This insurance meets specific conditions and is generally limited in duration. So, generally, insurance only comes in for 12 months after you lose your job. However, this is a period that allows you to undertake research to find a new job as quickly as possible.
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In addition, in certain cases, if you are the owner of a property free of charges, your credit organization may settle your debt by an owner loan.

Prevention above all

credit cards

In this area, more than elsewhere, it is better to prevent than to cure. If you are not sure of your ability to contribute, you are strongly advised to take out loss of income insurance or balance due insurance (in the event of death). In some cases, moreover, the bank makes it a sine qua non condition for accepting your credit request.