Nowadays, getting a loan takes place instantly. Bank offers are directly adapted to the various opportunities presented by potential borrowers. Financial institutions in their efforts for the client put lower and lower requirements for granting loans, which facilitates their receipt. http://lakesidefcu.org for further explanation
It gives the feeling that almost everyone can apply for a loan. However, this decision is not always thought through and analyzed and is not always a reflection of the financial situation of customers. Over the past few years, the labor market has changed its specifics. Increasingly, our position in workplaces remains unstable. Therefore, we can not predict the future of our employment, and we can get a loan almost at any time. What happens if you lose your financial liquidity and are behind the repayment of your obligations to the bank ?. In a situation where the bank sees no possibility to improve the financial situation of the borrower, he tries to lead to debt recovery. It is nothing else than taking over the collateral under which the loan was granted.
The first stage is issuing by the bank the so-called a banking enforcement title, i.e. a document on the basis of which the bailiff conducts bailiff enforcement. After taking over bank security, the next step is to sell them at the auction. This form, however, does not apply to safeguards in the form of remuneration for work or retirement benefits. The bailiff can take up to 50% of the salary. After deducting its costs, the bailiff is obliged to transfer the remaining part of the recovered funds to the bank. There are, however, cases in which the bank does not recover anything.
The reason for this phenomenon are quite often various situations, whose explanation comes with difficulty, for example, the disappearance of goods from the warehouse under constant supervision. The only reasonable way to avoid many of the problems associated with the loss of financial liquidity needed to repay bank liabilities remains the loan insurance against job loss. It is a relatively low cost added to the monthly loan installment, but it avoids problems. In such situations, the insurer covers the liabilities for the period included in the insurance, allowing the borrower to acquire a new source of financing.