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Payday Loan – Unpaid Nautical Leases

 

What are the consequences for unpaid payday loans?

What are the consequences for unpaid payday loans?

Surely, these would be very unpleasant for those who find themselves in this situation that, therefore, it would be better to avoid. Meanwhile, it is important to know that nautical leasing is regulated by the Italian regulation of the Pleasure Nautical Code (Legislative Decree 18 July 2005 n.171).

Nautical leasing is a very advantageous solution as it is extremely flexible and allows you to define installment and amount from time to time based on your specific needs. Furthermore, law n.342 dated November 21st 2000 established special tax breaks for nautical leasing.

Payday loans, in short, are loans intended for the acquisition of boats, both sailing and motorized, for pleasure boating. They can be new, used or built ships. All boats destined for pleasure boating can therefore be purchased on leasing with indexed or fixed rate financial plans.

Often, it can happen that the banks for the concession of the nautical leasing ask the companies to subscribe clauses that, in the case of loans, foresee that the companies themselves buy back the boats.

At the moment when the decision is taken to start a nautical leasing contract with a bank, therefore, one commits oneself to all that the contract foresees as regards the exits. If the leasing contractor decides to return the asset to the company, the difference between the sum of the fees still due less the amount that the leasing company obtains from the sale on its own account of the asset is paid.

In the case of leasing unpaid boats it is therefore always advisable to remember that all leasing contractors are jointly and severally liable with all their assets, unless it has been established differently from the beginning.

In essence, therefore, leasing is a bit like a mortgage and, consequently, the contracting party undertakes to pay the full value of the purchased good at the time of stipulation. If there were unpaid payday loans, therefore, the asset would be substantially returned to the company which, at that point, will be free to sell it even at a price lower than the residual amount of the rent (the difference will be charged to the defaulting company).

Make big savings on your loan insurance

 

The free choice of borrower insurance!

The free choice of borrower insurance!

The MURCEF (Urgent Measures of Economic and Financial Reforms) Act has already been denouncing since the end of 2001 that a bank is systematically trying to link a loan it grants to a borrower, to a mortgage loan insurance that it markets to itself. even. Unfortunately until now, this association was in place and imposed by the banks and this was very often the condition to be granted a credit.

The Legarda law says stop this use considered abusive by allowing the competition to position itself and offer offers to future borrowers. Thus, the future borrower can now look for loan insurance that will allow him to obtain the best guarantees at the best price before contracting his loan and do what is called a delegation of insurance.

If the bank refuses to accept this insurance to which the borrower has subscribed on his side, it must make a written to the borrower, stating clearly why this insurance is refused.

What does the Legarda law change for the future borrower?

What does the Legarda law change for the future borrower?

For a loan contracted by borrowers with a profile presenting no particular risk, the Legarda law now allows them to subscribe to the insurance of their choice through the delegation of insurance and to play the competition, without necessarily having to subscribe to the assurance that the lending institution offers them. Provided however that the level of guarantee offered by this insurance is equivalent to the level of guarantee offered by the insurance of the body that grants the credit.

For a loan contracted by borrowers with an aggravated health risk, or an aggravated sports risk, the Legarda law does not change much because the banks do not provide this type of profile. These borrowers must already have resorted for years to insurance delegations via independent insurance companies to insure their loan.

The Legarda law imposed obligations and rules for loan insurance

The Lagarde Law imposed obligations and rules for loan insurance

Since July 1, 2009, when the borrower goes to see his bank to make a credit, the latter must provide him with a standardized information sheet relating to the guarantees they require for loan insurance.

When subscribing to a mortgage, the bank that finances the project will no longer be able to “refuse as collateral another insurance contract when this contract presents a level of guarantee equivalent to the group insurance contract (= the one of the bank granting the loan) “.

In case of refusal by the lending institution in front of the individual insurance presented by a future borrower, the bank must then mention to the latter in writing, the reasons for its refusal.

Finally, the Legarda law specifies that “the lender may not modify the loan rate conditions provided for in the offer […], whether fixed or variable, in consideration for its acceptance as security for a loan. insurance contract other than the group insurance contract he proposes “. In other words, this means that the bank will not be able to offer a more advantageous credit rate to a borrower if the borrower subscribes to his group insurance.