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).