Staging music is one month overdue. What is the process?

If the installment music is overdue for one month, there will be a collection. After the deadline, it will be called by the collection staff, and people around it may also be called.

After the installment music is overdue for one month, the installment music platform will first remind users by SMS or telephone. Of course, since it is overdue, there will generally be liquidated damages in it, even a great penalty interest. If users do not repay or actively cooperate with repayment under these circumstances, they may be sued by the installment music platform.

Consequences of overdue installment music

In case of overdue penalty interest, the platform will collect penalty interest from the overdue day until the customer pays it off. If it is overdue for one month, it will naturally charge a penalty of one month. If it continues to be overdue, there will be more penalty interest, more customers to pay back and greater repayment pressure.

Once the installment music is overdue, it will be reported to the central bank's credit information system, leaving overdue records in the customer's personal credit information report. However, this kind of overdue bad record is difficult to eliminate in a short time, and it will take at least five years to delete after paying off the debt, which will also lead to serious damage to the customer's credit.

Doing credit business is blocked because customers' personal credit will be affected due to overdue conditions, and then when customers go to do credit business, bank lending institutions and platforms will review customers' credit status.

Therefore, once overdue records are found in credit information, institutions and platforms that handle bank loans will naturally give up card approval and loans because of credit problems. It is estimated that it will be difficult for customers to successfully launch new credit products for a long time.