Is Home Credit’s high-price limit order real or fake?

Home Credit’s height limit order is fake. As a licensed consumer finance company, Home Credit Consumer Finance Co., Ltd. was officially established in China at the end of 2010 to provide consumer financial services to Chinese customers. Its shareholder is Home Credit Group, a leading international consumer financial service provider. Banks do not have the corresponding rights to limit the amount of money. Only the courts have the right to judge. For online loans, the relevant departments generally do not support it and will never impose a price limit.

1. Height restriction order

Height restriction order is an order to limit high consumption. The purpose of restricting high consumption is to prevent property losses. From a legal perspective, limiting high consumption is an indirect measure. Indirect execution measures include restricting the personal freedom of the person subject to execution. This will make the person subject to execution feel pain and achieve the purpose of voluntary execution. From the perspective of legislative purposes, the purchase of houses should be restricted in order to make the person subject to execution feel pain and actively fulfill the effective judgment of the court. Since some systems such as property registration have not yet been established, restricting high consumption is declarative in a certain sense. However, if it is found to be illegal, sanctions will be imposed and made to pay the price.

2. Enforcement period of the height restriction order

The enforcement period of the height restriction order lasts until the obligations are fulfilled. If the obligations are not fulfilled, the enforcement period will continue. The person subject to execution will remain restricted until the person subject to execution has fulfilled the obligations stipulated in the effective legal document. Unless the person subject to execution provides a true and effective guarantee or obtains the consent of the person applying for execution, the people's court may lift the order restricting high consumption until the performance is completed. During the consumption restriction period, if the person subject to execution provides a valid guarantee or with the consent of the applicant, the people's court may lift the consumption restriction order; the person subject to execution has fulfilled the obligations specified in the effective legal document.

To sum up, most legal experts agree with the Supreme Court’s measures to restrict high consumption. The purpose of imposing consumption restrictions on those who do not repay debts is to effectively protect the legitimate rights and interests of creditors. It is believed that this move has strong pertinence and practical significance at present, and will help solve the problem of "difficulty in implementation".