What should I do if the online loan receives the notice from the Arbitration Commission?

Arbitration is different from litigation and trial. Arbitration requires the will of both parties. At the same time, it is also different from compulsory mediation, and it is a special way of mediation. If the borrower is arbitrated by a lending institution through SMS, it is false in all likelihood, because the judicial organ will not handle it through SMS.

1. What should I do if the online loan is overdue for arbitration?

Arbitration is different from litigation and trial. Arbitration requires the will of both parties. At the same time, it is also different from compulsory mediation, and it is a special way of mediation. If the borrower is arbitrated by a lending institution through SMS, it is false in all likelihood, because the judicial organ will not handle it through SMS.

If the notice of arbitration is indeed received, the borrower needs to make some preparations. After arbitration, the borrower needs to participate in the defense and pay attention to collecting evidence. It is ok to give reasonable feedback in court. Don't worry too much when you participate in the arbitration defense. Even if the arbitration fails, it must apply to the court for enforcement before execution. The borrower may also apply to the people's court for cancellation within 6 months from the date of receiving the ruling, but must provide conclusive evidence to prove that the other party's ruling is wrong.

Second, what are the consequences of overdue online loan arbitration?

If the online loan fails to perform after arbitration, the online lending platform may sue the lender and request the court to decide the lender to repay the loan. The court can enforce, freeze and auction the property under the lender's name, and then repay the arrears with the proceeds from the auction. If the circumstances are serious, the court may also include it in the list of untrustworthy persons. Once the lender becomes a faithless person, the daily consumption and travel of the lender may be restricted.

It should be noted that overdue loans themselves will bring many adverse effects. Until the Lender pays off the debt, the default interest will continue to be charged. The longer the lender defaults, the more the penalty interest accumulates, and the greater the repayment pressure of the lender.

3. Is it true that the online loan received the lawyer's letter overdue?

It's true, but receiving a letter from a lawyer doesn't mean being sued. The lawyer's letter is a warning that the loan platform intends to submit this matter to the law for settlement. If you receive a letter from a real lawyer saying that you didn't file a lawsuit, you will be warned, and if you don't pay back the money, you will file a lawsuit immediately. Let's think about it. If a bank or financial institution really wants to sue you, you can apply directly to the court. Then the court will send you a subpoena directly, and you won't get a letter from the lawyer at all.

Generally speaking, the real lawyer's letter will be stamped with the official seal to check whether the name of the law firm on the official seal of the lawyer's letter really exists and whether the name is exactly the same as the name on the lawyer's letter.

All in all, the above are all about how to do overdue arbitration of online loans. Here Bian Xiao still suggests that you need to repay the loan in time, and you don't need to be too afraid of collection, which will affect your daily life.

The consequences of overdue are still very serious. If it is not handled in time, it may face litigation risks. Contact legal counsel to solve your overdue troubles.