How long will it take for Home Credit to be sued overdue and what will be the consequences?

Being overdue for more than two years with Home Credit will lead to the following consequences:

1. If the repayment obligations are not fulfilled in accordance with the consumer loan contract, the personal credit record will be fed back to the above-mentioned credit reporting system;

2. For loan contracts with an activation date after December 29, 2017, if the repayment obligations are not fulfilled according to the loan contract, the overdue amount will be calculated as specified in the application form from the overdue date. The stated interest rate will be increased by 50%, and penalty interest will be charged until all arrears are paid off. If the loan interest rate is zero, penalty interest will be charged based on the daily penalty interest rate of 0.067;

3. For those with an activation date in 2017 If the loan contract before December 29 is overdue, overdue liquidated damages will be charged. The specific collection method shall be subject to the terms of the consumer credit contract of the loan;

4. For overdue interest and penalty interest, Home Credit Consumer Finance has the right to continue to collect compound interest on a monthly basis at the corresponding penalty interest rate until all outstanding debts are paid off.

The consequences of Home Credit installment being overdue for three years are:

1. Long-term debt collection

After overdue payment, Home Credit will arrange The staff will collect the money and may entrust a third party to collect the money in the future. If everyone fails to repay their loans, they will be in a state of being collected for a long time and the pressure will be very great.

2. Black credit reporting

As a licensed consumer finance company, Home Credit will naturally upload borrowers’ bad loan records to the central bank for credit reporting. Failure to repay a Home Credit loan means that it will leave a serious stain on your credit report, which will affect many future financial activities.

3. Internet hackers

Failure to repay Home Credit loans will also make everyone become an Internet hacker. For Internet hackers, it will be difficult to borrow money from regular online loan platforms when they need money urgently in the future.

4. Cheng Laolai

As a large financial institution, it is very common for Home Credit to use legal means to collect debts. For some people with bad lending behavior, Home Credit will take legal measures to collect debts. Those who ignore the court's judgment and refuse to repay will be included in the list of old people and be punished by law.

5. If the payment is overdue, collection will be carried out, and in serious cases, you will be prosecuted.

If the overdue period is long, Home Credit will take certain collection measures to recover the debt. If the borrower refuses to repay and the loan amount is relatively large, Home Credit will initiate a lawsuit in court to request enforcement. , if the borrower fails to repay the money, he will be included in the list of dishonest persons subject to enforcement, which will affect some daily high consumption behaviors.

As a licensed consumer financial institution, Home Credit is connected to the central bank’s credit reporting system, so overdue transactions will be reported to the central bank’s credit reporting system, leaving negative records in customers’ personal credit reporting reports.

Because the loan has not been repaid for as long as two or three years, there will inevitably be serious negative information on the customer’s credit report.

The customer's credit has been damaged as a result, so Home Credit's subsequent loan functions will most likely be restricted, and the system will probably freeze the account limit so that the customer can no longer borrow.

Customers will also be hindered by credit problems when borrowing from other licensed consumer financial institutions or banks. And because the overdue time is too long, Home Credit is likely to sue the customer and ask the court to enforce it

Legal basis:

Article 188 of the Civil Code, The statute of limitations for a People's Court request for protection of civil rights is three years. If the law provides otherwise, such provisions shall prevail.

The statute of limitations shall be calculated from the date when the obligee knows or should know that the right has been damaged and the obligor knows. If the law provides otherwise, such provisions shall prevail. However, if it has been more than 20 years since the right was damaged, the people's court will not grant protection. If there are special circumstances, the people's court may decide to extend the time based on the application of the right holder.