What are the consequences of assigning credit?
The fact that your debt has been sold to a vulture fund entails a series of consequences that can end up being very negative if they are not managed correctly. And it is that once the fund becomes the owner of the debt, it will want to collect it as soon as possible.
To do this, one of the methods they use is the phone harassment: constant calls to customers (both to their personal and work phones) with the aim of increasing the pressure and getting them to pay all the debt as soon as possible. However, it is also common for them to resort to payment judgments, one of the faster procedures that exist within the Spanish jurisprudence to proceed with the collection of debts. However, payment orders are a huge problem for any debtor. Let’s see why:
- In the event that you receive a debt claim through monitoring and do not respond within 20 days, The judge will order the seizure of your property and your patrimony with the aim of paying off your debt. That is, they can obtain money from your bank accounts, resorting to a wage garnishment, etc.
- If you respond to monitoring, the second phase of the process will begin: a trial (verbal or ordinary) in which the judge will be in charge of determining the resolution regarding the collection of debts. Depending on your particular case, said resolution can be very varied, but on a large number of occasions the client obtains a favorable resolution.
As? Accompanied by a legal team expert in managing debt claims. In Solve My Debt We have been working in management and negotiations with banks and vulture funds for more than two years through our trading program and debt reunification. The main objective of the renegotiation is to ensure that our clients pay much less money each month for their debts what they currently do.
For it, we unify all loans that they have pending to pay in a single one, getting a much lower monthly fee. Meanwhile, our lawyers are in charge of negotiating with entities and vulture funds to get the maximum reduction possible in the collection of your debt (we have reached discounts of up to 50%).
Likewise, you can exonerate your debts under the protection of the Second Chance Law, a mechanism with which we also work in Solve My Debt. The clients that most profile for the LSO are those whose debts contrast notably with their assets and with their patrimony, since the latter is the one that is used to satisfy the client’s defaults.
If you want more information about how to protect yourself against monitoring while you put an end to your debts, you can contact us calling for free or filling in the form that you have available on this same web page. One of our advisors will listen to your case and offer you the best possible solution for your over-indebtedness.
