How long does it take for group 5 bad debt to be written off? then according to the time specified by the state bank. Group 5 bad debt will be permanently erased within 5 years from the date the customer pays off the outstanding debt.
Bad debt is a bad credit situation that any customer does not want to encounter. Especially bad debt group 5, this is considered the highest group and brings great consequences for sufferers. So when we have bad debt in group 5, what do we need to do to clear the bad debt history, then we can continue to borrow money, open credit cards.
What is group 5 bad debt?
Group 5 bad debt, also known as the group of potentially losing capital. This is the most dangerous debt group that banks and borrowers never want. Those who get into the bad debt group will lose all their ability to pay their debts and will face many penalties. They will even be sued for the crime of abusing trust to appropriate property.
If someone has bad debt group 5, they will face financial difficulties leading to being unable to pay or deliberately not paying. At this time, the bank will apply sanctions to these subjects. All banks, large and small credit institutions will not let you borrow money or open credit cards if you check your bad bad debt history on CIC. Even if you have collateral, the bank will not allow loans when you have bad debt group 5.
Although limited in all aspects, people with bad debt group 5 can still use utilities such as money transfer and deposit. Because these activities do not affect any capital of the bank. If you have bad debt group 5, you cannot hide or circumvent the law. Because all information will be identified through your ID card.
Many of you who are stuck in this bad debt group ask the question "How long does it take for group 5 bad debt to be written off?“. And how to delete it is the fastest, because the process of bad debt settlement of this group is quite complicated.
When does group 5 bad debt happen?
Surely there will be customers who do not understand why they fall into bad debt group 5. So to understand the reason, you need to know why they are classified as bad debt 5.
- Customers with loans and credit card balances that are overdue for 360 days or more.
- Loan holders reschedule their repayments. But after 3 months, he did not pay the full amount according to the contract.
- Restructure the repayment period 3 times or more.
How long does it take for group 5 bad debts to be written off – Regulation time
If customers borrow money with an amount of 10 million or less. When you receive a bad debt notice from the bank and you come to pay immediately. In this case, the bank will be able to preemptively erase the bad debt history immediately.
The challenge period for group 5 bad debt is 60 months. This means that it will take you up to 5 years from the time of payment of the outstanding amount before you can delete the bad debt history on CIC. During this time we cannot borrow money anywhere. After this period expires, the loan will be considered.
When you are still in the probationary period, you want to borrow money will not be. Even if there is collateral, the bank will not accept it. This is to ensure that the loan is not exposed to risk.
- Question: How long does it take for group 5 bad debt to be written off??
- Answer: Group 5 bad debt write-off will take 60 months (5 years) from the time of full payment of the outstanding debt.
Which bank can bad debt group 5 borrow?
There are many customers who want to find out if bad debt group 5 can get a bank loan anymore. The answer here is no, you cannot borrow money anywhere including credit institutions. Because when borrowing money, they will check your credit history on CIC. If found to be in bad debt group 5 and in the probationary period. To ensure credit risk, there is no place to review and accept loans.
Even opening a credit card is not approved when you have bad debt. Please pay attention to this information so that you do not have to go to the bank anymore.
Instructions on how to delete bad debt group 5
The regulation of group 5 bad debt cancellation is very simple, customers only need to go to the bank they are borrowing money from. Then proceed to ask the employee to calculate the amount owed and the penalty fee for breaching the contract. Then pay the entire outstanding amount. The bank will submit that information to the CIC and begin to calculate the trial period.
This is the only way and there is no faster solution. Because only the bank has the right to decide write off bad debt group 5 that you are suffering from.
Conclusion
This article will answer your question How long does it take for group 5 bad debt to be written off. So we already know that the time to write off bad debts of group 5 is 60 months from the date of full payment of the outstanding amount. Readers who have any questions related to this topic can send them below for immediate advice from Bankcuatoi.com.
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