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- What Is The Difference Between A Down Payment And A Deposit? Secure Your Interests!
  April 27, 2019Instant Payday Loans It is impossible to hide that we are constantly thinking about earning and saving money. Less often about the negligence and leakage of the household budget, from which small amounts are escaping each day. We do not think about the consequences of distinguishing specific expressions in the contract. However, the devil is in the details! Most of us use the terms ‘advance’ and ‘down payment’ as synonyms for securing a contract for a product or service. Despite the common goal – the differences between them are diametric! Here are the most important of them, from the point of view of the consumer. First of all – the down payment is not a down payment! Both prepayment and advance payment is a popular form of prepayment among consumers. Most often, we will meet with them in a situation – when plans to purchase a given item are put off in time. We can use them in various circumstances, for example when signing a preliminary contract for the purchase of a flat, car or plot – and even when booking a hotel. Then, in order to be sure of buying and completing the service – the customer pays part of the required sum. In turn, for the entrepreneur it is a signal that he has a buyer of his own intentions, who will not withdraw from cooperation. If the down payment and the down payment are so similar to each other then it is worth taking care of anything? Of course! Knowing the details will allow you to better protect your interests even better, thanks to a properly signed contract. Deposit – secure business with interest! So, if in accordance with the provisions of the contract you pay a deposit in order to obtain some thing or service, but … In the meantime, for various reasons, you give up on it, the seller is not obliged to pay the money you have previously invested. The Office of Competition and Consumer Protection clearly emphasizes that the down payment may be non-returnable! At the same time, it reserves that its amount can not amount to the total amount of the subject of the contract. That is why it oscillates around 10-20 percent. full value. What is important – to make the deposit really a deposit must be clearly stated in the contract! Otherwise, every prepayment is treated as an advance payment! The exact meaning of the deposit is specified in the Civil Code. Article 394 states that: 1. In the absence of a different contractual reservation or the custom of the deposit when entering into a contract, it is important that if the contract is not executed by one of the parties, the other party may withdraw without a deadline and save it, and if it has itself, may demand twice the amount. § 2. In the event of performance of the contract, the down payment shall be credited towards the benefit of the party that provided it; If credit is not possible, the deposit is refunded. § 3. In the event of termination of the contract , the advance payment should be returned, and the obligation to pay a sum that is twice as high shall be excluded. The same applies to an accident when the failure to perform the contract occurred as a result of circumstances for which neither party is responsible or for which both parties are responsible, Deposit – it’s not all! In addition to the fact that the down payment is a form of securing the preliminary contract, it is worth knowing what is happening to it when all the contractual provisions will not come to fruition. In the case when the deposit took the form of money, it is credited towards the price. Which means that it covers part of the costs for a given item or service, In turn, when the down payment has taken a non-financial form, it returns! Then the buyer after obtaining a specific item – must pay the entire service fee. What if the contract was broken by one of the parties? If the contract is not executed due to the fault of the buyer – who will change his mind and will not want to keep his terms, the amount paid is not refundable! If the contract is not executed due to the fault of the seller – because he withdraws from it for little compelling reasons, the buyer has the right to receive a deposit, even twice the amount paid! In the event of termination of the contract with the consent of both parties – the down payment must be returned to the seller – but the right to receive a sum that is twice as large is eliminated, Similarly, if the contract is terminated by the court or the buyer and the seller as a result of randomly independent reasons, e.g. the theft of the car being the subject of sale or the fire of a hotel room. The buyer also then has the right to a refund of the deposit – but only the amount paid (not twice as high)! The legal basis in each of the above situations is art. 494 of the Civil Code , which emphasizes that § 1. A party that withdraws from a reciprocal contract is obliged to return to the other party everything received from it under the contract and the other party is obliged to accept it. The party who withdraws from the contract may demand not only the return of what it has provided, but also on the general principles of remedying the damage resulting from the default. § 2. The return of the benefit to the consumer should take place immediately 2 . Most often, the down payment is returned within the period specified in the contract! Limitation of the down payment – what are the rules saying? It is also worth mentioning the issue of the limitation of the advance – to which the provisions of art. 118 of the Civil Code 3 . According to them, as in the case of other claims, the period of limitation is six years, and for claims for periodic benefits and claims related to running a business – three years. However, the end of the limitation period falls on the last day of the calendar year, unless the limitation period is less than two years 4 . The advance does not secure the preliminary contract ! What distinguishes the “sister” equivalent of a down payment at first glance? Simply put – the advance payment is not subject to any provisions of the Civil Code. In addition – it is also not disciplinary! It is nothing more than paying part of the amount for completing a specific service or purchasing a specific item. In contrast to a deposit that can take a financial and non-financial form – the advance payment is paid in cash only! What happens to the advance payment if the contract is finalized? The advance payment is treated as a form of payment which is paid in advance for future benefits resulting from the concluded contract. And unlike a deposit, it is not a form of securing the contract, but only part of the price! This means that the buyer must pay only the sum, which is the difference between the advance paid and the total sum of the subject of the contract. What if one of the parties breaks the contract? However, if the contract for various reasons will not be made – the advance must be returned to the payer! In such cases, the law does not differentiate between situations in which the agreement was broken by the fault of the seller or the buyer or as a result of other random causes – the advance payment is always refundable! Deposit and advance – what’s better? In the light of the arguments presented, many of us are certainly asking ourselves the question: deposit or advance – what to choose? Unfortunately – this question has no unambiguous answer. It all depends on the circumstances and the situation. Therefore, before signing a contract it is worth determining what is a priority for each party. At first glance, a down payment is more beneficial for the seller and advance payment for the customer. However, this logic does not always work! Here are three different scenarios: If the seller is not sure about the sale of the goods, then it is a good solution to make an advance payment. Choosing a deposit can cause that when withdrawing from the transaction – will be forced to pay even twice the amount paid by the client, If the buyer is not sure of the intention of the seller should strive to sign a deposit! Why? Well – in the event of failure to comply with the terms of the contract – the seller will have to pay not only the amount paid, but also compensation for losses incurred by the future buyer, An advance is a good form of solution with good partner relations. Then, when both parties honestly analyze the terms of the contract, they comply with their performance and allow the possibility of resignation of one of the partners. So if you have used the term “down payment” and “advance” so far, you already know that these are not synonyms. And two separate ways to “secure” your interests! Both solutions have different effects when the contract is not finalized. The down payment can be used as compensation and compensation. On the other hand, an advance payment – is a classic prepayment method, which returns to the buyer in the same amount in which it was paid. Therefore, one should be careful about the choice of the right words in a written agreement – that the function to be performed by the “down payment” and the “advance payment” is actual with their original action. ...
- I Do not Pay Back my Money, What Threatens Me? When is the Bailiff?
  April 22, 2019Instant Payday Loans It is difficult not to pay attention to widely advertised loan institutions. In the offers, a weekday appears as an extremely attractive offer for those in dire need of cash. Few formalities, unbalanced requirements and a quick award process attracts many. Particular attention should be paid, however, to obligations such as timely repayment – otherwise we can make huge problems. What threatens us if we have to say – I do not pay back? The industry of payday loans and loans is the part of the market that should never let our vigilance fall asleep with its beneficial and helpful goal. The fact that money via payday loans is easy to obtain, and the amount of requirements and formalities in the background of classic banks is not large does not mean that we can sleep peacefully throughout the loan period. It is worth approaching this with a distance and systematization, because the lack of discipline can have deplorable effects for us. Each loan is taken for a specific period. Depending on the specifics of the offer, it may be a month, a few months, a year or even a few years, of which the biggest challenge is of course a one-off payment in just one month. By borrowing, we are committed to a specific repayment frequency of the loan installments or a one-off repayment of the entire amount. Punctuality is a key requirement here, because it is important not only for the parabank, but also for institutions that create financial records. Even a one-day delay causes that we get under the microscope of the loan institution. In turn, non-payment of the loan after the final date of the last installment brings many problems to our head. Let’s get to know all the consequences that threaten if we do not pay off payday loans. I do not pay back my payday – what next? The first debt collection! If you want to become familiar with the details related to the exact methods of debt repayment, it is worth looking into the content of the contract. Overall, however, it is known that always shortages in the timely repayment of installments or the entire loan amount is a fundamental breach of contract that we concluded during the loan. Then we have to take into account that such circumstances authorize the loan company to run the debt collection process. Its purpose is simple – it is effective to enforce the return of the full amount of debt owed. The procedure, depending on the company, may start the next day, and in some only a week or two weeks after the deadline. At the beginning, there are sent prompts, reminders and sometimes calls for payment. They have a different form, usually text messages, e-mails or registered letters sent to our mailbox. Some companies also give themselves the right to telephone reminders that are carried out by the consultants of a given loan institution. Already at this stage, it is worth mentioning that debt collection has its costs. Customers are burdened with them to compensate for the need to run an extraordinary procedure. As a result of the amendments regulating the market of regulatory loans, the costs of debt collection are not as high as it was a few years ago. The maximum fees due to the lack of timely repayment of the loan taken may be equal to no more than six times the NBP lombard rate. From banking to ours – they can be 15% per year. The decrease in the costs of debt collection has its drawbacks – the smaller profit from this procedure causes that loan companies more and more often transfer our debt to companies dealing with external debt collection. External debt collection External debt recovery is also not extremely expensive, but it still combines with extremely uncomfortable and uncomfortable experiences for debt collection. Telephone conversations with debt collectors on the details of our debt and its amount can be very stressful. In addition, urgent correspondence may be sent to us, telephone calls may be made to persuade debt repayment, and even visits of consultants in the place of residence! Of course, it is advisable not to avoid contact with the debt collector. If we do otherwise, then we will lose the possibilities leading to an amicable solution to the problematic situation. One of them is spreading the amount into installments. Debt collection – what’s more? In addition to debt collection, the lender also has the right to take more serious measures as a consequence. Our personal details provided while obtaining a loan can be entered into the register of Economic Information Bureaus. In addition, the company may provide information about the borrower to the Credit Information Bureau. It will ruin our financial and creditworthiness. If we add our data to the BIG database, we will have problems obtaining a loan in the future. It will even break the possibility of taking the equipment or the car in installments, just like in the case of signing a contract with a mobile operator. A negative entry in BIK means even more serious consequences. In contrast to the above-mentioned registers of the Economic Information Bureaus, which only show the current picture of our finances, in BIK our history of delays in repayments will be visible for the next years. In an efficient way, this can help us close the door to obtaining another loan or loan in the future. Further deficiencies in the payment of payday loans Even if such extensive activities of the debt collection company are not intended to be successful, the debtor’s case is redirected to court. The trend in the loan market is currently directing cases to the so-called e-court, or Electronic Proceedings (in short EPU). The electronic way of enforcing debts is intended to offload traditional courts. What does the course of the case in the e-court look like? Instead of a classical judgment, the debtor is sent a payment order. The debtors most often find out about it when they receive it by mail. We have the obligation to settle the debt within 14 days from the receipt of the letter. Of course, if we disagree with the order, we have the full right to appeal against the decision to pay. What are the powers of a bailiff? In debt enforcement due to the lack of timely repayment of the loan, there is one more step, namely the bailiff. This state official has the full right to take our salary, bank account, real estate as well as high-value everyday items, such as a car and bicycle, during the proceedings. The bailiff is assigned to the debtor after deciding on the fault of the debtor by the court. It is not clearly stated how quickly from the delay in repayment the loan company will challenge the debtor, but it is assumed that it is from 6 to 12 months. After this period, almost certainly a bailiff will be able to take a bank account in the event of non-payment of payday loans. Summary The above-mentioned information is a perfect example of how important it is to consider taking loans and getting acquainted with the contents of contracts. Always including this type of obligation, we must remember about timely and conscientious repayment of loans, because the consequences that are associated with the lack of regularity are very serious. They can seriously affect the state of our finances, our property and the goods we have, and even the health of our health. It is worth getting acquainted with all the steps that the law gives to non-bank institutions, so as not to be surprised by their course. Even if for various reasons we have had a problem with this – after the initiation of the debt collection procedure, it is worth completing all efforts to cooperate and not to hinder operations. For this type of debtors there are often options to spread the debt and conclude a settlement, which will undoubtedly help us to get out of a difficult situation. This should depend on both sides – after all, both the lender and the borrower lose their debts. ...

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