Questions & Answers
There is no need to pay the balance amount of a loan after 7 years. Is that right?
Greetings!
I would like to ask for legal advice.
I started to take a loan in 2015 for 4 years, but during that period, I contacted the bank to make a restructuring. I continue paying to this date.
Next year will be the 8th year. Is there a law that says after 7 years, no need to pay the balance amount?
Am I still bound for a fine?
Will my bank loan not appear in the credit bureau?
Can I make a loan again after 7 years?
Thank you!
Hello Michael,
As per your query, please note that you have to pay the outstanding balance, even after any time period as mentioned. The financial institution will somehow recover the unpaid amount.
Yes, the loan you have taken and every step taken by the financial institution like cheque bounce or debt collection, or recovery will be reflected in the credit bureau.
Also, please note that to avail of a further loan, it will depend upon the bank and your credit score.
