A loan with an entry in the register: get out of it first

DATE: March 4, 2020

AUTHOR: admin



The credit register or debtors’ register has been operating in the country for several years. For banks and non-banking companies, the information in it is worth its weight in gold, but for ordinary people applying for a loan, the credit register can be a big hurdle, especially if your name is on the list.

You don’t even have to be a big borrower, often just forget to repay, or be the guarantor of a loan that stops repaying the original borrower and the problem is in the world. But what does this mean for you?

Including the fact that the bank registers your late payments, it will also upload this information to the central credit register, thanks to which other banks will also find out about you. When applying for a loan again, for most banks you are so-called a risky, untrustworthy client whose application is in many cases rejected.

How to get out of the credit registry?

How to get out of the credit registry?

If you find yourself in such a situation, don’t despair, you have a few more options. One of the best solutions for you may be to delete your credit registry entry as quickly as possible.

There are several ways to do this:

1. Declare personal bankruptcy

Since 2017, the Personal Bankruptcy Act has been amended to make it simpler and more accessible for a significantly larger number of people compared to previous years.

Thus, any natural person or entrepreneur who is able to document the inability to repay the loan can get rid of the unpleasant debts in the new way, faces an execution order and has a really honest intention to borrow.

Once these conditions are met, it is necessary not only to apply to the court, but also to pay an advance of 500 . If you do not have such an amount at your disposal, the Legal Aid Center will allow you to borrow for 3 years. Including the provision of the loan, the Legal Aid Center will also acquaint you with the possibilities of repaying the amount due, either in the form of quick liquidation, monetization of assets, or through a repayment schedule. However, this option is suitable for people who have a regular income and are therefore able to repay at least 30% of the total debt over a period of time.

Read more personal bankruptcy in a separate article.

2. Consolidation of your loans

It applies especially to those who do not benefit from the repayment of only one loan, but have several around them. In such a situation, getting rid of all debts can be much more difficult both financially and temporally.

The ideal solution is to combine all the debts into one, while reducing your monthly payment , and even more, saving on interest and significantly reducing the repayment period. However, it should be noted that, as with the above-mentioned repayment schedule, in the case of consolidation , a regular monthly income , constant communication with the bank and a willingness to repay the set amount due on time are necessary .

How long does the credit register entry remain?

How long does the credit register entry remain?

It doesn’t matter how long you are late in repayment, or whether you are a guarantor or a debtor directly on the loan, once your name appears in the debtors’ register, it cannot be removed so quickly. Credit registries record your late payments up to 5 years after the total loan repayment. Deletion on request is not possible.

Another case is if you find yourself in the register wrongly and you pay your liabilities properly. In this case, you must submit a written objection to your bank and credit registry to correct the information.

If you want to apply for a loan and you are not sure what the credit register knows about you, request a statement . The register will prepare a standard statement for you within 30 calendar days for 4 $   and express within 5 working days for 14 $.

What are my options to borrow more money?

What are my options to borrow more money?

On the one hand, stricter lending conditions can be an advantage, as they protect you so that you have the necessary financial reserve. However, if you are caught by an unexpected situation and you really need to borrow it can be a big problem. Especially if your name appears on the so-called black list of the credit register, in which case the bank will definitely not lend it to you. So what are your other options?

1. You can apply for a promissory note loan

At first glance, the easiest and fastest way to get the finance you need is a promissory note loan. Compared to loans, you do not need a receipt, a clean credit register or a real estate guarantee to approve it . It is for this reason that this type of loan is very attractive, but also risky.

A bill of exchange is a security that must include the name of the creditor (who will lend you the money), the name of the debtor, the exact amount and the deadline by which this amount must be repaid. When signing the bill of exchange, make sure that it actually contains all the necessary items, especially the amount of the loan.

If the exact amount due is not written on the bill of exchange, the creditor can write it down at any time, which poses a very high risk for you, as you undertake to return an unspecified amount of money. Including the amount, be careful to sign only one original bill of exchange, copies do not exist in the case of bills of exchange , they are other bills of exchange. In addition to the original single bill of exchange, you would have to pay the amounts due on both bills of exchange.

2. Loan from a private person

As with a promissory note loan, you get a loan quickly and without unnecessary paperwork. However, do not be seduced by the vision of big money and low interest rates , but check everything thoroughly before signing.

When applying for a loan from a private person, be primarily interested in the amount of interest, the method of guarantee, the maturity period, or even possible sanctions in the event of inability to pay interest. By insufficiently studying the contract and the stated conditions, you may lose all your property.

3. Loan from a non-banking company

Non-banking companies will also provide a loan to those who have a record in the register of debtors. As you also pose a risk of default on the non-banking company, it will be scrutinized more strictly. Confirmation of income is most often required, as well as confirmation that they have worked for the current employer for a long time.


Every loan poses a certain risk. So before you decide to apply for it, carefully consider whether you really need it. If you still take such a step, do not forget to recalculate the individual installments well and keep a certain financial reserve in case of emergency.

Do you need a sufficient amount of money quickly? Fill out the online application and you can have the money in your account within 24 hours. If you have enough income, you can get a loan even if you already have debts.

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