Many readers have contacted Banktop and asked: “Does Lotte Finance support bad debt?? What if I borrow this financial unit but can’t pay it?” After a period of research and analysis, we would like to answer the above questions through the article below along with other relevant information when applying for a loan at Lotte Finance.
Table of Contents
Can bad debt borrow at Lotte Finance?
First, to answer the question: “Does Lotte Finance support bad debt?” then we can assure you that the answer is “No”. In addition to not supporting bad debt loans, Lotte Finance also does not provide attention or overdue debt services.
This is because, customers with bad debts are very difficult to get rid of. Unlike today’s heavily advertised online loan applications, state-supported financial companies are fully authorized to submit customers’ personal information to the National Credit Center (CIC). bad debt group list.
As a result, customers on this list cannot get loans from any other financial institutions or banks. If worse, other members named in the household registration that the customer provided to the financial institution or bank before, also encountered the same situation.
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That’s why you were flatly rejected by Lotte Finance when applying for a loan.
Is it okay if Lotte Finance does not pay?
Whether you are in a situation of unintentional loan repayment such as long-term unemployment inability to finance; being deceived by others to use personal records to borrow money at Lotte Finance; or intentionally exploiting individuals who do not want to pay, Lotte Finance will take action according to the following process:
- Remind customers by calling directly, contacting relatives, guarantors in registration documents, sending payment documents to the place of residence
- Termination of the contract ahead of time to recover the debt
- Use state-approved debt collection methods or send your application to an authorized debt collection company (This is also a form of selling your records to a debt collector, Lotte Finance will collect debt soon bad for high value contracts)
- In the end, if you still have not paid the loan to Lotte Finance, this financial company will ask for legal intervention. Your information will also be sent to the National Credit Union Center (CIC) to the list of bad debt groups.
How to check bad debt Lotte Finance like?
As Banktop mentioned above, many people encounter cases of being deceived by friends or acquaintances, using their information to borrow money and not paying that financial unit. Therefore, many times, even they themselves do not know that they are on the list of bad debt groups.
So how do we know if we are that object or not? You can do it in 2 ways as follows:
Self lookup with banking app
This is the most popular way to look up bad debts today, because they are simple and easy to do and do not take too many steps. This applies to all applications of banks or financial institutions that are authorized by the State, including Lotte Finance. You perform the following steps:
- Step 1: Download Lotte Finance app on CH Play for Android devices or App Store for iOS devices
- Step 2: Register for a member account on the app
- Step 3: Register for a loan on Lotte Finance’s homepage interface at “LOAN”
- Step 4: Fill in the requested information including loan package, your personal information such as ID card/CCCD
- Step 5: The teller will check your records and notify you of the status by phone or email
At this time, if you have a need to borrow money at Lotte Finance, please continue the process according to the advice of the teller. If you simply want to check if you are a bad debtor, cancel the loan process.
Look up via CIC Online system
When looking up bad debt information via CIC Online, you can do so through the CIC website and the CIC application downloaded on CH Play/App Store.
Via the CIC website:
- Step 1: Visit website https://cic.gov.vn/#/register
- Step 2: Fill in personal information to register for an account as required
- Step 3: CIC staff will contact you to verify Q&A and successful registration results will be sent to your personal SMS/Email.
- Step 4: Log in to the CIC system and check your credit history in the “Personal Information” section
Through the CIC app:
- Step 1: Download the CIC app on CH Play or iOS
- Step 2: Register an account according to the required steps of the application and wait for the successful review notification from the system
- Step 3: Log in to your approved account and look up information in the feature “Check bad debt”
- Step 4: Follow the instructions, request information and get results
Instructions to delete bad debt Lotte Finance very quickly
For bad debt group 2
If you are in the category of bad debt group 2, then after finalizing the loan for Lotte Finance, your information on the CIC system will be removed immediately for loans under 10 million VND. As for loans over 10 million VND, your information will be removed by the system after 12 months from the final settlement.
For bad debt groups 3, 4, 5
As for bad debts in groups 3, 4, 5, after paying off, even if this is a very small loan, it still takes 5 years or more for the CIC system to delete your personal information. In particular, your ability to get a loan if you belong to this group after the bad debt cancellation period is also very low.
Experience in borrowing money to avoid bad debt Lotte Finance
- First, you should evaluate your financial ability to choose the right loan package. Thereby avoiding encountering insufficient financial capacity to pay the loan for Lotte Finance.
- Second, avoid sponsoring friends and relatives or giving your information to people who are having financial difficulties. Because you are not sure that those people are taking advantage of you for personal gain or not.
- Finally, if you are unable to pay the loan, please contact your bank for advice on the most optimal payment option such as: principal payment, late payment, extended payment or interest free.
With the above analysis, Banktop hopes that it can help you answer questions such as: Does Lotte Finance support bad debt?? What’s wrong with a loan that doesn’t pay? How to write off bad debt? If you still have questions, please visit the “News” section to find out other related articles about Lotte Finance.
The article was edited by: Banktop.vn