December is approaching, and with that the workers will receive additional money that corresponds to the thirteenth salary for those who decided to receive it once.
This money is often used to obtain some goods, although in other cases it is also used for debt payment acquired throughout the year.
Although the value may not be enough to pay off the entire debt, you can pay it off early. According to Article 48 of the Law on Consumer Protection, the consumer has the right to settle the entire debt early or to pay it partially in amounts greater than the installment.
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“In these cases, interest will be paid only on the outstanding amount,” it said.
César Coronel, Debtor Defense lawyer, pointed out that in the relationship between creditor and debtor there are both rights and duties. One of them is the payment of the owed amounts on the agreed dates and the receipt of the stated values by the creditor.
He mentioned that both the Law on Consumer Protection and the Organic Monetary Financial Code foresee this situation.
“First, a financial institution or trading house cannot refuse to receive an advance; Secondly, this advance payment must be made directly to the financial institution or business house and not through the payment counter because the moment you make the payment through the window, the result is that they raise the installments in advance, and this does not mean a reduction in the term or a reduction in the interest rate. he specified.
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Coronel indicated that the recommendation they give to their clients is that during this process they decide to reduce the term of the debt and not the value of the installment because they will pay less interest in the end.
“It is important to note that even when you waive the right to an advance in the loan agreement because there are agreements that determine this, no agreement can be in conflict with the consumer’s rights, which are inalienable, and even when there is a waiver expressed in the agreement, it it has no legal force and is understood as unwritten, therefore the right remains in force even when the debtor waived it”, he added.
Source: Eluniverso
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