How to Present a Payment Proposal for Loan Default in Ecuador?

Question from RAMBITO, How to Present a Payment Proposal for Loan Default in Ecuador?

Answer from AI:

When facing a coercive action due to non-payment of a loan in Ecuador, presenting a payment proposal can be an effective way to avoid further legal complications. Here’s a structured approach to help you navigate this situation:

1. Assess Your Financial Situation

• Evaluate Your Debt: Determine the exact amount owed and review the loan agreement to understand the terms.
• Financial Inventory: List your income, expenses, assets, and liabilities to identify possible sources for repayment.

2. Communicate with the Creditor

• Initiate Dialogue: Contact the creditor to explain your financial situation and express your intention to pay. This can be done through a formal letter or direct negotiation.
• Propose a Payment Plan: Offer a realistic repayment schedule that aligns with your financial capabilities. Be clear and specific about the amounts and timelines.

3. Consider Conciliation

• Third-Party Mediation: Engage in a conciliation process, possibly through a neutral third party, to negotiate an agreement without going to court.
• Legal Framework: This process may be supported by Ecuadorian legal frameworks that encourage amicable resolutions.

4. Legal Proceedings

• Court Presentation: If direct negotiation fails, present your payment proposal in court. This demonstrates your commitment to resolving the debt.
• Legal Representation: Consider hiring a lawyer to assist with legal proceedings, especially if the debt is substantial or complex.

5. Adherence to the Plan

• Compliance: If the proposal is accepted, strictly adhere to the agreed terms to avoid further legal action.
• Consequences of Non-Compliance: Failure to comply may result in continued coercive actions.

6. Seek Legal Advice

• Professional Guidance: Consult a lawyer if the situation is complicated or if conciliation efforts fail. Legal expertise can provide personalized strategies and protect your rights.

7. References and Resources

• Ecuadorian Laws: Review Ecuador’s Civil Code and debt collection laws for relevant legal provisions.
• Government Resources: Visit official Ecuadorian government or judicial websites for detailed information on legal processes and conciliation services.

By following these steps, you can approach the situation methodically, aiming to resolve the debt amicably while understanding the importance of legal guidance when needed. Remember, this information is general and not a substitute for professional legal advice.