The hiring of a savings plan It means assuming a payment commitment for a large number of installments. This means that, for many years, adherents are tied to an adhesion contract with the savings plan administrator.
For this reason, it is very important to know that if, during this time, any particular situation occurs that makes it necessary to stop belonging to the group of savers, there are some options that can be chosen.
More than once we hear from people who cannot continue paying because the installments increase every month or because they lost their job or some other circumstance that prevents them from continuing with the plan.
At that moment the first thing you would have to decide is if you want give up the contract or want to sell it.
If the option chosen is to resign, the suggestion is to inform the administrator immediately of the decision so that they do not continue collecting the fees. And if there is an automatic debit, it is also advisable to notify the bank so that the charges on the account do not continue.
Sell or stop paying the savings plan
In the case of wanting sell the contract You have to be very careful because very complex situations can arise that can complicate the original saver.
For example, it could happen that the member sells the plan and the buyer decides not to continue paying the fees. That debt will be borne by the seller. unless the transfer has been made to the plan administrator, in which case the ownership of the contract will pass from the seller to the buyer and, consequently, the debt also passes to the new owner.
Another option that is used a lot, but is not advisable, is to stop paying the monthly fee. In this case, the administrator will cancel the plan due to “delinquency”, that is, due to late payment of the installments, but at the end the rest of the group will deduct a greater fine from the final settlement for this reason.
The situation becomes more complex when the award progressed and the vehicle was removed. In this case, to stop having the savings plan, there are not many other options than to advance installments to finalize the contract. Or the other option could be sell the vehicle along with the plan.
Today there are options for contracting savings plans online that make the option more tempting.Here a very particular situation arises because there is a pledge contract that must also be taken into account. In this option you have to be very careful because the ownership in the savings plan and in the pledge contract will have to be changed in addition to the automobile registration.
To choose this option, it is best to be sufficiently advised to avoid falling into a complex situation from which it could be difficult to get out.
There are cases in which the seller of the plan delivers the vehicle but remains the owner in the automotive registry and in the savings plan, so They could claim you for any issue related to the vehicle that is in the hands of the purchaser.r. And they could also demand that you continue paying the savings plan installments or execute the entire debt.
The conclusion is that before contracting a savings plan, you must see the real possibilities of facing such a long-term commitment. And if you decide to join the group but the situation changes, you will have to analyze which of these options could be the best to avoid creating a problem.
It is made clear that the specific case must always be evaluated and this note does not imply advice on the specific situation but rather general guidelines.
