Limitations on installments for purchases with credit cards caused institutions as well as consumer complaints. The explanations made by white goods and retail stores, especially technology stores, were that sales decreased significantly due to the installment restrictions and the number of installments.
Pursuant to the Credit Cards Regulation enacted by the Banking Regulation and Supervision Agency (BRSA), it is prevented that every purchase is made in installments, and it is decided to reduce the number of installments in some sectors.
In this context, the firms that declared that sales have decreased have developed methods to make purchases with installments without credit cards, which are back to the old, and allowed consumers to shop with promissory notes as they did years ago.
Is it possible to shop in installments without a credit card?
It is not necessary to have a credit card in order to make purchases in installments. One of the debt instruments that are valid in our country is the bills and it is possible to shop with bills within this scope.
Therefore, the institutions that the consumers who want to shop on credit card installments should apply are the companies that make sales with promissory notes. The company will issue promissory notes according to the consumer’s installment demand and will sell the product based on these promissory notes.
How to shop with promissory notes?
The only thing that the consumer who decides to shop on the bill needs to do is to reach a company that sells the product with the bill.
After reaching the company, the consumer must decide on the maturity period after he/she declares that he/she wants to purchase the related product and receive an offer from the company for this maturity. Shopping with the promissory note will cause the price of the product to be priced and, in most cases, to get a quotation from a few different companies provides less damage.
After deciding which company to buy the product, the relevant institution will likely question the consumer’s credit rating before the sale takes place. Firms do not favor shopping with promissory notes, due to the risk of blacklisted or low-credit consumers not meeting their financial obligations.
For the consumer, who does not have a problem with his credit rating, the promissory note will be issued and signed. The product will be delivered based on the signing of the bills. The first payment is usually made within the next month.
Things to Consider While Shopping with Bills
People who will shop with promissory notes should definitely pay attention to some details. Failure to heed these details may lead to victimization or fraud. It would be useful to remember that deed fraud is very common in our country.
Signing a blank promissory note
The signing of the blank note means that the amount of debt on the note can be filled as desired, and this can even lead to the loss of the owned assets. Therefore, it should be noted that the debt is written on the bill to be signed in numbers and letters.
Making Multiple Signatures Per Year
Especially, the most important detail that people who sign the promissory note on behalf of the company should pay attention is to make only one signature on the promissory note. As it is known, in the period when the stamp was used on the deed, two signatures were made in the empty space, one on the stamp, but this issue was changed and it was decided to have only one signature on the deed.
If two signatures are signed on a bill issued on behalf of the company, the name of the person signing the stock can be included in the year and be responsible for the debt. Therefore, people who want their personal assets not to be responsible for the company’s debt should make sure that they have signed one on the bill.
Currency Not Written
As can be expected, if the foreign currency type is not written next to the debt amount, it may be possible to add later. Therefore, it should be ensured that the foreign currency type is included before signing the ticker.
Paying the debt, but not taking the promissory note
The most common victimization is experienced in people who pay their debt but do not take the promissory note. If the debt is paid, but the bill is not received, the person or institution holding the stock may endorse this receivable to a different person. In this case, the consumer may need to pay twice. Therefore, if the original of the deed cannot be obtained, the final payment must not be made. If the deed is endorsed, the endorsed person must be found and the debt must be paid to that person.
What Happens If The Debt Is Not Paid?
One of the most frequently asked questions is whether there is a prison sentence if the debt is not paid. In the past, it was possible to be sentenced to prison, but it was removed from this application with a 2012 amendment.
If the creditor applies to the enforcement court for his debt, enforcement proceedings can be initiated and the foreclosure will be applied to the debtor. In addition, the expenses incurred during the whole legal process are collected from the debtor by means of foreclosure.
If you still want to have a credit card instead of all these, you can find information about the banks that receive online credit card applications through our site.