To make payments, in addition to the classic methods that we all know (cash, credit card, debit card, postal payment slips) there are also debt securities. The latter are honored and are divided into three types: promissory note (with payment order), promissory note (which contains a sort of “promissory note”), and bank check. What happens if you fail to honor these debt securities? Let us dwell on the promissory note: we will arrive at the so-called “protest”. What are the consequences of the latter? Let’s find out together.
What is the protest and what does it entail
The protest of the promissory note is a public act and as such needs to be produced by a notary, a bailiff or another public official. It states that the document was presented but that the debtor refused to pay. In a protest, the creditor may still request the unpaid amount of the bill of exchange plus the interest accrued in the meantime plus the expenses incurred for the protest itself.
Even the protest, like all official documents, has time to comply: for sight bills you must issue it within 12 months from the date of issue, for bills with a certain date, however, no more than two weekdays must pass from the expiration date. Then the document will be sent to the President of the competent Fine Bank and the name of the debtor, after another 10 days, will be included in the list of protesters and reported to the Crif (in the case of the promissory note not accepted, the indication of the name is made for statistical issues).
What the debtor must do
If you find yourself in the unpleasant situation of the debtor, you must act in an organized way and be well informed. An important thing to know is that if the debt is paid within one year of the promissory note being issued, the debtor can request the formal cancellation from the list of protests to the Fine Bank.
If, on the other hand, the payment should take place after more than a year, then the debtor must first wait for the rehabilitation, asking the President of the Court of the province in which he resides. Only once the rehabilitation has been obtained can the request for cancellation be sent to the Fine Bank. It would always be better to pay on time, however, if you don’t want to risk foreclosure.
A protested bill of exchange, in fact, is in all respects an executive title with which actions can immediately be taken which lead to the attachment of assets or debt securities to the debtor (see also Loans for protestors and bad payers).