Leaving the consortium group means giving up your dream. It is missing the opportunity to achieve something so desired, be it a house, a car, a trip or any other good or service. But, if this is the only possible way, understand what happens to the credit of the withdrawing consortium member.
There are two ways to leave the consortium group. One is failing to pay the installments within the term specified in the contract. The other is to request the immediate exclusion directly from the administrator. In both cases, the consortium member will be considered excluded and will continue to participate in the monthly drawings to be refunded the amount to which he is entitled. However, in the first situation, the consortium member will only begin to participate in the drawings after the contractual term of defaulted installments has expired, while in the second situation, participation in the drawings is immediate.
To what value is the withdrawing consortium member entitled?
The withdrawing consortium member is entitled to receive the amount paid for the common fund, from which a fine for breach of contract will possibly be discounted. Amounts paid for the administration fee, reserve fund and / or insurance (if contracted) are not returned to the excluded.
As already explained, in Consortium Systems, the portion is calculated as a percentage of the updated price of the asset. Thus, the amount to be refunded referring to the common fund is a percentage of the value of the asset in force on the date of contemplation by lot, or on the date of the last Ordinary General Meeting, if it has not been contemplated within the term of the contract.
Interest and adjustments
A huge disadvantage of financing is the very high interest rate that comes with the Selic rate and is often heavier over longer terms.
Real estate financing by SFH is the one that charges the lowest rates, but can still make a big difference in the home budget. In the case of late payments, fines and even more interest are charged, which can lead to the unpleasant snowball effect.
The consortiums, in turn, do not charge interest on the monthly fees. But then you might ask yourself: So why is the value of a particular monthly fee higher than the previous one? In practice, during the consortium period, the asset may vary in price, requiring adjustments in the installments so that the amount of contemplation does not lag behind. If not, how could the consortium members buy the good?
In the specific case of real estate, this adjustment is made annually, according to the National Construction Cost Index (INCC). Meanwhile, the readjustment related to movable goods, such as cars, motorcycles and trucks, is made according to the manufacturer’s table.