In the financial world there is a tool that seeks to create legal protection for people who can provide a service, invest money or make loans and generate a concept of debt in their favor, that is, that someone owes them money, so that, in the event of non-compliance, they are responded to.
These are embargoes, which in technical terms, although they seek what has already been mentioned, their direct influence is on the debtors, whose assets or belongings will be seized, in order to cover part of the amount of the debt they acquired and for some reason they could not fulfill.
Nequi
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According to experts from the University of La Sabana, “an embargo is a precautionary measure that falls on the assets of a person (called a debtor) who has not fulfilled an obligation or who owes something to another person (called a creditor).” .
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“The main objective of the embargo is to ensure that the debtor fulfill the obligation or pay the debt in favor of the creditor. Immobilizing the debtor’s assets ensures that what is seized can be used to satisfy such obligation or debt,” said lawyer Liz Pauline Ballén Cañón, research member of the Semillero Civil Bienes.
Debts
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According to national legislation, there are currently three types of embargo in the country. First are the preventive ones, which are carried out before a specialized judge issues a final ruling in a legal process and is carried out with the main purpose that the debtor’s assets are not transferred to third parties during the development of the legal process.
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In second place are the executive ones, which are taken after a specialized judge has issued the final judicial ruling, following an entire process in which it is demonstrated that the accused debtor did not comply with his obligations. Lastly, there is alimony, related to non-compliance with child support payments and it is necessary to intervene in the salary or income of the accused.
Debts.
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The reason behind a seizure can vary, according to experts, ranging from unpaid loans to outstanding debts with financial institutions or failure to comply with contractual agreements. Authorized entities, such as banks, tax agencies or courts, may request a seizure to ensure that financial obligations are met and to protect their own interests.
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Do not forget that these are legal actions that allow creditors to retain or seize a debtor’s assets to settle an outstanding debt. These assets can include properties, bank accounts, vehicles and, in certain cases, even salary or, as is currently happening, digital wallets.
Debts
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Can the Nequi be seized?
One of the most frequently asked questions in the help centers of digital deposit centers or virtual wallets such as Nequi or Daviplata is to know if the resources that are protected there can be subject to legal action in the event of seizure and the experts in these spaces have made it clear that yes.
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“In Nequi you can have a small deposit or a savings account. It has all the features of other accounts, such as paying, withdrawing, sending, etc. For this reason, all legal regulations and decisions also apply, such as an embargo,” they indicated.
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What to do in the event of an embargo?
If someone is facing wage garnishment for debt, The first thing you should do is contact the creditor to understand the reason behind the action and explore possible solutions, starting from an evaluation of the financial situation and seeking legal advice to handle the situation.
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It is also important to negotiate an agreement with the creditor, making it clear how much can be allocated to pay the debt without compromising essential expenses and subsequently comply with the agreed obligations. In all this, it is good to highlight that each case is unique and it is best to do a thorough analysis before making any decision.
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