What to do if there is no possibility to pay loan

Modern life has developed so that most people can not buy household appliances, a car, an apartment, without issuing a loan. When a credit organization is considering a loan issuance application, the Bank estimates the solvency of the borrower. The Bank understands the client's solvency, that after the payment of a loan contribution, he should have 50% of funds for utilities, meals, etc. However, circumstances may arise for the borrower in such a way that it cannot pay a loan anymore or in full to make monthly payments.

If the borrower has crushed the next payment or did not pay a loan on time, it is accrued to large penalties. If the client does not pay a loan for several months, the Bank has the right to demand early repayment of the loan or submit to the debtor to court. Therefore, if unforeseen circumstances arose, the borrower should immediately contact the credit institution and report a problem. The main causes of insolvency are the loss of work and health problems, banks in this case go towards their client and offer a debt restructuring program.

When restructuring the debt, there is a revision of payment schedule, as well as a decrease in monthly contributions. The loan return time increases from 6 months. up to 3 years. These conditions are beneficial for both parties. The borrower can pay smaller amounts without fear of fines, and the bank will still receive its money, only later. Restructuring is carried out for customers who are ready to pay on the loan, and not hide from the bank, as well as having a good credit history.

If small payments are impossible, there is a notion - loss of solvency. It is necessary to write a statement to the Bank, indicating the reasons for insolvency, after consideration of the application, the loan committee makes a decision on the provision of a deferment of the payment of principal debt (1-12 months).

In case of insolvency, credit debt refinancing is possible. The borrower can take a new loan on the same amount, but on new conditions, i.e. The payment time and payment amount are changed.

The bank can offer the client a change in debt repayment order. The client may first pay the main debt to the bank, then overdue interest, and then fines and penalties.

To repay a loan in one bank, you can make a loan in another. If the loan was taken on the security of a car or apartment, you can pay off the debt, selling property.