According to statistics, every fourth borrower is periodically faced with the problems of payments on the loan.
The difficult financial situation is especially important is the question of the possibility of deferment of payment.
In the event of a difficult financial situation(Eg, loss of job) you can try to arrange respite credit payments. Originally worth exploring the loan agreement, which may be prescribed by the terms of delay. Banks often refer to their grace period. During this period, the Bank may allow, for example, not to pay the principal debt and make payments only on the credit interest rate.
Borrower must take into account that after the end of vacation credit, will increase the cost of payments on the loan, and also include charges for delay loan payments.
If the credit agreement does not containprovisions for delays in payments, it is worth trying to ask the bank to amend the repayment terms of the loan. This process is called loan restructuring.
For necessary restructuringcontact the bank with a request to reduce the amount of monthly payments and extend the benefits of the loan. Please attach documents confirming the occurrence of financial difficulties. For example, a birth certificate, an order on the reduction to work, a certificate of illness and so forth.
The Bank will take into account the previous credit historythe borrower and the absence of arrears on the loan. It should be borne in mind that the banks do not always meet the borrowers. After all, the decision on restructuring - a right, not an obligation of the bank. Moreover, for many banks, interest and penalties for late payments - additional earnings.
If the bank issued a negative verdictabout the possibility of refinancing, it is possible to apply to another bank and refinance the loan. Due to this the borrower has the ability to get a new loan to pay off old on more favorable terms. Refinancing can reduce the monthly payment or the interest rate.
Delaying payments in court
The Bank can not only go to a meetingthe borrower, but also to submit it to the court to recover the debt, as well as fines and penalties. At the same time the borrower may file a counterclaim for it by installments. If the reason that he can not pay on the loan will be recognized as valid by the court, he may assign his installments for a certain period.
If any version of the borrower musttry to avoid arrears on the loan and not to miss payments. In an extreme case it is necessary to pay at least part of the monthly payment that covers the loan interest.