In a world full of crises and chaos, everyone wants to live in dignity.And if you had not had the opportunity to just go out and buy the necessary thing, that with the advent of loans it appeared almost everyone.But not always the joy of buying last long, as the euphoria passes quickly when comes time to pay its debts.All would be good to have a steady income, which counted on the borrower, but if you can not pay the loans?What to do in such a situation?On this and it will be discussed in this article.
reasons of insolvency of borrowers
reasons for the lack of money can be very different - from job loss to a serious illness.Of course, many citizens, making out a loan to purchase another, do not think about the bad, and hope for the best.However, the next crisis could bring down all the plans once a bona fide loan payer, so that today it faces a difficult question: "It is not possible to pay on loans - what to do? 'Do not despair, because there is always a way out.Moreover, according to the law, it is possible to achieve a delay of payment, if any, debt relief, depending on the reasons for the lack of money.
First Steps borrower if there is no money to pay the loan
The main thing that should be done primarily in the event of financial difficulties - it is urgent to go to the bank to report the problem.Many insolvent borrowers hoping for a lucky break or some luck, that will save them from the debt trap.In fact, there is no magic by which just will repay the debt, or it all by itself will be written off.The more time passes, the greater the penalty for late payments.Thus, the first step - is to contact your bank where the loan was issued.
Next you need to write a statement about the impossibility of paying the loan, because, after hearing oral request, the manager of the bank in the evening can already forget about it.It should therefore be in writing, inform the lender about your financial difficulties and the desire to restructure its debt.
Debt Restructuring - what is it?
many who had a chance encounter with a loan, have heard of such a thing, but few know what it is.Debt restructuring - a procedure to review the solvency of the borrower to reduce the burden of credit payments.Debt restructuring implies a measure to change the conditions of the loan agreement to the borrower in order to maintain its ability to repay debt.
restructuring of foreign currency loans is most often carried out by the state in crisis situations where the majority of the citizens who have issued loans in foreign currency, is suffering from the burden of debt.
How to achieve the restructuring of the credit loan
To Bank went against the borrower, it needs as quickly as possible to their manager with a written statement.The statement should indicate the reason for which the borrower can no longer pay the loan debt in the terms established by the contract.Also it is necessary to specify the amount of money that will be repaid, thus it is necessary to write the periods during which the financial situation can change in a positive way.You should not write: "lose your job, can not pay the loan."So credit the manager did not respond to the request, moreover, he may find it a waiver of its obligations and achieve the bankruptcy of the borrower.Therefore, to avoid any dispute, it is better to write: "Due to unforeseen financial difficulties at work, temporarily is not possible to pay on the loan."What to do next will tell the lender.The situation is better not to embellish and give accurate information.Otherwise, the bank can verify the data provided by the borrower, and if they do not correspond to reality, he refuses to restructure the loan.
As mentioned above, the restructuring of foreign currency loans is most often carried out with the help of the state and it is important not to lose time to apply to the contract.Sometimes it is too late, if time does not apply to the bank, then the high interest rates on foreign currency loans will have to repay in full.
result of the restructuring of the loan
After consideration of the application of the borrower, the banking organization should make a decision.Usually, banks are going to meet its customers and reviewing the credit agreement.Thus, there is a possibility of an insolvent borrower deferment of payment and the loan can not pay for some time.Usually, this period is three months, and then to be followed by compulsory payments, even in a small amount.
loan restructuring can only for a short time to solve the financial difficulties kreditoplatelschika.Sooner or later, the entire debt of the loan will have to pay cash, plus additional interest as time debt increased.This is an extreme measure in order not to go up to the default of the loan and the borrower does not recognize the bankruptcy.So if you have the opportunity to repay the loan on time, it is even better to turn to guarantors than bring the matter to a debt restructuring on the loan.
When you can not pay the loan?
Many people mistakenly believe that if problems arise, they can easily abandon the mandatory payments on the loan.Even pregnancy or output in the decree do not remove the obligation.Even illness can sometimes cause non-payment of debt, because in such a situation, the insurer undertakes to repay the loan payments.However, not all insurance company takes on such obligations, so the bank can to meet the client, who has serious health problems.In this case, the lender may offer a deferred payment for a specific period of time until the borrower will quietly do their health.
Another option when a lot of credit - pay nothing can be refinancing.That is, the borrower must arrange a new loan to pay off the old one.However, this scheme does not always work, because before issuing cash loans, each bank examines the credit history of their customers.And if the lender sees the presence of several other outstanding loans, he can not refuse.
no ability to pay on loans - what to do?
What to do when the bank refuses to loan restructuring and refinancing is not available due to multiple failures of other banks.Output is always there.And a co-borrower and guarantors can come to the rescue in a difficult financial situation.Usually, making out a loan for a major purchase, the bank is required to provide one or more sureties, which will be a guarantee of repayment of the debt and the solvency of the borrower.There are other situations where the guarantor can not repay the debt and had no way to pay the loans.What to do in such a case?You can recognize themselves bankrupt, but then in the future it will be impossible to get a new loan.It turns out that there is a way out - you can sell the mortgaged property and pay off the balance owed by these means.
Rights borrower
As the bank and the borrower has the rights that can be protected in a difficult financial situation.However, they need to know in advance and read them before signing the loan agreement.Banks wanting to get their money, sometimes resort to collection agencies, which, in turn, begin to "knock out" the debt of the borrower in all possible ways, namely bother him at night, turning to his family and friends and are even in the workplaceinsolvent clients.Thus violating his rights.Even without being able to repay the mandatory payments, the borrower has the right to complain to the company, which specializes in such cases, in order to protect its reputation and the right to peaceful sleep.
Sometimes unscrupulous lenders are not specifically give an opportunity to pay off the monthly payment to his client.For example, the last day of payment of the debt is not allowed the borrower to the bank branch (cash register does not work or for other reasons), and then after the weekend or holidays accrue him great interest penalty.The borrower must know that he has the right to repay the regular payment till the last day, giving him a right, the bank must accept the payment, even if circumstances prevent this.It will have the problem of the bank.
consequences of the debt to the creditor
Sometimes you can hear a bold statement: "Do not pay the loan for a year!And nothing! "This is really the case, but the consequences just have not touched such unscrupulous borrowers.Huge interest spoiled credit history and, finally, the recognition of the bankruptcy - all this may be the case of non-payment of mandatory credit payments.
addition to penalties, the banking organization, to issue the credit, has the right to take the mortgaged property as a penalty under the credit agreement.It is also one of the common ways to get your money back.Thus, the insolvent client does not repay the loan on time payments received in the Central Bureau of Credit Histories note about tainted the reputation of the financial and deprived of the right to obtain new loans.
What not to do in a crisis situation the borrower
Most importantly, what not to do - is to try to hide from the bank.To the question: "Do not pay the loan, what will happen?", We can give a precise answer: "The penalties and spoiled credit history."Even if the bank can not reach and meet the unscrupulous debtor is in his account on the loan will continue to accumulate interest that need to be repaid in any case.
If you have short-term financial difficulties, it is best to achieve a debt restructuring or deferral of payments, and do not take new loans to repay old ones.Here, each borrower must make a decision depending on the situation.After all, only he sees a solution to their problems and knows how long they can be solved.
Simple Tips for borrowers
Before you arrange a loan of any bank should be familiar with its terms.Further, if all the demands made bank correspond to the potential of the potential borrower, you can move on to the study of the credit agreement.All items and application should be carefully considered, and treat them with the utmost care.
All of the items that relate to numbers, it is necessary to count on their own with the help of a loan calculator, because low interest rates often hide behind a high hidden commissions.Therefore it is best to compare terms and rates with several banks at the same time you should not hesitate to ask the manager to calculate the required amount, and ask about unclear points concerning the mandatory payments.
only after careful consideration of all proposals will be to protect themselves from the question: "Do not pay the loan, what happens next?", And safely apply for a loan, counting on their capabilities.Also, do not abandon the compulsory insurance because, as seen from above, one can happen contingencies.Sometimes it is better to overpay a little insurance company, but feel protected from temporary financial difficulties.
