In a difficult economic situation in a country characterized by low purchasing power and low wages, people are forced to purchase goods and services on credit. Still, is it possible today to buy the long-awaited housing without borrowing money from the bank? The answer to this question is obvious.
Credit: to take or not to take?
At the same time, analysts note that most potential borrowers initially intend to properly fulfill their loan obligations: to return to the banking institution the principal amount of the debt and the accrued interest. However, after signing the contract, a person often encounters the most unforeseen life situations: he loses his ability to work, he is fired from his job, he loses his sources of income ... Naturally, under such conditions the debtor cannot return money to the financial structure, and he has a problem with loans.
The worst thing is that it can grow like a snowball. The amount of fines and penalties is growing every day, and in the end, the borrower may remain, as they say, "without pants." And the reaction of the bank in this case is easily foreseen. He is not interested in the problem with loans that a debtor has, he wants to get his money back, therefore he attracts a collection agency as an assistant, which sometimes does not disdain by any means: both legal and illegal, in order to “knock out” a debt from a borrower. Yes, his situation is not the most enviable. Are there any solutions when there is a problem with loans on the horizon? Let's consider this question in more detail.
What to do
So what to do if you fall into a debt hole? The main thing is not to succumb to panic and maintain sobriety of the mind. Try to contact the employees of the credit organization as closely as possible and explain to them the essence of your financial difficulties.
It is possible that they will be able to meet you if you tell us as much as possible about why you have problems with repaying a loan. Realistically assess your own degree of solvency and voice an employee of the bank the approximate maturity, if the issue of debt restructuring is decided positively. Remember that if you prove that you do not intend to evade your obligations and want to return the money to the bank, then the chances of revising the terms of the loan agreement will be quite high.
Specialist help
If your independent steps to resolve the loan repayment problem were unsuccessful, then you should seek professional advice. In this case, you need an experienced lawyer. He will not only develop the right tactics for you to conduct with employees of a banking institution, but also protect you from illegal actions by collectors.
Please note that the problem with loans should be solved by a specialized specialist who has previously successfully dealt with similar matters. Do not be lazy and ask him to confirm this fact.
As practice shows, there are several ways by which problems with repayment of loans are solved . Let's consider each of them.
Making a new loan
Currently, a huge number of intermediaries in the banking market. Brokers left and right offer their own solutions to problems with loans. Which one? You get a new loan from them to pay off the old one. A similar measure is also called credit refinancing. Well, it cannot be said that this option is optimal for all borrowers and yet it does not need to be discounted. The thing is that, using this method, you can "kill two birds with one stone" at the same time, if you lend money in the same banking institution.
Firstly, if you are making a new loan, the next payment will be delayed by 30 days. Secondly, if a new loan is of a long-term nature, then the amount of the monthly “tranche” is reduced. However, you can borrow money from another credit institution. The main thing is different: if you belong to the category of malicious defaulters, and you have delays in paying off debt, then you can hardly expect to get a new loan. Information about the quality of each credit history is contained in a special register of customers, and the bank can review them at any time. But if something did not suit the employees in it, then you can use the services of an intermediary with an impeccable reputation who will agree to issue a new loan for you for a fee.
Debt restructuring
Not sure how to solve loan problems ? There is another common way. Anyone who uses it receives certain privileges from the bank: adjusting the monthly installment, periods of payment of arrears, partially writing off the loan amount. In order to be able to receive the above concessions, you must visit a banking institution, inform employees about financial difficulties and write a statement to the name of the management of the credit organization.
As practice shows, banking structures in some cases positively resolve the issue of writing off penalties, forfeits and even partially “forgive” the principal amount of the debt.
Insurance
Modern realities are such that almost all credit organizations prefer to insure themselves against financial risks. However, not all borrowers carefully read the text of the loan insurance agreement. And this document spells out very important points, namely, in which cases the insurer will pay the loan instead of the debtor. As a rule, these are force majeure circumstances: disability, dismissal from work, death. But even in these cases, the bank will make claims not to the insurance company, but to the borrower. If the specified incident occurs, the latter himself must contact the insurer, provide him with a certain package of documents, and only after that he will act as the debtor. Moreover, you need to have written evidence that an insured event has occurred. It should be remembered that in some situations, insurance companies consciously shy away from their obligations. Again there are problems with the loan. What to do? First you need to defend your rights in the insurance company.
That is why it is possible that the borrower will be forced to spend time on litigation with the insurer, and you should seek qualified help here.
What you need to remember more
So, you have problems with repaying a loan. What to do in this situation? The main thing is not to take a wait and see attitude, hoping that the matter will be resolved by itself. It is necessary to act very actively. All appeals to a credit institution must be made in writing. Consider, the faster you start to “move”, the more you can reduce the amount of penalties and fines. Do not forget that the lion's share of credit agreements for consumer needs provides for just “bonded” sanctions, despite the fact that by law their value should not exceed reasonable limits and should not be many times greater than the amount of the principal debt.
If you are having difficulties at some stage of “communication” with the bank, you should immediately contact a specialist for help. And here it is necessary to take into account the fact that some lawyers will require an advance payment for their services, while others will ask for money after the result of the work is visible.
Housing loan
Today, many are forced to borrow money from a bank in order to purchase housing. Well, the goal is good, but before choosing a particular mortgage lending program, carefully weigh the pros and cons. Soberly assess your financial potential, as monthly contributions will need to be paid over many years. Otherwise, it is likely that you will have a problem with a mortgage.
What to do
Remember that in case of delinquency under a home loan agreement, the position of the bank is very tough and principled.
Here he is less likely to make concessions to the borrower, since we are talking about "big" money. If the debtor makes a late payment within 2-3 months, then the bank, as a rule, uses a "trump card" - the right to sell the apartment, which is in the pledge. Of course, he strongly disciplines the borrower. However, is there a way out for him?
Paradoxically, but yes. If he has an impeccable credit history, then the leadership of the financial organization can make a positive decision on the issue of granting a deferment on the principal debt of up to 180 days. During this period, the debtor only repays the interest, and then either compensates for the missed payments or restructures the debt by extending the deadline for making contributions. However, the question of whether or not to grant the right to restructuring is decided on an individual basis.
If the bank threatens with a court, but there’s nothing to pay?
However, it also happens that the bank refuses to meet its debtor, notifying that it will start a lawsuit. For some, such a measure is sobering, and they gradually begin to pay off debts. However, such a tactic of behavior does not make sense, since the amount of late fees is growing daily, and by the time the court considers the case, the amounts sometimes reach enormous amounts. Therefore, experts do not advise to pay off the debt in installments: the credit history still became far from ideal, and the money will be thrown to the wind, since the next day the amount of debt will again become the same. You should not be particularly afraid of litigation. On the contrary, it should finally put an end to your relationship with the bank. The court decision will establish the total amount of debt, which will no longer be charged fines and penalties. And their size during the trial, on the contrary, can be reduced. The bailiffs, who are much more loyal than employees of collection agencies, will already fulfill the will of the court. And from that moment on, measures can be taken to at least partially pay off the debt. Moreover, if you take a passive position, then the bailiffs may seize your property. Thus, it is better to execute the court decision, making a little payment. And if you have the opportunity to fully pay the bank, then it is better not to ignore this option.