Taking a loan from Sberbank, an individual can not always fulfill the conditions of the contract. Life goes on, circumstances change for a person: dismissal from work, divorce of spouses, illness. A restructuring of a loan at a savings bank to an individual may be provided. It greatly facilitates the process of returning debt to the bank in a difficult financial situation.
Restructuring should not be confused with refinancing. Refinancing is the issuance by Sberbank of a cash loan to repay loans taken by an individual at other banks. The purpose of refinancing is to combine several loans into one or reduce the interest rate on previously issued loans.
What is credit restructuring at Sberbank?
An individual is entitled to restructuring.
This is a set of actions established by the bank in relation to the borrower, which entails the repayment of the loan by the client without prejudice to his financial situation. Restructuring is a decrease in the loan interest rate, frequency of payments and an increase or decrease in the duration of the loan.
Types of loan restructuring
What types of credit restructuring are there at Sberbank? An individual is given the opportunity to choose:
- Exemption from payment of the main debt on the loan, the borrower pays only interest - credit holidays. In some cases, exemption is for the full amount of payments, but applies for a certain period. In this case, there are also disadvantages: the borrower is at risk of overpayment on the loan due to the increase in the duration of its payment.
- Non-charge or write-off of fines and penalties that arose as a result of delay in payment of debt.
- Reducing the amount of monthly installments by increasing the loan term.
- Establishing an individual payment schedule for the borrower to simplify payments. This can be either a transfer of the payment date or a decrease in installments in certain months.
Conditions for restructuring a loan at Sberbank
How is credit restructuring carried out at Sberbank?
An individual should be aware that the decision on debt restructuring is made by the bank. Under certain conditions, Sberbank provides assistance in paying off debt to its borrowers. The Bank has the right to consider a request for debt restructuring in the following cases:
- First of all, it is an overdue loan for more than 30 days.
- Loss of the main type of income - dismissal from work.
- Situations that entail additional unplanned expenses of the borrower - disability, illness, death of a relative.
- A number of reasons of a respectful nature (loss of additional types of income, pregnancy, loss of a breadwinner, leaving the army, etc.).
- Death of the debtor. In such cases, a restructuring of the loan at Sberbank is granted to the heir. Is it possible to formalize it and what is needed for this?
Restructuring Application
The application form can be filled out both at the Sberbank branch, and you can download the form on the website, fill out and send by e-mail. It must be indicated in it the reasons for the restructuring, the types of income to repay the loan under new conditions, the object of the pledge to secure a loan (if any). After a short period, the borrower will be called from the bank and invited to a specific branch to discuss the further process of cooperation. A specialist is assigned to the debtor, with whom further actions and a list of necessary documents are discussed.
Documents for restructuring
Documents must confirm the difficult financial situation of the borrower:
- The employment record with the dismissal.
- Documents confirming the deterioration of the financial situation: the order or its copy on the provision of maternity leave to a woman, the order or its copy on the provision of leave without pay.
- Disability sheet, disability information.
- Income statement.
- Passport of a citizen of the Russian Federation.
The list of documents is individual for each specific case. When applying, you need to most reliably describe the financial situation to a bank employee. It should be remembered that the decision on the restructuring is made by Sberbank, and the individual has no right to challenge the rejection of the application by the bank. The submitted documents are checked. Then a decision is made on approval. This is what the restructuring of the loan means at Sberbank. Conditions must be specified in the department.
Credit Card Restructuring
A credit card is the most convenient form of shopping. If you do not pay off your credit card debt on time, interest will accrue on the loan balance and the amount of debt will increase. With a positive decision on the restructuring of credit card debt, the client may be offered the following conditions: transfer of the loan repayment period; a breakdown of interest and principal on equal payments; increase loan maturity by reducing monthly payments.
Mortgage Restructuring at Sberbank
An individual is given the opportunity to restructure mortgage loan. The property is a guarantee for the bank, so the bank does not bear the risk of losing its funds. If the client stops paying, the credit institution will sell the property and return its money.
For the borrower there is a risk of losing payments that have already been paid on the mortgage. Mortgage restructuring term is long. The bank may refuse to installment payment, arguing the refusal of the customer's insolvency. The client should insist on the organization providing this service, as this is the best way out of the situation for the borrower.
Reviews
The reviews confirm that the violation of the terms of the loan agreement entails the imposition of fines and penalties. To avoid an increase in debt, the borrower takes measures to restructure the debt. In this case, the loan amount becomes larger, but the increase in debt is much less than the imposition of penalties and interest.
Customers are pleased that there is a possibility of restructuring. It allows you to avoid the appearance of court bailiffs on the doorstep of the apartment with a resolution on confiscation of property, thanks to this service you can get rid of calls from collection agencies, as well as avoid a bad credit history. Repaying a loan ahead of schedule after restructuring is not prohibited.
Now it became clear how to restructure the debt on the loan at the bank.