Losing a bank's trust is easy and simple - just one unpaid loan is enough for this. The Bank does not take a word in the word of potential customers; it prefers to trust a credit history, the purity of which is a guarantee of the borrower's integrity. An unpaid loan can ruin any credit history once and for all, the reason for the delay is not of special importance for the security service of a financial institution. Potential customers who do not have a crystal clear credit history, as a rule, remain potential - banks do not need extra risks.
Despite the fact that often the reasons for the delay do not depend on the borrower, the credit history will be spoiled. A damaged reputation makes it impossible to obtain a loan on favorable terms in the future, and for certain categories of people, for example, businessmen, this state of affairs can be very deplorable. Nevertheless, even if the client is not able to fulfill his obligations, the possibility of maintaining a clean credit history remains - debt restructuring will help avoid blacklisting banks . This procedure is a set of measures that allow a borrower who has lost solvency to fulfill credit obligations and maintain his reputation.
Saving a client’s reputation is not included in the list of banking services
You must understand that the restructuring of debt on a loan is not the responsibility of the bank. Simply put, financial institution experts unilaterally resolve this issue. Nevertheless, this fact does not mean that the bank will not go towards the borrower who is in a difficult situation. If a client of a bank shied away from fulfilling credit obligations, then, of course, waiting for a loyal attitude of a financial institution is pointless - in this case, restructuring may take place solely by court order.
Any client who has lost solvency but has paid part of the amount earlier can rely on restructuring. To do this, he needs to inform the bank staff about the circumstances personally and in writing. After that, the bank’s experts will develop restructuring conditions. To the question of what debt restructuring is, a full answer can be given in the professional language of financial experts, but it will be incomprehensible to an inexperienced person. Simply put, restructuring is a set of measures applicable to borrowers who are unable to pay off existing credit.
As a rule, the bank extends the period specified in the loan agreement, and the monthly payments are changed in accordance with the specific situation. In some situations, the property of the borrower is taken into account for the debt, in addition, part of the unpaid loan can be written off by bank specialists, but the latter option is applied only in exceptional cases.
When the bank does not make concessions
If the bank does not show loyalty to the client, then debt restructuring can be carried out by court decision. In such processes, the participation of a competent specialist representing the interests of the borrower is necessary, otherwise the probability of a successful outcome is extremely small. In addition, the terms of the restructuring may be changed by court order. In any case, restructuring allows you to maintain a clean credit history and fulfill loan obligations, but it is important to understand that if the borrower was not previously loyal to the bank, then you will most likely have to get this procedure through the courts or file a lawsuit to terminate the loan agreement.