Unfortunately, in recent years, an increasing number of people unable to sensibly assess their own financial capabilities have become debtors of banking institutions. The worst thing a person in a similar situation can do is to aggravate an already difficult situation, accumulating debts. Those who do not have the opportunity to immediately pay off the entire amount can contact the bank and write an application for a "credit vacation". In most cases, lenders make concessions to borrowers, because it is also unprofitable for them to collect debtors by charging fines and not receiving any payments.
What is a "credit vacation"?
This is a peculiar form of deferred payment, which allows a client of a banking institution who does not have money at the moment to temporarily rest from an excessive financial burden. This period is provided so that a person can solve all his problems associated with a change of residence, treatment or the search for a permanent source of income.
In what cases is deferral of payments provided?
In the conditions of a progressing economic recession, an increasing number of people who received high salaries a few years ago are left without work. Many of them have a mortgage or some other debt to the bank, which has become an overwhelming burden. In order not to accumulate astronomical amounts on the outstanding loan, you can contact the bank and find out how to get a "credit vacation". In most cases, financial institutions meet people who find themselves in a difficult life situation. So, the possibility of a delay is prescribed in most mortgage agreements. In some cases, the borrower can even choose which of the current schemes suits him the most - partial or complete.
Having received a positive answer, one should not naively expect that the bank will forgive the debt. The fact of obtaining a deferment, as a rule, leads to a significant increase in the cost of the loan. Often, after the credit holidays have come to an end, the bank recalculates payments with an increase in their size. Such a service can be provided to borrowers who meet several requirements. First of all, a debtor applying for a deferred payment should not have delays, and not only in this institution. The second condition for the borrower is the presence of unrestructured debt, until the full repayment of which remains at least three obligatory payments.
In what cases is a bank entitled to refuse a deferral?
The reason for the refusal to apply for a "credit vacation" may be a delay in the mandatory monthly installment. Also, financial organizations have the right not to satisfy the request of a person who does not have financial difficulties, health problems and who has not lost his job. The designation of a "credit vacation" may be refused even if less than three months have passed since the day the loan was received.
The deferred payment algorithm
The service "credit vacation" can be provided after documenting that the borrower is experiencing financial difficulties and is temporarily unable to pay bills. But in exceptional cases, banks give a deferral of payments simply at the request of the person. However, this service is not provided free of charge. People interested in how to arrange a “credit vacation” should take some action.
The first thing to do is contact the bank and notify him of your problems. After this, it is necessary to present evidence proving the difficult financial situation of the applicant. A photocopy of the work book or a certificate from the hospital can be used as documentary evidence. Bank employees are required to familiarize the applicant with the conditions on which "credit holidays" are granted. Before signing a new contract, you should make sure that it does not provide for an increase in the interest rate, accrual of fines or interest for the duration of the delay. Only then can we proceed to write an application for a "credit vacation" in the name of the manager of a banking institution. After considering the application, the person who received the positive answer must appear at the bank to sign the relevant papers and receive a new payment schedule.
"Credit holidays" in Sberbank: how to apply?
This financial institution provides debt restructuring services with a reduction in the amount of the monthly installment. In order to exercise your right, you must contact the bank representatives with the appropriate statement. Anyone who wants to get a "credit vacation" at Sberbank should provide documentary evidence of problems and difficulties. In some cases, the client may be offered an extension of the contract with an increase in the interest rate. A person applying for a deferred payment should have an impeccable story. "Credit Holidays" can be provided for up to 12 months. Moreover, the contract itself is extended for two years, that is, the amount of the monthly contribution is reduced.
In what cases is it impractical to arrange a deferment?
If a borrower who has nothing to pay bills has a security loan, then obtaining a delay will only exacerbate an already difficult situation. In this case, it is better to soberly assess the situation and try to sell property encumbered with a loan. After the implementation of the collateral, the debtor will not only get rid of excessive debt obligations, but will also return some of his own money. Delaying until the last and not paying the debt, a person will still be forced to sell collateral. Only this will be accompanied by lengthy litigation, as a result of which the borrower will lose most of his funds, since fines for late payment of monthly payments will be added to the amount of debt.
Benefits of the service and reviews about it
Many borrowers are interested in "credit holidays" at Sberbank. How to arrange such a delay and what it gives, we have considered. It should be understood that this service allows a person not to bring the matter to lengthy, and sometimes even humiliating, legal proceedings and provides him with time to solve his problems. Reviews of customers who took advantage of the "credit holidays" were divided into two diametrically opposite camps. One part of the people is grateful to the banks, which allowed them to temporarily not make excessive contributions and improve their financial situation. Others, on the contrary, only exacerbated the already difficult situation, significantly increasing the amount of debt. Therefore, it is up to the borrower to decide whether to use this service or not. At the same time, it is very important to really assess your material capabilities and realize that this is nothing more than a delay, giving a chance to find a way out of this situation.
Should I take a "credit vacation"?
It should be understood that any delay in repayment of the loan leads to an increase in overpayment. During the period of the deferral, the principal amount of debt is not reduced by a penny, therefore, interest is not reduced. The longer the "vacation" lasts, the more the cost of the loan will increase. Therefore, it is advisable to use such a service only in exceptional cases.
Not repaying the debt and not making a delay, a person may face another, even greater problem. He will begin to charge fines. Moreover, in recent times there have been more frequent cases when banks transfer problem loans to collection offices, whose employees literally plague the debtor with visits and threatening calls. And as soon as the delay exceeds 90 days, the banking institution has the right to initiate legal proceedings. After receiving the relevant court decision, the insolvent borrower may lose the collateral.