The lending market in the Russian Federation is constantly growing. Along with it, the number of overdue loans is increasing. The larger the loan amount and the longer the delay, the greater the load on the client. It turns out a vicious circle. If the client did not pay the loan for a long time, they sued him. Without good reason, delaying your position will be very difficult. How to get out of a debt hole?
Beginner's Memo
When a person applies for a loan to a bank, he approximately represents from what sources he will repay the debt: salaries, pensions, deferred funds. However, unforeseen situations can occur in everyone. So that the loan does not turn into a burden, some measures must be taken in advance. Otherwise, you have to rack your brains in search of an answer to the question: “If I can’t pay a loan, what should I do?” What can be advised in such a situation?
First, do not forget about debt. Even if collectors do not ring the door, the bank still charges interest and fines. Credit history is deteriorating.
Secondly, do not avoid contact with bank employees. Otherwise, you will quickly fall into the category of scammers, not respectable customers.
Third, try not to panic. Yes, the situation is not pleasant if bank employees threaten the court. Credit debt is a financial problem. In such a situation, you definitely do not need to get a new loan to pay off the old one. It is necessary to focus on negotiations with the bank and try not to bring the matter to court.
How to build a dialogue?
If the problem with debt repayment is temporary and it is associated with a change of work, it is better to agree on a new payment schedule. Read more about how to arrange a credit vacation, read on.
If the financial problem is not quickly resolved, you need to ask the bank to review the terms of the contract and provide documents that confirm insolvency (medical report, birth / death certificate, etc.). You will also have to explain to the bank where the funds will come from in time. At first it is better to ask for a delay of 2-3 months. A loyal bank may not even charge interest if it is convinced of the good faith of the client. In case of violation of the terms of the agreement on new concessions by the bank, you can forget.
Restructuring
If I can’t pay a loan, what should I do? You can try to agree on a debt restructuring, that is, a “reset" of credit conditions. The principle of its functioning is exactly the same. It is necessary to prove the fact of insolvency to the bank for good reasons, to explain where the money will come from in time. Credit institution is interested in returning funds. If the bank realizes that it is dealing with a bona fide customer, it will reduce the amount of payment and extend the term of the contract.
The result of the restructuring is largely dependent on the reputation of the client and common sense. Consumer loan of 20 thousand rubles. extend for 3 years does not work. Especially if it becomes known that the source of the funds will be a new loan.
Credit vacation
If I can’t pay a loan, what should I do? One of the solutions to the problem may be the design of a "credit vacation." What it is? The official interpretation of the term is not spelled out in any legislative act, but banks often use it in communication with the client. Credit holidays are a deferred payment of a loan, a review of the debt repayment schedule. The service is provided only for long-term loans (mortgages and car loans). The Law on Insolvency (Bankruptcy) provides for two options for a “credit vacation”. Each of them has its own characteristics.
A full delay in repaying a loan without changing the duration of the contract is provided once for the entire period of use of the loan and most often on a paid basis. The basis for such a "vacation" should be a good reason that can be documented: poor health, dismissal from work, etc.
It is more beneficial for the bank to provide the client with a partial delay in repaying the loan body, but subject to the timely repayment of interest on the loan. The service can be provided twice during the term of the contract, but not earlier than 3 months after its conclusion. Since interest makes up the bulk of the payment, the payment itself is reduced slightly. If the loan term is not extended, then at the end of the "vacation" the monthly payment amount increases. Under any circumstances, the total overpayment of the contract grows.
How to apply for a respite?
VTB grants credit holidays after obtaining evidence of a difficult financial situation. Some organizations provide this service at the request of the client, but on a fee basis. How to get a credit vacation at VTB? It is necessary to collect and provide documents to the loan officer confirming the difficult financial situation, write an application for deferred payment. After receiving a positive decision, you need to sign an additional agreement on changing loan conditions.
"Vacations" can be a temporary solution to the problem, if you took a loan, you can not pay the debt on time. But the conditions for the provision of services need to be studied in detail so as not to fall into a new bondage.
Debt hole
If I can’t pay a loan, what should I do? First of all, you need to calm down and get in touch with the bank yourself.
If there are many loans, you need to collect them in one, pay off the debt once a month and not accumulate penalties. Debt can be consolidated in another lending institution. However, the new lender will require a larger package of documents and a fee for this service.
Do not confuse refinancing and getting a new cash loan. The first service is provided to reduce the credit burden. The client receives a new loan at a lower percentage purposefully to pay off old debts.
The Law on Insolvency (Bankruptcy) provides that collateral may be sold. It is better if the borrower takes such a step voluntarily. Otherwise, the bank sells the property for half the market price.
You must first notify the credit institution of the sale of collateral. If confidence in the client is undermined, the bank will send a representative to complete the transaction. Nothing wrong with that. The credit institution is interested in solving the problem. An expert will help you find a buyer and draw up documents for the transaction.
I do not pay loans: consequences
Credit debt is a financial problem. It is difficult to solve, but possible. The main thing is not to give up. What will happen if you do not pay a loan at all?
Debt will accumulate like a snowball. Sooner or later, interest, penalties and the body of the loan will exceed annual income. Such debts will have to be repaid before old age.
Sooner or later, the bank will get in touch. First, call center employees will call, and then professionals. Their goal is to make it pay off the debt. Collectors use more aggressive methods in work: they call guarantors, to work, leave messages to friends on social networks.
What will happen if you do not pay a loan at all? Sooner or later, the case will go to court. If an amicable agreement did not work out, there are no good reasons for delaying the debt, then there is no point in fighting with lawyers in court. All costs of the proceedings will be passed on to the defendant. After the court makes a decision, lawyers will describe the property and put it up for auction for sale.
Trial
Another thing is if the cause of the debt is valid. Having in your hands a medical report on poor health or a copy of the reduction order, you can and should defend your rights to banks. If the credit institution does not take these documents into account, it is better to apply to the court yourself. A competent lawyer will help to challenge the bank's claims. There is something to complain about. Insurances are imposed, fines are biased, and errors in documents. To defend your rights in court, you will have to be patient. The court can reduce the amount owed by 50% and oblige the defendant to give no more than 20% of the monthly income to pay off the debt.