Loans are becoming an integral part of the life of many Russian citizens. With their help, you can get any amount of funds for different purposes. Loans may have different sizes and conditions. The following types of loans are considered to be in demand: mortgage, consumer and car loans. Any loan must be repaid on the basis of a special schedule drawn up in the process of signing a loan agreement. But often, citizens have various unforeseen circumstances in which it is impossible to further pay funds on the basis of the established schedule. Therefore, the question arises of how to get rid of credit by legal means. There are several methods to reduce the loan burden or completely get rid of the loan, but their use leads to negative consequences for the borrower.
Reasons to get rid of a loan
It is realistic to get rid of loans in a legal way, but initially you need to decide on the grounds for implementing these methods. Most often, the need to eliminate the credit burden is due to the following factors:
- loss of the main place of work, which leads to the fact that the citizen simply ceases to cope with the credit load;
- identification of other significant circumstances in which the borrower does not have the opportunity to monthly transfer the required amount of funds to the bank;
- a person simply makes an unreasonable decision to stop paying money on a loan.
In any case, it is important to responsibly approach your obligations, since if you do not take any actions, this will lead to the calculation of significant penalties and interest. Therefore, you should understand how to get rid of a loan legally, without worsening your financial situation.
What actions are performed by the debtor?
If a citizen, for various reasons, decides to stop making funds for a loan, he must take into account some nuances:
- you should not shy away from communicating with employees of a banking institution, as the bank may offer credit holidays or other opportunities to reduce the credit load;
- if financial difficulties simply arise, it is advisable to study the possibility of restructuring in the bank where the loan was issued;
- the lender will not forgive the debt in any way, he can only offer the opportunity to reduce the load by extending the loan term or offering a credit vacation;
- Take advantage of the restructuring only if there is no delay in the loan.
If a person is interested in how to get rid of loans legally, then he can choose one method from several options, taking into account his capabilities and the available loan.
Restructuring clearance
If you want to get rid of loans by legal means, then restructuring is often used. It is offered by almost every banking institution. It does not provide a complete elimination of the loan, but allows you to reduce the load. Restructuring may include the following options:
- an increase in the period during which the loan must be paid, which leads to a decrease in the monthly payment;
- registration of credit holidays for up to six months, and at that time only interest on the loan is paid, which allows the citizen to find the optimal place of work or means to repay the loan by other methods;
- transfer of a foreign currency loan into a ruble one.
The specific method is selected by the direct borrower.
Pros and Cons of Restructuring
It is impossible to completely get rid of a loan by this method, but it is considered ideal if a person does not want to spoil his credit history, and is also set to repay his debt. The Bank provides the opportunity for restructuring only on the condition that there is no late payment.
With the help of this process, the load on the payer is reduced, and his credit history is not spoiled. It is not required for the parties to go to court, and the debtor will not deal with bailiffs. The disadvantages of the procedure include the fact that the amount increases, which will eventually be transferred to the bank.
Refinancing
There is a way to get rid of a loan issued in a particular bank. If the conditions offered by a particular institution are not considered very attractive, then the loan can be transferred to another bank.
Refinancing assumes that a new loan is being issued at another bank. Due to the money received, the existing loan is repaid. Typically, the procedure is carried out without giving cash in the hands of the borrower.
The features of using refinancing include:
- transfer of a loan to a new bank is permitted only in the absence of delays in the current loan;
- the borrower must have a good credit history;
- a citizen is required to pay a current loan at least six months;
- you should choose those banks that offer a low interest rate and other attractive conditions;
- It is advisable to use a loan calculator to determine the benefits of moving to a new bank.
Is it possible to get rid of a loan in a legal way if the conditions offered by the bank are not satisfied? Indeed, you can transfer the loan to another banking institution, where a lower interest rate is established or there are other advantages.
Filing a lawsuit against a bank
How to get rid of loans if there is no money? To do this, borrowers often resort to the method, which consists in submitting a statement of claim to a banking institution. The initiator of the trial may be the immediate debtor. The features of this process include:
- usually the reason for filing a claim is the presence of errors in the loan agreement;
- the borrower may not agree with the accrued penalties;
- in addition, through the court, you can request the issuance of credit holidays, installments or other concessions;
- simultaneously with the claim, documentation is transmitted to the court, confirming that the borrower had financial difficulties, due to which he can no longer cope with the loan load;
- evidence is submitted to the court that the citizen insisted on restructuring, but the bank refused to formalize it.
If there really are any significant errors in the contract or an unreasonable refusal of the bank to restructure is revealed, then the court can make a positive decision for the borrower. In this case, it will not be possible to completely get rid of the loan, but accrued fines and penalties may be canceled by the court. This will lead to a significant reduction in the amount transferred to the bank. Often, by a court decision, a loan agreement is terminated, but the citizen will have to return the entire amount received.
Filing a lawsuit is considered a good decision for a borrower thinking about how to get rid of a loan. Real methods in most cases involve the abolition of accrued interest and fines, but the main debt will have to be returned to the bank.
Making a loan to another person
How to get rid of a loan in a legal way? To do this, you can apply for a loan to another citizen if the loan was initially secured, for example, a mortgage or car loan. Under such conditions, you can find a buyer who does not have the necessary amount of funds for such an acquisition. Therefore, a loan is reissued to him, and he also becomes the full owner of the collateral.
Such a scheme has many advantages, since it is possible to legally terminate relations with a banking institution. But a citizen must prepare for the fact that he will have to part with previously purchased property. Another disadvantage is that under such conditions the item is sold at a price that will be approximately 20% lower than the market value.
To reissue a loan, it is important that the new borrower meets the requirements of the bank. Otherwise, the management of the institution will refuse to transfer the loan to the new payer.
Bankruptcy of the borrower
How to get rid of a loan in a legal way? To do this, any borrower can declare himself bankrupt if he really does not have the ability to repay the existing debt. This takes into account some important nuances:
- people are declared bankrupt on the basis of the provisions of Federal Law No. 127;
- for this, the amount of debt must exceed 500 thousand rubles .;
- the citizen really should not be able to pay off the debt, for example, he can prove that he was cut or fired at work;
- the delay must exceed 3 months;
- during the process, a financial manager is appointed to study the financial situation of the citizen, and he can also conduct reorganization or bankruptcy proceedings;
- if a person has any expensive property, then it can be sold at auction, so that the proceeds are used to repay the debt.
The initiator of bankruptcy may be the direct borrower. It is advisable to use this method only if the citizen does not have a registered real estate or car, since this property can be used for sale at auction.
Sale of collateral
When making large loans, various valuable items represented by apartments or cars are pledged to the bank. How to get rid of an overdue loan? For this, the sale of collateral is considered an excellent choice, but the nuances are taken into account:
- the process is carried out only with the consent of the banking institution;
- often the bank is involved in the procedure of selling the item, but at the same time the cost is not set too high;
- potential buyers should be notified that the item is pledged, so the burden will be lifted after the seller repays the bank loan at the expense of the funds received.
Finding a person who is ready under such conditions to acquire any property is actually quite difficult. Due to the burden, it is necessary to establish a value that will be approximately 30% below the market price.
Surety Attraction
If the borrower has financial difficulties for various reasons, he can contact the guarantor indicated in the loan agreement. It is he who acts as the guarantor of depositing funds by a citizen. The guarantor in the presence of high income can temporarily repay the loan instead of the borrower.
After this, the guarantor usually insists that the funds be returned by the direct borrower. Therefore, it will be necessary to deal with the remaining debt with an individual, and not with a credit institution.
Which method to choose?
There are various steps to get rid of a loan in a legal way. Reviews about different methods differ significantly, but bankruptcy is considered the best choice. If a citizen really does not have any property in his property, then he can declare himself bankrupt. Since it is impossible to receive money by selling his property, most debts are written off.
But bankruptcy does not relieve all debts, so some of the funds will have to be returned to the bank, for which the court draws up a special schedule for paying off the debt.
Consequences of default on credit
If a person is interested in how to get rid of loans for free, he should be aware that the refusal to transfer funds will cause the citizen to be held accountable. The negative consequences of refusing to pay funds include:
- credit history is worsening, therefore, in the future, you won’t have to rely on obtaining a profitable loan;
- the bank may sue the debtor, which will lead to the recovery of funds by bailiffs;
- debt can be sold to collectors;
- in the future, it may be difficult to find a new job;
- bailiffs may seize the accounts and property of a citizen;
- will not work out of Russia.
If a person simply does not want to repay the loan, then he must be aware of the consequences of his decision. If he does not have the financial ability to pay off the debt, it is recommended to contact the bank branch to complete the restructuring.
Conclusion
You can get rid of the loan in various ways that are legal and fairly simple to implement. But still, they do not lead to the fact that a person is completely exempted from the need to repay the loan. The consequences of using such methods are not very pleasant for the immediate borrower.
Most often, citizens take bankruptcy or restructuring. To prevent the negative consequences of delay, it is recommended that when financial problems arise, you should immediately contact the bank's employees for a delay or other assistance.