What to do if no money to repay the loan

If there is no money to repay the loan, do not panic and make an attempt to hide from the creditor Bank, it's impossible now, you will find in any case. News "ostrich policy" makes no sense – this your debt will not decrease. Relive the agreement with the Bank, evaluate all the trouble that can follow when you are in breach of their obligations of the borrower. Consult with a lawyer specializing in such matters – he will tell you how to minimize the risk of ending up on the street (if the loan under pledge of real estate only).

Contact the Bank with a request to restructure an existing loan. Pre-make an appointment with the Manager and explain the situation. If the amount you have borrowed in a loan that is large enough and you have properly made all required payments, there is a high probability that the Bank will meet you. In the case of restructuring, you will increase the term loan and recalculate the payment schedule to reduce the monthly payment amount.

If in the next few months you are expected to fully restore its solvency, it makes sense to ask the Bank "credit vacation", during which you will only have to pay current interest on the loan. In any case, the Bank just like you, interested in the fact that the money was returned, albeit a bit later than it was announced before.

At the very least, if the money is not expected in the foreseeable future, you will have to sell a property - an apartment or a car. If the property is in pledge at Bank, do not wait for its sale at auction by the court, contact your Manager with a request to remove the ban on the sale of this property and try to sell it yourself for the highest possible price. The Bank, by the way, it may assist you in this by providing services for legal registration.