In the first place, not to panic and not to hide. "Ostrich policy" to anything. It is better to come to the Bank and honestly explain that you cannot continue to pay the loan. Then you have three options: deferment, restructuring of a loan or refinancing. What is it?
Let's start with delay. It happens that the deterioration of your financial situation is temporary – a sudden reduction or administrative leave. If you and the Bank are sure that after some time everything is back to normal, you can write a statement about the delay. The delay may provide for a period of 3 months to a year. Of course, at this time, no penalties or any interest is not charged.
Restructuring is, in other words, the change in credit conditions for more gentle. For example, you have lower wages. Then the Bank simply extends the term of the loan, reducing the monthly payments. You can negotiate and decrease interest rates. It all depends on the specific situation. Don't be afraid to speak to the Manager about restructuring. The Bank better get you some money and interest, than not get anything and "play off" on you collectors.
Refinancing – the tool is more complex then it will require the participation of a third party. As a rule, as a third party is another Bank. If the restructuring is not possible, you should look for a loan on more favorable terms with another Bank. Then this loan is taken to cover the loan and pay him. The complexity of the situation that is not always possible to find a better loan. Moreover, if you have a loan, another Bank can withhold funds. You can find a way out: to take in the same Bank another loan to cover them previous. For example, you took out a car loan and covered his consumer. The main thing – to compare interest rates and explain to the managers that you want to do.
What NOT to do is to contact the microfinance or microloans offices. As a rule, they refer to cover a single monthly payment. But one payment problems will not solve. Moreover – you have the next month to give them.
If you pressed "collectors" and the bankers, it makes sense to turn to depressants. This is usually professional lawyers who spetsializiruyutsya in such credit operations. They will help to achieve a more "gentle" mode of repayment of the loan, and if anything will represent you before the Bank in court.
But remember – banks are more profitable give you to pay than to spend time and money on the court and collectors. So even if you are behind on several payments, it makes sense to come to the Bank and find a solution to the situation. Most importantly, explain that you acknowledge the debt and are willing to pay. Then you definitely go forward.
Let's start with delay. It happens that the deterioration of your financial situation is temporary – a sudden reduction or administrative leave. If you and the Bank are sure that after some time everything is back to normal, you can write a statement about the delay. The delay may provide for a period of 3 months to a year. Of course, at this time, no penalties or any interest is not charged.
Restructuring is, in other words, the change in credit conditions for more gentle. For example, you have lower wages. Then the Bank simply extends the term of the loan, reducing the monthly payments. You can negotiate and decrease interest rates. It all depends on the specific situation. Don't be afraid to speak to the Manager about restructuring. The Bank better get you some money and interest, than not get anything and "play off" on you collectors.
Refinancing – the tool is more complex then it will require the participation of a third party. As a rule, as a third party is another Bank. If the restructuring is not possible, you should look for a loan on more favorable terms with another Bank. Then this loan is taken to cover the loan and pay him. The complexity of the situation that is not always possible to find a better loan. Moreover, if you have a loan, another Bank can withhold funds. You can find a way out: to take in the same Bank another loan to cover them previous. For example, you took out a car loan and covered his consumer. The main thing – to compare interest rates and explain to the managers that you want to do.
What NOT to do is to contact the microfinance or microloans offices. As a rule, they refer to cover a single monthly payment. But one payment problems will not solve. Moreover – you have the next month to give them.
If you pressed "collectors" and the bankers, it makes sense to turn to depressants. This is usually professional lawyers who spetsializiruyutsya in such credit operations. They will help to achieve a more "gentle" mode of repayment of the loan, and if anything will represent you before the Bank in court.
But remember – banks are more profitable give you to pay than to spend time and money on the court and collectors. So even if you are behind on several payments, it makes sense to come to the Bank and find a solution to the situation. Most importantly, explain that you acknowledge the debt and are willing to pay. Then you definitely go forward.