Suddenly the debt on the loan, and the Bank begins to charge interest. Not a very pleasant situation, which threatens to increase the debt. Unfortunately, to avoid penalties in case of delay in loan is unlikely. But there is always the opportunity to enter into negotiations with the Bank and seek debt restructuring if you can't pay the loan.
You have any unforeseen circumstances at work: you lost your job or you cut wages? So now you have nothing to pay on the loan. Try to explain to the responsible employee of Bank your issues and specify that you are looking for additional sources of income to repay the loan. It is possible that a personal meeting would be sufficient to achieve a delay on the loan.
Not always the words of the Bank's employees are true. Quite polite, the representative of the credit Department could promise to solve your problem with the delay on the loan during a phone conversation. But in reality, it may be that you still accrue interest and also demand in a timely manner to repay the loan. In this situation, all your proposals for repayment of the loan and requests for debt restructuring, better channel in writing. If you can't pay the loan, you must promptly notify the credit institution. It is possible that your honesty will allow you to avoid big problems with the Bank.
Make a letter to the head of the credit institution. In this document identify the reasons for the debt on the loan, explain why you are unable to pay the loan, what actions are taken to improve their financial situation and the approximate date when you can begin to extinguish the debt.
The letter can be delivered directly to the Bank under signature of the responsible for the reception of correspondence to the employee. The second copy of the letter with the signature of Bank employee and date of receipt must be returned to you on hand. You can also send a letter by mail with the enclosure list and return receipt requested. This kind of interaction with the Bank, when you can't pay your loan, the most preferred. In that subsequent written proof of correspondence with the Bank can be useful for the court.
If the Bank in all your attempts to negotiate does not want to go to a meeting and apply to the court for recovery of the loan debt, it is only in reference to the action to try to reduce the amount of debt. Reduce debt, if you can't pay the loan, perhaps as follows:
• to invalidate the fee, if they charged by the Bank in obtaining credit;
• to reduce the penalty if it is disproportionate to the amount of the debt.