The most obvious and simple way to find out your loan debt is to wait for a call from the employees of a special department - the call-center of the bank, who call all debtors who have made a delay in paying the next payment. Typically, they tell you the amount of the loan outstanding that needs to be repaid. However, this method has a serious drawback.
Instructions
Step 1
The main problem is that the call-center may not have completely up-to-date information about the status of your account. In a situation where additional interest and fines are charged for each day of delay, this is critical. Therefore, in order to pay off your loan debt, deposit in the bank an amount greater than what was named to you.
Step 2
However, not all banks have the capacity to maintain a separate call center for calling debtors. Small institutions solve the problem of delays by assigning to each manager certain clients, whose payments he must regularly monitor and, if possible, avoid using a telephone contact. But this is not always possible. Therefore, a more reliable way to find out your loan debt is to come to the bank and contact the consultant of the department in which you took out the loan. The advantage of this option is the exact amount of debt reported by the manager, which you can immediately pay off in full.
Step 3
In cases where the options described above for some reason are not suitable, you can find out your loan debt by calculating it yourself. To do this, re-read the loan agreement in the part where penalties and fines for late payments are established. In fact, a penalty is an additional fee for using a loan, which begins to be calculated from the moment of delay.
Step 4
To find out your debt on a loan, increase the amount of the missed payment for penalties and fines prescribed in the loan agreement. They should be calculated for each day of delay until the day of repayment. At the same time, the amount of debt will increase by the amount of the penalty every day.
