Situations are different, and any, even the most well-thought-out plan can be overturned by unforeseen circumstances. For example, a law-abiding borrower may suddenly become seriously ill or even lose his job, and he will have to
face serious problems when repaying a loan. What can be done in such a situation?
Instructions
Step 1
For starters, you don't need to panic, sprinkle ash on your head in despair, or start drying crackers. Better to objectively assess your situation and plans for a way out of this situation. Over-lending - running to another bank for a new loan and getting into more debts in order to cover old ones is not the best option. Also, do not go to extremes and flee from creditors in the forests, mastering extreme survival in the taiga. A more sensible option is to contact your bank and try to solve the problem together. After all, if you think logically, the bank (on the one hand) is interested in the borrower paying off the loan in full, and (on the other hand) he does not need unnecessary litigation.
Step 2
What can the bank offer as a way out of this situation?
Option 1. Grant a deferral of loan payments, giving you the opportunity to restore your solvency for some time.
Option 2. Extending the loan term by changing the schedule of monthly payments, thereby reducing their value.
Option 3. Converting the loan into another currency in order to reduce the size of payments.
Step 3
For your part, you, as the borrower, should also do your best to solve the problem. If your financial situation has deteriorated due to illness, provide the bank with all the necessary certificates that will confirm this. If you are fired, then try to get a new job, even if it pays less or the position is lower than the previous one - at least temporarily, until you pay off the loan. While you are looking for a more suitable job option for yourself, you will be able to cope with the current payments.
Step 4
If you took out a loan to buy a new apartment, you can rent it out or sell it. Naturally, the latter option is undesirable, especially in the context of the economic situation in our country, but in an extreme situation this may be the only way out. Whatever solution you choose from the current situation, the main thing is not to delay it, hoping "at random," but to start solving the problem right away. But first, think it over and weigh everything properly.
