When applying for a loan, any client must understand that he is obliged to return the amount of the debt within the period specified in the loan agreement, otherwise he violates the conditions, and this threatens with the payment of fines, pennies, etc. If the violation could not be avoided, you need to clarify the amount of debt on loans in time in order to take some measures.
Instructions
Step 1
If an unpleasant situation happened to you, and you still could not make the next loan payment on time, do not despair, but rather call the bank by phone and explain why (for example, dismissal from work, death of relatives or borrower, sick leave, etc.) missed payment. Despite the debt and the difficulties you have encountered, the bank may make concessions.
Step 2
Each lender is interested in long-term cooperation with the client. Therefore, the bank, for sure, will offer you several options for solving the problem of debt, for example, a deferral or installment payment on a loan. Deferred payment is the payment of interest only on a loan without a principal or an increase in the maturity. You can reduce the amount of the monthly installment on the loan by restructuring the debt. It happens as follows: the loan repayment period is extended and due to this your monthly loan installment is reduced, that is, the principle of payment by installments is used. However, in this case, you will need to pay more money in the form of interest. And if your business subsequently goes uphill, then the loan can be repaid ahead of schedule, then you will not have to overpay on interest.
Step 3
By temporarily changing the payment schedule, you can reduce your credit burden. For example, contributions may not be monthly, but quarterly. Or, for a certain period of time, you will be given the opportunity to pay the amount that you can make, and in the future payments will increase proportionally. Support schemes for a borrower who is experiencing financial difficulties can be different, they are selected in accordance with the characteristics of each and the current situation. They will only help those whose problems are considered a temporary, accidental phenomenon. If the current situation is considered critical, you will be offered to solve the problem of debt collection by selling collateral.
