Extending the loan term and obtaining a deferred payment under the loan agreement is the dream of many borrowers who have suffered from the crisis and who are unable to settle accounts with the bank. As a rule, banks meet such clients, because otherwise the risk of loan defaults is very high.
Instructions
Step 1
There is no unified loan prolongation scheme. Usually banks approach each borrower individually, taking into account his financial position, term and type of loan, as well as the reliability of the client.
Step 2
In order to receive a deferred payment or extend the loan agreement, contact the bank with a written statement that it is impossible to repay the loan, indicating the reasons. Almost all banks provide such an opportunity not only in the event of a borrower's loss of work or a decrease in his income, but also in the event of a serious illness of a client or his close relative, death of a loved one, loss of property, for example, in a fire or flood.
Step 3
When the loan is prolonged, its maturity increases, therefore, the monthly payment decreases. However, be sure to keep in mind that during the renewal, you will be forced to pay interest to the bank, which means that the overpayment on the loan will generally be higher. After all, the loan term will be longer, so you will have to give the bank a large amount of interest for using the money. You can only postpone the repayment of the principal debt.
Step 4
After the bank makes a positive decision on the prolongation, you will be offered to sign an additional agreement to the loan agreement. It will indicate the new credit conditions: the renewal period, the date of the final repayment of the debt, the amount of the monthly payment, including the principal and interest.
Step 5
Be prepared for the fact that in some cases, when the borrower asks to extend the loan term, banks require additional security, such as a surety or collateral. After all, they understand that the financial condition of the borrower has worsened, which means that the risk of non-repayment of debt has increased. Therefore, banks take such measures as a safety net.
Step 6
If you find yourself in a situation where there is no opportunity to pay off the loan, do not despair. After all, banks are interested in prolongation no less than you, since this way of solving the problem helps to avoid lengthy proceedings and resolution of the conflict in court.
