It is well known that the longer the borrower uses the money, the more it will cost him. Therefore, the extension of the loan period makes the loan more expensive. However, despite this, sometimes there are cases in which it is impossible to do without a delay in payment.
Instructions
Step 1
Call the bank and ask for a deferred payment. It is possible upon the occurrence of certain conditions for the repayment of the loan. It is also beneficial for the bank to provide you with this "indulgence", because in most cases it has many advantages over litigation.
Step 2
Provide the lending institution with a good reason to grant you a grace period. As a rule, many banks provide a deferral for the payment of a loan to those people who are seriously ill, have lost a loved one or have lost property (for example, as a result of a fire). Also, a deferral of payments can be provided in connection with the deprivation of sources of income from the borrower or if he is experiencing great financial difficulties due to a decrease in wages.
Step 3
Prepare an application or a letter for the bank about the impossibility of repaying the loan, indicating the reasons. If the reasons are valid, then the bank will be able to allow you to defer payments. At the same time, it is possible to defer the payment of the principal debt while maintaining the interest payment schedule or defer the payment of the debt along with all interest. In rare cases, banks may extend the term of the loan.
Step 4
Take the application to the bank. Consult with a bank specialist about deferred payments. The borrower's application usually needs to be reviewed by the credit committee. At the same time, your chances of getting a debt deferral will increase if you inform the bank in advance of all the upcoming problems related to the repayment of the loan, and even more so if you provide documents confirming this cause of these problems.
Step 5
Be extremely honest with your bank. If the bank subsequently discovers that you have provided inaccurate information, then the decision to grant an extension will be reconsidered. In this case, you can expect a decision on the immediate repayment of the loan.
Step 6
Give the collateralized property - this is the easiest way to get a deferred payment for a collateralized loan. However, this option may not always be acceptable.
