In life, there are various unforeseen situations, whether it be the loss of a job or a delay in salary. How, in this case, to postpone the payment of the loan, if the established payments have become an unbearable burden? In order not to get into the ranks of credit defaulters, it is enough to apply to the bank in time with a request for debt restructuring.
Instructions
Step 1
Almost any bank will meet you halfway if you have a good reason. So you can count on the provision of a deferral or installment plan if your financial condition has deteriorated due to external factors - due to a decrease in wages, loss of work, or going on administrative leave. But it must be remembered that you can only count on leniency if you have an impeccable credit history. If you have previously admitted delinquent loans, then you better not rely on debt restructuring.
Step 2
In case of a positive solution to the issue, the bank can offer you a loan extension with a decrease in monthly payments. Such a decision, naturally, implies an increase in the interest rate. You may also be offered a grace period. In this case, monthly loan payments are suspended. Payments are resumed after the grace period expires. All this time, you will only pay interest on the loan. As with the installment plan, you have to pay more than expected.
Step 3
For the bank to consider an application for debt restructuring, you should prepare a package of documents, which will include a certificate of income, a work book, a copy of an order to send on leave without pay or transfer to a shortened work schedule. You will also need a 2-NDFL certificate for the current and last years. If you were fired, you will need to submit a certificate from the employment center about registration. Be prepared for the fact that the bank will require a lot of other documents confirming the deterioration of your financial condition.
Step 4
The same package of documents will be required from the guarantor. In the event that he is also recognized as insolvent, you will need to find another guarantor.
Step 5
It is better not to postpone contacting the bank. Timely contact will save you unnecessary hassle.
