A loan is a great opportunity to buy something right away, without the need for a long accumulation of funds. However, in this case, it is necessary to adhere to a plan for repaying the loan, which can be difficult, and sometimes impossible.
Instructions
Step 1
Plan your costs by setting the main cost item to pay the loan. Cut back on items of expenditure that are not essential and necessary. In many cases, a delay in loan repayment can be fraught with penalties.
Step 2
Look for ways to earn extra money, both in your specialization and outside of it. Take an additional permanent job, or be content with a one-time part-time job - in any case, additional money for you means a faster loan repayment. However, in this case, there are a number of restrictions - the most preferable is work as a tutor, freelancer, in a word, any part-time job. Evening shift work is also suitable. Remember, however, that you must be able to keep up with the rhythm. A part-time job shouldn't interfere with your main job. Set aside enough time to sleep, at least six hours a day. Perhaps you are able to withstand a tense rhythm for one or two weeks, maybe even a month, but in the future this will result in overwork, which will adversely affect your performance.
Step 3
If you find that you are not keeping up with timely payments, request a debt restructuring. Calculate the conditions under which you are guaranteed to be able to repay the loan. With enough perseverance and perseverance, there is every chance of satisfying your request. In case you have lost your main source of income, agree on the minimum payments for the maximum possible loan term. Check if it is possible to get the so-called "credit holidays", during which it will be necessary to pay only the interest on the loan.
Step 4
If it was not possible to agree with the bank, but your financial difficulties are temporary, use the option of selling the property. Contact buyers only in a completely hopeless situation. Try to get by with direct selling through newspapers like Hand in Hand.
