What can I do if I cannot pay the loan? Credit Holidays Law “Bankruptcy (Bankruptcy)”

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The credit market in the Russian Federation is growing steadily. At the same time, the number of overdue loans is increasing. The larger the loan amount and the longer the delay, the greater the burden on the customer.

A vicious circle arises. If a customer stopped paying credit for a long time, they sued him. Without a good reason, it will be very difficult to defend your position. How do I get out of the debt trap?

Memo to the new arrival

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When a person applies for a loan, as a bank, they roughly represent the sources from which they will repay their debts: salaries, pensions, deferred funds. However, unforeseen situations can arise for everyone.

So that a loan does not become a burden, you have to take some measures in advance. Otherwise, you’ll have to rack your brains to find the answer to the question, “What can I do if I can’t pay the loan?” What can you advise in this situation? 

Don’t forget your debts first. Even if collectors don’t ring the doorbell, the bank still charges interest and penalties. Credit history is deteriorating.

Second, do not avoid contact with bank employees. Otherwise, you quickly fall into the category of fraudsters and non-reputable customers.

Third, try not to panic. Yes, the situation is not pleasant when bank employees threaten court. Loan debt is a financial problem. In such a situation, it is not necessary to take out a new loan to repay the old one. It is necessary to focus on negotiations with the bank and try not to bring the matter to court. 

How do I set up a dialogue?

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If the problem of repaying the debt is temporary and is related to changing jobs, it is better to agree on a new payment schedule. For more information on how to get a credit vacation, see below.

If the financial problem is not resolved quickly, you will need to ask the bank to revise the terms of the contract and provide documents that confirm bankruptcy (medical certificate, birth/death certificate, etc.).

You must also explain to the bank where the money comes from in time. First of all, it is better to request a delay of 2-3 months. A loyal bank cannot even demand penalties if it is convinced of the customer’s good faith. If the Bank breaches the terms of the agreement on new concessions, you can forget about it. 

Restructuring

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If I can’t pay the loan, what do I do? You can try to agree on a debt rescheduling, ie “resetting” the loan terms. The principle of its operation is exactly the same. The bank must be shown, for valid reasons, that the bankruptcy is involved and it must be explained where the money came from in a good time.

The credit organization is interested in repaying funds. If the bank determines that the customer is in good faith, it will reduce the payment amount and extend the contract term.

The result of the restructuring largely depends on customer reputation and common sense. Consumer credit of 20 thousand rubles. extend for 3 years will not work. Especially when it becomes known that the source of funding is a new loan.

Credit holidays

If I can’t pay the loan, what do I do? One of the solutions to the problem can be to register a “credit vacation”. What’s this? The legal interpretation of the term is not specified in any legislative act, but banks often use it to communicate with the customer. Credit vacation – is a deferral of the payment of a loan, a revision of the schedule for the repayment of debt.

The service is only provided for long-term loans (mortgages and car loans). The bankruptcy law provides two options for “credit vacation”. Each of them has its own characteristics. 

Full delay in repayment of the loan without changing The period of validity of the contract is one-time for the entire term of the loan and in most cases, it is subject to a charge. The reason for such a “vacation” should be a good reason, which can be confirmed by documents: deterioration in health, dismissal from work, etc.

It is more profitable for the bank to supply the customer with a partial delay in the payment of the loan body, but subject to the timely repayment of the loan interest.

The service can be performed twice during the contract period, but at the earliest 3 months after the contract is concluded. Since interest makes up a large part of the payment, the payment itself decreases slightly. If the loan period is not extended, the monthly payment amount increases at the end of the “holiday”. In any case, the total overpayment from the contract grows.

How can I make a deferral?

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GFI offers credit vacations for evidence of a difficult financial situation. Some organizations offer this service on customer request, but on a fee basis. How do I get a credit vacation with GFI? It is necessary to collect and submit documents to the loan officer confirming the difficult financial situation of writing a deferral application. After receiving a positive decision, you must sign an additional agreement to change the credit terms. 

Vacation can be a temporary fix, and if you have a loan problem, you won’t be able to pay off the debt on time. However, the conditions for the provision of services need to be carefully examined so that they do not fall under the new bondage.

Debt pit

If I can’t pay the loan, what do I do? The first thing you need to calm down and get in touch with the bank.

If there are many loans, you have to collect them in one, pay off the debts once a month and do not collect penalties. It is possible to consolidate the debt with another bank. However, the new creditor needs a larger package of documents and a fee for this service.

Refinancing and financing do not confuse new money loans. The first service serves to reduce the credit burden. The customer gets a new loan at a lower percentage to pay off his old debts.

Bankruptcy law stipulates that the security can be sold. It is better if the borrower takes this step voluntarily. Otherwise, the bank sells the property at half the market price. 

You must first notify the credit to the Collateral Selling Institute. I trust in the customer is undermined, the bank sends a representative to complete the transaction. There is nothing wrong with that. The credit organization is interested in solving the problem. The expert will help you find a buyer and arrange the documents for the transaction.

I don’t pay credit: the consequences

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Loan debt is a financial problem. It is difficult to solve, but it is possible. The main thing – do not give up. What if you don’t pay the loan at all?

Debt will accumulate like a snowball. Sooner or later, interest, penalties, and the amount of the loan will exceed your annual income. These debts have to be cleared into old age.

The bank will contact you sooner or later. The call center staff calls first and then the professionals. Your goal is to make debt repayable. Collectors use more aggressive methods at work: they call guarantors, work, and leave messages to friends on social networks. 

What if you don’t pay the loan at all? Sooner or later it comes to trial. If no consensual agreement could be reached, there are no valid reasons for postponing the claim, so dealing with lawyers in court makes no sense.

All costs of the proceedings are borne by the defendant. After the court makes a decision, lawyers describe the property and put it up for auction.

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