What to do if there is nothing to pay for the loan

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A difficult and very painful question – what to do if there is nothing to pay the loan? In any situation, you can find a way out, and we have selected some of the best ways to deal with debt.

Content of the article:

  • restructuring
  • Credit holidays
  • Insurance
  • Help from relatives
  • refinancing
  • Judicial proceedings

Restructuring

It is worth applying for this service in advance, realizing that there is no possibility to pay on the loan. But if the arrears have already passed, many institutions are ready to restructure the loan. It is in their interests to get the money back in any way, in yours – to increase the repayment period and reduce the amount of payments.

At the same time, the debt is stretched over a long period (a year, two or more) in order to reduce the monthly payment as much as possible. You sign a new contract with a financial organization, where you undertake to pay money exactly on time. So you can avoid penalty charges. Most often, during restructuring, the creditor is ready to write off a part of the pre-charged penalty for late payment.

Credit holidays

Restructuring is suitable for those who are able to make minimum payments. And what to do if there is nothing to pay for the loan in principle? It is possible to contact the creditor and postpone the payment. A serious justification for such a request is required.

There must be a real problem: you were fired, you needed expensive treatment, something happened to your property, etc. You will need documents confirming your words and the lack of ability to pay.

If the request is approved, the borrower gets some time to solve financial problems, then resumes payments in the previous mode.

Insurance

In some cases, the insurance company assumes the client’s debt obligations. This refers to illnesses and injuries that have temporarily or permanently disabled the client. You will need a medical report and evidence that you did not harm yourself and were not under the influence of alcohol.

Help from relatives

The most reliable way out if there is no money to pay the loan. With the help of borrowed money, you can quickly return the entire amount with interest. After all, relatives do not need interest deductions.

Refinancing

Having many loans, it is risky to take a new one. But this is a good alternative to running around all banking institutions with requests to postpone the payment or restructure the debt. This requires constant monitoring of each loan, interest rate changes and other conditions. And not every bank will meet.

If you have nothing to repay each organization’s loan on its terms, it is easier to find one that is ready to issue a loan to repay the previous one. Similar operations are carried out by Sberbank, VTB Bank, Interprombank, Rosselkhozbank and others. To approve the application, you will need all the documentation related to previous loans, in particular, statements about the remaining unpaid amount, confirmation that previous payments were made. It is advisable to do this before the arrears appear, this will increase the chances of the application being approved. An unspoiled credit history will be a strong argument.

As a result, the banking institution prematurely closes your old obligations, and you receive a new contract for everything with one credit organization.

Judicial proceedings

What if there is nothing to pay for the loan, and you are threatened with a lawsuit? The debtor is most afraid of the situation when there is a delay, the penalties grow exponentially, and the creditor intends to file a lawsuit. In fact, it benefits you.

Having arrears, it makes no sense to frantically look for funds and make a small payment to account for the debt. Penalties will easily cover the deposited amount, and the debt will remain the same.

A lawsuit is beneficial to you. It will allow you to stop sliding into the abyss of growing debt and start solving the problem. After the first meeting, the debt is fixed and does not grow, no interest is charged. Sometimes, a significant part of already accrued fines is written off.

The court, unlike a financial organization, helps the borrower return the debt to your needs. Analyzing the client’s financial situation, he calculates the optimal amount of regular payments (for example, a certain percentage of the salary) without additional interest.

If the situation is difficult and there are no sources of income, bailiffs will seize part of the property to pay off the loan. When there is no, nor is there a sufficient amount of property, the court can oblige the banking institution to write off the money and close the case.

If there is nothing to pay the bank loan, do not panic. There are many ways to solve the problem, starting from a dialogue with the creditor himself and ending with a lawsuit.

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Category: credit or bank

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