A large loan can be a heavy burden for a person. It is difficult to say for sure whether the work will continue in a few years, whether it will be possible to pay not today, but later. And sometimes difficulties arise that need to be addressed. If you have lost your job and are in debt, you can apply for restructuring.
This is the procedure for changing the terms of the loan agreement. There are no uniform rules for conducting, but the goal is the same: to facilitate payments to the borrower, to soften the terms of payments. Each bank has its own program that they can provide to the payer. In Russia, not all institutions are ready to make concessions, you need to find out the exact data in a specific bank.
Change of due date
Restructuring is most often carried out in the form of a change in the amount of the payment. The monthly fee is reduced, but the total due date changes. It turns out that a person overpays much more by increasing the duration of the loan. To get the bank's consent to this option, you need to contact the branch, explain the reasons for the impossibility of payments in the proper amount, write an application for restructuring and wait for the institution's decision.
Sometimes it is easier to refinance at another bank than to go for a similar restructuring. Taking a loan elsewhere, you can find lower interest rates, convenient payment terms and the terms you need. Your bank will have to agree to what is offered. Find out about loans from other companies, choose only the most profitable.
Interest change
Loan interest rates change almost every year. And long-term loans are sometimes issued at a high interest rate. Most clients do not know about this, but if you go to the bank and find out about the possibility of changing the rate, you may be offered a new agreement. Also, a reduction is possible with regular payments without delays, this is a reward for good customers.
Reducing interest is a rare procedure, usually found when applying for credit cards or loans longer than 10 years. You can find out the details only with your specific financial institution.
Reduction of credit
If you are in arrears, you have not paid for several months and have run up interest, you can contact the bank with a request to withdraw the penalty. The bank often makes concessions, provided that you cover the principal amount in a short time. This is beneficial for the structures, since they do not have to go to court for debt collection.
When the loan is not paid, it is sent to court, where the issue of refund is already being decided. Very often, penalties and fines are removed, only the amount that was taken from the bank remains. Knowing this, many institutions agree to write off the accrued interest. But almost never the amount of the debt itself does not become less, the bank does not suffer losses.
To go through the restructuring procedure, contact your bank. If your problems are temporary, you will be offered a solution. Today, almost everywhere there is the possibility of a deferred payment or a loan vacation. Terms of provision always need to be clarified.
