Quite often life prepares us unpleasant surprises. In particular this applies to borrowers who have at times there are circumstances when there is nothing to pay the debt to the bank. Causes of delinquency on the loan can be mass, and job loss, and illness and death of family members, and other life disasters.
To get out of this situation with the least possible losses, should be guided by certain rules.
Firstly, if the loan is issued against collateral of any property in the event of difficulties in payments, you can try to implement the pledge. If we are talking about collateral car or other personal property, for its implementation, as a rule, does not leave much time. If we are talking about the mortgage, the sale of the apartment (and even more so - at home) can take many months. And all this time will continue to accrue interest (in the case of delay - and even fines).
There are banks that are in a similar situation trying to meet conscious customers (if he agrees to the realization of collateral), and he did not accrue interest, penalties, and do not apply any sanctions in connection with the delay. But the interest will have to pay anyway.
Worse things with unsecured loans. Then it will come to trial, or to the amount of recovery from the guarantor (if the contract surety was provided).
Some borrowers in distress, trying to close the loan with funds borrowed by friends or relatives. However, this method of controlling the debt is possible only in the case when there is one borrow.
If the borrower is unable to cope with the debt nor myself, nor shared with friends and relatives, banks sometimes offer debt restructuring. This scheme applies only to cases of delay sound (if the customer can prove a documented fact of illness or job loss).
In addition to restructuring, refinancing is possible at another financial institution to a more loyal conditions or for a longer period to reduce the monthly payments. But refinancing and restructuring are not mass banking products. This means that in each case the bank will consider the application and make a decision on an individual basis. Surely, the lender to the borrower will meet only if the latter certain rules or certain conditions.
In practice, banks often go to meet those borrowers who have not previously observed problems with payments. In addition to debt restructuring is necessary that the borrower has had a clear plan of action, which would be understandable due to what sources he intends to extinguish the loan in the future.
If a customer goes to a bank for a debt restructuring, as a rule, its history is thoroughly checked employees Sat. And in identifying the slightest suspicion of fraud, the client will be denied and the case to the court or other law enforcement agencies.
Even with the restructuring of the loan, the client may subsequently regret such actions, because the fact of the restructuring will be recorded in the credit history. In the future, if you wish to issue another loan, a person may be denied due to the restructuring of the past.
Although recently the leadership of many banks are quite loyal to clients who have experienced restructuring. Especially if as a result of the loan was repaid in a timely manner without any complications.