How to arrange an overdue loan with a bank? If you can’t pay, you need to contact the bank and honestly and in detail tell about the situation. It is highly advisable to bring along documents that will confirm your words. Left without work - take a work book, get sick - a certificate from a doctor, etc. This does not guarantee understanding on the part of the bank, but at times increases the chances that it will enter the position of the client. Especially if earlier he faithfully fulfilled his obligations. Providing him with a credit vacation or restructuring his debt can be many times simpler and cheaper than catching it with the help of the department for collecting arrears or selling the debt housing loan to collectors for nothing.
Restructuring is a revision of the terms of a loan. The bank can go to a meeting and, for example, allow the client to repay only the loan body for a while, without interest. There are other options: increase the term of the loan or reduce the interest rate on it, thereby reducing the size of the monthly payment. All this will not solve the problem - the debt will have to be repaid anyway - but it will be able to relieve its severity.
What to do if there is a big delay in the loan? First of all, you need to assess your chances: how quickly it will turn out to find the money and pay off the debt. Alternatively, you can try to refinance at another bank or microfinance organization in order to pay off your current loan - refinance it. In this case, you need to convince the new lender that you really will pay. After all, it would hardly be interesting for him to pick up someone else's troubled debtors.
You also need to be careful if you decide to refinance with an MFI. This makes sense only if you are sure that you can close the debt for one to three weeks. For this term, they can give new customers a loan almost free of charge (at 0.01% per annum). But keep in mind that if you cannot pay off the debt of MFIs on time, this will only exacerbate the problem. After all, microfinance companies with their subsequent draconian interest are the worst option for long-term lending.