How to Pay Less on a Loan?
April 1, 2019
Often unforeseen situations happen in our lives and, alas, they do not always bring joy. Illness of relatives, fire in the house, death of a loved one, etc. All these circumstances not only traumatize the psyche, but also deliver a significant blow to the pocket, which in our time not everyone is able to accept. And if we take into account that in every country a loan hangs over every eighth person, it becomes clear that it is doubly difficult for them. Is it possible to reduce the burden of consumer or trust loan in case of force majeure? It turns out you can. There are several options for how to pay less on a loan. http://oryxoman.com for clarification
Is it possible to pay a loan less than a monthly payment?
Debt restructuring, as an opportunity to reduce the payment
1. The first option is debt restructuring. The point is that the borrower applies to his bank with a request to grant deferred payment of the principal or interest rate. The bank has the right to offer the client three ways of debt restructuring:
– credit holidays. The borrower is given time to solve personal problems and at this time he is exempt from paying the main or percentage portion of the debt. Of course, for this, the borrower must have a clean credit history and guarantees of debt repayment in the future. It is possible to draw up an individual loan repayment schedule in which some part of the principal or interest rate is subject to deferment;
– prolongation. It provides for an increase in the loan repayment period, as a result of which the borrower’s monthly payment is reduced. However, banks, as a rule, at the same time increase the interest rate on the loan;
– full or partial write-off of the loan.
Refinancing a loan to reduce interest rates
2. The second option to reduce the loan burden is to refinance loans from other banks. This option is today the most common and popular, both from credit institutions and from individuals.
The essence of refinancing is that the borrower takes a new loan from another bank to pay off the old one. In this case, there are several possible benefits for the borrower:
– first, the total interest rate on the loan can be reduced;
– secondly, it is possible to increase the loan repayment period for a certain time, which will allow the borrower to solve the arising force majeure problems. Most often, the owners of large loans with a long maturity, for example, people who have issued a mortgage loan, resort to refinancing. When refinancing, the borrower needs guarantor guarantees or the availability of collateral, as a guarantee of loan repayment.
Appeal to the court for refusal of bank commissions
3. And, finally, the last option for a possible reduction of the credit burden is an application to the court with a statement of claim for the payment of commissions that were accrued illegally. It is no secret that almost all banks, in addition to the principal amounts prescribed in the contract, also charge a fee, and sometimes they can be taken literally from the air. For example, there should be no commission for opening and maintaining an account. In addition, the decision in favor of the borrower can be made in the event that he paid for something else beyond what is written in the contract.
Meanwhile, it should be remembered that not all commissions can be recognized by the court as unlawful. And I don’t want to bring the case to court.
Many readers ask what will happen if you pay the loan less than the amount due and in general is it acceptable? This is most likely permissible, but only with the permission of the bank and the registration of the relevant document. A good example is loan restructuring.
If you decide to pay the loan less than the amount agreed in the contract, this will immediately affect your credit history, which will make it more difficult to get a loan from credit institutions. In addition, according to your loan agreement, you will be charged penalties.
By the way, we recommend reading the material on what will happen if you do not pay the loan Sherlock Holmes.ru/chto-budet-esli-ne-platit-kredit, as some borrowers, consciously or not, are taking this desperate step.
Thus, there are methods that make it possible to alleviate the financial position of the loan holder under force majeure circumstances. But it is necessary to approach this question extremely responsibly and scrupulously. If a person did decide to take a loan, whether to buy an apartment or buy a car, it is necessary to approach the choice of the creditor bank with maximum responsibility. You should study the rating of his assets, carefully examine the documents required for the execution of the contract, analyze the reviews of the bank of his former and current clients. With such a reasonable and balanced approach, problems with a loan, in case of unforeseen circumstances, should not arise.