Pay your debts in 2019 in a simple way, even if you have financial difficulties

If, for some reason, you have difficulty paying out monthly installments while repaying a loan or loan, it is best that you advise the financial institution immediately. Consolidation credit, change of repayment term – these options can be the solution in such a case. Let’s look at the possible starting points.

Slap your debts in 2019 in a simple way, even if you have financial difficulties

Slap your debts in 2019 in a simple way, even if you have financial difficulties

When applying for a loan, no one thinks that there may be a situation where they will not be able to pay monthly or monthly payments in time. But life is unpredictable, and everyone can find themselves in such an uncomfortable position that they are unable to fulfill their obligations.

Fortunately, the situation is not completely hopeless because there is also a loan that can consolidate existing unfavorable loans or loans. The main thing is to solve the debt situation.

While looking for the most advantageous loan, everyone should be aware that, in addition to the interest rate and other charges included in the APR, the financial institution may also charge other fees. If we get into an unpleasant situation, these charges will increase our debts. If we don’t have to pay monthly installments, how can we have to pay different late fees? If we are ready and know in advance what charges may be waiting for us, we may choose a loan that has a slightly higher interest rate, but no change in the repayment period.

There may be situations where temporary difficulties have to be faced.

The best solution is to contact the provider immediately and agree on how to solve this unpleasant situation together.

In case of trouble, we cannot be indifferent. Contacting the bank is also recommended because if we do not do so, the bank will contact us sooner or later. Subsequently, he will send us reminders – of course charged according to a valid price list – and if we still don’t pay, after some time he will sell our loan for execution.

Every financial institution has different rules, but if we don’t pay at all, we can get very bad. Nobody wants to get into a situation where he has to worry about the roof over his head. If the provider sees willingness on the part of the borrower, they will surely find a solution that suits both parties.

Changing a loan agreement can be the easiest solution

Changing a loan agreement can be the easiest solution

If we explain to the bank in detail what has led us to be late, they will certainly be helpful. Such situations have solutions in advance.

Change in maturity

If financial difficulties do not allow us to pay the full amount of the monthly installment, it is possible to reduce the amount of the monthly installment by extending the repayment period. Maybe it’s a sufficient solution to the problem.

If our problem is bigger, but the bank sees our willingness, it is possible that we can agree to pay only interest over a period of time and not a part of the principal. This will reduce our monthly payment, but the repayment period will be extended.

Consolidation loan – in what case?

If the reason for our delay is that we have multiple debts, such as a purpose-free loan, a credit card, and we have spent more than we could afford, the bank can offer us a consolidation loan. All previous commitments will be linked to us if they are in other financial institutions, the consolidation loan will be paid and we will remain the only debt we will pay, and that is the consolidation loan. Of course, the bank will consider whether we will be able to repay this loan, but if we have not had a problem with the debt repayment in the past, we will certainly get this option.

The important thing is not to despair!

The important thing is not to despair!

Financial difficulties are not easy to resolve. However, it is important that we remain calm and, together with the provider, find a solution that suits both parties.

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