We take a loan, set the conditions, everything goes according to plan, until … it turns out that we have problems paying back the loan. No panic! This is not a dead end!

Problems repaying the loan? Check the repayment terms

Credit repayment conditions are always agreed with the bank before signing the contract. We have a sea of ​​possibilities when it comes to offers and requirements for borrowers: fixed, flexible installments, the possibility of paying back the loan before the deadline … We can even try to negotiate the repayment amount or interest rate!

So how is it possible that suddenly we have problems paying back the loan? Well, the reasons can be quite different: we are doing worse in business, we lost our job, recently we had other large expenses … Many borrowers are tearing their hair out in such a situation and frantically seeking solutions to the problem. What can you do?

A conversation with the bank

The basis for solving the problem (and reducing our stress level) is talking to the bank. Reporting a problem and starting a dialogue with our lender will definitely make the case look better in the eyes of the bank than if you avoid contact with it and the situation is not explained.

Credit holidays

Credit holidays

Temporary suspension of loan repayment is the so-called credit holidays. Let’s check the agreement or ask if our bank provides such a possibility and under what conditions. Such a maneuver will allow us to repair the budget or organize financial matters for the next few months, without worrying about loan repayment. After the time agreed with the bank, we return to paying the next installments under the conditions specified in the contract.

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