Money problems can happen to anyone. In the whole country, the amount of overdue liabilities has already exceeded PLN 40 billion. So let’s know how to behave in this situation and what to look for.
First of all, inform about the problems in advance
Do not hesitate to contact the company you borrowed money from. After all, a customer who has no overdue payments is more reliable.
So remember that it’s best to contact the creditor before 30 days have elapsed since the repayment was due. After this date, we will be treated as a person who has not repaid two installments, which will significantly undermine our credibility.
Remember! Taking another loan to pay off the previous one is the best way to really serious financial problems. The next step you can do is check if and under what conditions the loan was insured. In the case of small loans, the most popular are life insurance, accident insurance, i.e. so-called accident insurance, insurance against damage to health, or hospitalization of the borrower.
However, there are also insurance against job loss or other events
In the event of an insurance accident, the insurer may pay the sum insured. It is important, however, that the insurer covers the loan only up to the level specified in the insurance contract, so it will not always cover the entire amount credited. There is no way to cancel your debts.
However, you can always agree on the terms of the repayment deadline. Nobody cares about directing the case to the debt collection department. This means additional costs for the company. If you do not know where to start clearing, read more about it here. There are, among others:
Are you behind with installments?
- change in the day the installment is due. This may be more convenient, for example, when the date of income is changed. Unfortunately, changing the terms of the agreement at some banks may involve an additional fee.
- suspension of repayment for some time, i.e. the use of so-called credit holidays. When you can take advantage of credit holidays we have already written on our blog, in the article: When can you take advantage of credit holidays? It should be remembered that amounts not paid for several months are added to subsequent installments, repaid after the suspension period.
- possibility of extending the loan period. We then bear the costs of preparing an annex to the contract, but our installments are slightly reduced. With this solution, the value of interest will be higher, and therefore the entire loan – more expensive.