Job loss, sudden illness, changed family circumstances, force majeure situations – these are just some of the reasons why citizens may find it difficult to repay loans. Anyone can find themselves in such a situation – neither general financial stability nor high financial literacy will save you. The only question is what you will do in this situation.
A good option is to review your expenses and settle the issue with the bank. A bad option is to give in to the promises of dubious companies about easy debt write-offs without consequences and stop servicing the debt. Let's talk about what happens if you don't pay the loan.
Non-payment of a loan: no one is immune from late payment
In fact, it is worth putting a question mark here. After all, many bank clients simultaneously with the registration of loans conclude insurance contracts. For example, against loss of work lithuania mobile database or an accident. But we will consider situations when there is no insurance and the bank client can rely only on himself.
Example:
Oleg was fired from his job. He also had a second child. His expenses increased, and the only income left was from the tenants who rented Oleg's second apartment. It became difficult to service his debts. Oleg began to look for options. He reasonably asks: "I'm not paying my loan, what will happen for this, what should I prepare for?"
And here the most interesting part begins.
Oleg's friend, Ivan, offers him reasonable options:
Contact the bank, explain the situation – ask for a loan restructuring, a payment deferment. Trying is not torture, there is a chance to find a way out of the situation.
Since there is little income and no permanent job yet, you can try to take out a loan secured by the apartment in which the tenants live - the chances of getting money are higher, and the rate will be lower. You will be able to pay off the previous loan in full, and there will be money left to pay off the new one if they approve a significantly larger amount.
And everything would be fine, if not for Oleg's second friend, Konstantin. He believes that the bank with its demands for payment can simply be ignored. He heard that it is really easy and without consequences to "write off" any debts. And in general, a friend of a friend has done this a hundred times.