There are times in life when we are forced to apply for a loan. Probably because we have to face a series of expenses that we did not have. It is possible that at the moment we acquire this payment commitment we do so knowing that we will not have problems to return the amount. However, over the years, it is likely that our financial situation will change again and we will not be able to pay the loan installments.
As we know that unfortunately this is quite common today, especially due to job instability, at Particular Lenders we want to help you. To do this we have written an article on alternatives for those clients who cannot pay the installment of a loan. In this way you will avoid falling into lists of defaulters such as Financial Credit Institution’s or worsening your CIRBE. You want to know more? In that case, keep reading.
The best alternatives for clients who cannot pay the loan installment
Failure to pay a loan payment can have serious financial consequences for anyone. In the worst case, the lender to whom we owe money will include our debt in a delinquency list. Probably in Financial Credit Institution or RAI, the two most used in our country. This will imply that the rest of the lenders take more care when offering us money. Especially if the debt is with a financial institution. So that you do not get to live this situation there are certain alternatives in case you can not pay the installment of a loan. The most interesting are undoubtedly the following.
Renegotiate the loan with the lender
Perhaps the first alternative to which we must resort if we are faced with this problem is to renegotiate the conditions of the loan. If it is feasible to extend the repayment period, we can lower the amount of the monthly payments and manage to respond to the debt more comfortably. Although in this way we will pay more in interest, we will not contract a debt with our lender.
The grace periods
Another solution to avoid these problems is to check if our lender offers grace periods and of what type. The lack can be total or partial depending on the type of agreement reached.
- If it is a total lack, we will not pay any of the loan (neither refund nor interest) for the period determined by the lender.
- In case of partial deficiency, we will either have to pay the interest or pay the agreed percentage of the debt each month. In this way, the amount we assume per month of the return fee is much more bearable.
Although with this technique the return period will be extended and interest will increase, we will have solved the problem.
Go to private equity companies or lenders to pay off debt with a new loan
If unfortunately we have ended up appearing in Financial Credit Institution because of this debt, the best we can do is pay it off as soon as possible. In this way we will once again have more capacity to act as we are no longer enrolled in any list of defaulters.
In the case of Private Lenders we can offer you a loan with a mortgage guarantee with which you will obtain up to 25% of the value of the property that you use as a guarantee. Regardless of whether you are in Financial Credit Institution or RAI.
Sometimes it is not a single loan that is not causing headaches every month. We may have been met with several different debts and we may not be able to meet all the monthly payments. For example, we may have a mortgage, the letter of the car and we also have to undertake a reform because our bathroom has been damaged.
In these situations, when there are many debts that do not allow us to pay, it may be best to go to debt reunification. Through this system we will unify all the debts into one.
If you want to know the pros and cons of this option, we encourage you to take a look at the following article in our news section: How to reunify my debts? Suits me? Worth it?