Problems with paying off the loan can be over-indebtedness, but also death in the family, job loss or illness. In such situations, many people start having problems paying off their debts. Will there be any good way out of this situation?
The problem with loan repayment can affect anyone
When deciding on a mortgage, it is difficult to predict what our life will look like in 5, 10 or 15 years. Unfortunately, unhappiness goes on people and have a huge impact on our financial sphere. People who find themselves in this situation must first of all notify the bank. Only then can the bank and the bank find a way out. Before visiting the bank, however, you need to collect documents that confirm that our financial situation has deteriorated. What are the ways to repay the loan? Check with our guide.
In the case of temporary financial problems, credit holidays may be the answer. If the bank agrees, the installments can be suspended even for a period of several months, maximum six months. There are two options for credit holidays: you can pay nothing at all, or interest only. Remember, however, that credit holidays mean that we will pay back the loan longer.
Extending the loan period
If such a solution is chosen with the bank, it means for us not only a longer loan repayment period, but above all lower installments. But beware: you must follow the new installment payment schedule. If we are late, the bank may require us to repay the remaining part of the loan immediately.
Change in loan currency
This is a solution that can be used not only by people who have a foreign currency loan. You can change into a loan in a foreign currency also a loan in PLN. This solution, however, carries some risk associated with the changing exchange rate. By converting a dollar loan, for example, to a loan in euros, we risk the exchange rate rising and we will pay not lower, but higher installments.
A consolidation loan
This is a solution for people who have several loans that vary in interest rate. This solution involves combining them into one loan. Thanks to the consolidation loan, the monthly installments will decrease, we will pay only one. When deciding on such a solution, it is worth checking the consolidation loan calculator to choose the best financial solution for you.