What to do when approaching deadlines payments on the loan, but we do not what to raise funds for the next payment can not, but do not know whether we will stay afloat financially in general?
Especially not encouraged to be lost sight of the bank, and that in fact every financial and credit structure is a "horror story" for unscrupulous borrowers, which is called the collection company. Collectors are sure to find a way to meet us, as borrowers, playing hide and seek with the lender, their "bread and butter." Banks often sell the debt collectors, and those are the method of "expository carrot and judicial whip" to persuade a borrower to repay debts, and in case of a negative result - passing the case to court.
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In general, if you can not fulfill its financial debt, you must contact in advance with the representatives of the bank and explain the situation. Lenders do not always inexorable. It is possible that, in case of serious reasons, they delay the next payment for some period of time (2-3 months) and will be levied on our penalties.
One can not envisage a situation where the borrower can not repay the loan or in the immediate or in the foreseeable future. In this case, the property, acting collateral in lending, is estimated and sold real estate company, operating under the wing of the financial structure. Through the sale of collateral, the bank covers the amount of debt, interest on the loan and associated overheads. The remainder is returned to the borrower.
Rarely, but it happens that the borrower believes the real value of collateral object is not in line with that put an appraiser. In this case, the dispute resolved in court. It should be noted that these proceedings are not profitable behalf of the borrower, since all the costs fall on his shoulders. Regardless of positive or negative for us, the court decision, the object of pledge will still be sold, and we get the amount remaining after all deductions.
One of the unpleasant moments, with far reaching consequences, if you can not pay the loan and further proceedings with the bank, is "spoiling" your credit history. Data on our credit woes are available and other banks. Of course, that hardly a solid financial structure of the wish to communicate with the borrower make a slip. We can not not make another loan, or become surety in the future.