Loans become the integral part of life for many citizens. With their help, you can get any amount of funds for different purposes. Loans can have different sizes and conditions of registration. Popular are the following types of loans: mortgage, consumer and auto loans. Any loan must be repaid on the basis of a special schedule drawn up in the process of signing the loan agreement. But often, citizens assume different contingencies under which it is impossible to continue to pay funds according to the established schedule. So the question arises about how to get rid of credit legitimate ways. There are several methods to reduce the credit burden or completely get rid of the loan, but their use leads to negative consequences for the borrower.

The reasons for getting rid of the loan

To get rid of credit legitimate way really, but initially, you should decide the reason to implement these methods. Most often the need to address the credit load due to the following factors:

  • the loss of a primary job, which leads to the fact that a person just ceases to cope with the credit load;
  • the identification of other important circumstances in which the borrower is no possibility of monthly transfer to the Bank the appropriate amount of funds;
  • people just accept an unfounded decision to discontinue the payment of money on the loan.

In any case, it is important a responsible approach to its obligations, because if you do not take any action, it will be charged significant penalties and interest charges. Therefore, you should understand how to get rid of credit legally, without worsening its financial position.

What steps are taken by the debtor?

If a citizen, for various reasons, decides to cease to make contributions on a loan, he should consider some nuances:

  1. you should not shy away from communicating with employees of banking institutions, as the Bank can offer credit vacation or other opportunities to reduce your credit load;
  2. if just having financial difficulty, it is desirable to explore the possibility of restructuring the Bank, which covers the loan;
  3. the lender no way to forgive the debt, he can only offer the possibility of reducing the load by increasing the loan period or offer credit vacation;
  4. take advantage of the restructuring will succeed only if if there is no delinquency on the loan.

If a person is interested in how to get legally from loans, he can choose one method from several options based on their capabilities and the available loan.

The formalization of restructuring

If you want to get rid of credit legal means, it is often used restructuring. It is offered by almost every banking institution. It does not provide complete elimination of the loan, but will reduce the load. Restructuring can be the following possibilities:

  • increase the period of time during which the loan must be paid, which leads to lower monthly payment;
  • registration of credit vacation for up to six months, and at that time shall be paid only the interest on the loan, which allows the citizen to find the optimal place of work or means to repay the loan by other methods;
  • translation of foreign currency loans.

Specific method is the direct borrower.

The pros and cons of restructuring

To completely get rid of the loan by this method is impossible, but it is considered ideal if the person does not want to spoil credit history and is determined to repay his debt. The Bank provides an opportunity to restructure only if that missing payment.

credit history

Using such a process reduces the load from the payer, and does not spoil his credit history. Not required for the parties to go to court, and the debtor will not deal with police officers. The disadvantages of the procedure include the fact that increasing the amount that eventually will be transferred to the Bank.

Refinancing

There is a way to get rid of credit issued in a particular Bank. If the conditions offered by a specific institution, are considered not too attractive, the loan can be transferred to another Bank.

credit legitimate

Refinancing implies that is issued a new loan in another Bank. Due to the cash received repaid the existing loan. Usually the procedure is performed without the issuance of money in cash to the hands of the borrower.

The special features of the use of refinancing include:

  1. transfer of credit to a new Bank is allowed only when there is no delinquency on the current loan;
  2. the borrower must have good credit history.
  3. the citizen is obliged to pay the current loan is not less than six months;
  4. you should choose those banks which offer low interest rates and other attractive terms;
  5. it is desirable to use a loan calculator to determine the benefits of the transition to the new Bank.

Is it possible to get rid of the loan legally, if not satisfied with the terms offered by the Bank? Indeed, it is possible to transfer the loan to another banking institution which establishes that a lower rate of interest or have other benefits.

Filing a lawsuit in court against the Bank

How to get rid of loans when you have no money? This often borrowers turn to a method that involves filing a claim for a banking institution. The initiator of the trial may act as the immediate debtor. The special features of this process include:

  • a common reason for filing a lawsuit is the errors in the credit agreement;
  • the borrower may not agree with the assessed penalties;
  • additionally, a court can require registration of credit vacation installment or other indulgences;
  • simultaneously with the claim transferred to the court documentation, which is proof that the borrower was having financial difficulties, due to which he can no longer cope with the credit load;
  • transferred to the court proof that the citizen insisted on restructuring, but the Bank refused in its design.

If there really are any significant errors in the contract or revealed unjustified refusal of the Bank to restructure, the court can take a positive decision for the borrower. In this case, will not work to get rid of the loan, but the court can be reversed of assessed fines and penalties. This will lead to a significant reduction in the amount that is transferred to the Bank. Often the court terminated the loan contract, but the citizen will have to return the entire amount received.

Filing a lawsuit is a good solution for the borrower, to think about how to get rid of the loan. Real methods in most cases involve the cancellation of accrued interest and penalties, but the debt will have to return to the Bank.

A loan to another person

How to get rid of credit legitimate way? For this, you can get a loan on another citizen, if you originally processed the loan with collateral such as a mortgage or a car loan. Under such conditions it is possible to find a buyer who does not have the required amount of funds for such acquisition. So it reissued the credit and it becomes the full owner of the collateral.

This scheme has many advantages, as could legally terminate the relationship with the banking institution. But a citizen needs to prepare for what he will have to part with previously purchased assets. Another disadvantage is the fact that under these conditions the object is sold at a price that is below market value around 20 %.

For renewal of loan, it is important that the new borrower meet the requirements of the Bank. Otherwise, the user companies will refuse to transfer the loan to a new payer.

The bankruptcy of the borrower

How to get rid of credit legitimate way? For this, any borrower can declare bankruptcy, if it is really no opportunity for repayment of existing debt. This takes into account some important nuances:

 

  1. the size of the debt must exceed 500 thousand
  2. the citizen really should not be able to repay the debt, for example, it may prove that were reduced or dismissed;
  3. the period of delay exceed 3 months;
  4. during the appointed financial Manager studying the financial situation of a citizen, and he may have to carry out reorganization or bankruptcy proceedings;
  5. if a person have any expensive property, it may be sold at auction so the proceeds were used to repay debt.
  6. The initiator of bankruptcy can become a direct borrower. It is advisable to use this method only under the condition that the citizen is missing you have real estate or vehicle as the property may be sold at auction.

The sale of the collateral

When making large loans to the Bank as collateral are transferred to different valuable items, which are apartments or cars. How to get rid of overdue loan? This wonderful selection is a sale of the collateral, but this takes into account the nuances:

  • the process is performed only with the consent of the banking institution;
  • often the Bank is engaged in the sales process of the subject, but it is not too high a cost;
  • potential buyers should be warned that the subject is in the mortgage, so the encumbrance will be removed once the seller at the expense of the funds received to repay the Bank loan.

To find someone willing on such terms to purchase any property, it is actually quite difficult. Due to the presence of encumbrance is necessary to set the value that will be approximately 30% below the market price.

The involvement of the guarantor

If the borrower for various reasons having financial difficulty, he may apply to the guarantor specified in the credit agreement. He is the guarantor of Deposit of the citizen. The surety in the presence of high income may repay the loan for the borrower.

After that usually the surety insists that the funds were returned directly by the borrower. Therefore, to deal with the remaining debt will have been with individuals and not a credit organization.

How to choose a method?

There are different actions how to get rid of credit legal way. Reviews on different methods differ significantly, but the best choice is considered bankruptcy. If a citizen really is not in the ownership of any property, he may declare bankruptcy. Since it is impossible to obtain money through the sale of his property, most of the debt is written off.

But bankruptcy is not exempt from all debts, so some of the funds will have to repay the Bank, for which the court makes a special repayment schedule.

Consequences of nonpayment of the loan

If a person is interested in how to get rid of the free credits, he must realize that the failure to transfer funds will cause the attraction of the citizen to justice. To the negative consequences of refusal of the payment of funds include:

  • deteriorating credit history, so continue to rely on making the best credit don’t have;
  • the Bank can sue the debtor, which will lead to the enforcement of judicial bailiffs;
  • the debt may be sold to collectors;
  • in the future, it can be difficult finding a new job;
  • bailiffs can seize the accounts and property of the citizen;
  • I do not get to travel outside of the country.

If a person just does not want to repay the loan, he must realize the consequences of their decisions. If he lacks the financial ability to repay the debt, it is recommended to visit the Bank branch for registration of the restructuring.

Conclusion

To get rid of credit of a variety of ways that are legal and fairly simple to implement. But still they do not lead to fully exempt people from having to repay a loan. The consequences of using such methods are not too pleasant for the borrower.

Most citizens often use bankruptcy or restructuring. To prevent the negative effects of delay it is recommended that at occurrence of financial problems, immediately contact the employees of the Bank for deferment or other aid.

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