Credit restructuring: what is it? How to make a loan restructuring?

In life, there may be cases when it is not that difficult, but almost impossible, to pay for recently taken loans. Any borrower knows what it can threaten: a lawsuit, inventory of property and forced collection of debts by bailiffs. According to modern legislation, the court is entitled to forcefully restructure the troubled debt. Fortunately, the banks themselves are not averse to offering this procedure to a troubled borrower, unless, of course, he is not interested in the trial.

Credit restructuring: what is it?

When taking a loan, almost no borrower wants to face personal bankruptcy, when it is not possible to pay on credit obligations. But alas, every year the percentage of outstanding debt is growing, so many are asked a fair question: how can you minimize credit obligations and reduce the debt burden? Unfortunately, many still do not know about the procedure for reducing interest and penalties. And many are asking such a question as restructuring the loan. What it is? The purpose of the procedure is to re-register the loan agreement, in which the final terms of payments and interest are reviewed. It should not be confused with refinancing debt! When there is a restructuring of the loan, the contract can be re-signed only in the financial institution where the debt was taken, and when refinancing - in any other bank.

Features of restructuring

The program for restructuring loans is universal, but the main reason for its launch is the presence of missed payments and delinquent contracts. After all, when refinancing, such nuances can be a reason for refusal, but they are only welcome when restructuring. Moreover, the presence of a penalty is the main reason for reviewing the terms of the contract with the borrower. Banks are unprofitable court proceedings, which carry a significant loss of time and an increase in the loan portfolio. In some cases, the increased loan portfolio carries an automatic decline in bank indicators, and those in turn lower the rating of the institution.

The main reasons for the restructuring

To re-signing the contract are:

1. Loss of work by the borrower.
2. Lower income levels.
3. Severe illness of the borrower or family members.
4. Other valid reasons that significantly affected the decline in income.

The Benefits of Restructuring

For example, when there is a restructuring of the loan debt in Sberbank, the advantages for a troubled borrower are obvious:

1. The ability to maintain a positive credit history, subject to minor delinquencies.
2. The ability to prevent lawsuits that will greatly affect the psychological and emotional state of the debtor.
3. In the event of financial difficulties, re-signing the contract often provides an opportunity not only to maintain a positive reputation, but also to save money. By signing a more profitable contract with less interest (banks are extremely reluctant to do this, only in the "heaviest" cases).
4. Avoidance of personal bankruptcy by establishing new payments and payment deadlines acceptable to both parties.
5. The restructuring of the loan debt in the Savings Bank provides an opportunity to completely get rid of the accrued penalties and penalties.
6. Avoid communication and forced collection of debts by the executive bailiffs.

The main types of loan restructuring

At the moment there are several types of credit revisions under the restructuring program, namely:

1. Prolongation, or changing the deadline for the return of the borrowed amount. For example, a loan was taken for a period of 5 years. After the prolongation, the final date of return was changed to 7 years, while the monthly payment was reduced.
2. Change of loan currency. This is not the most popular way for Russian banks, but, nevertheless, because of the economic situation, it is increasingly being used. It is approved only for bona fide borrowers, on conditions acceptable to both parties. In this case, the loan issued in US / European currency is replaced with rubles taking into account the rate and existing interest.
3. Possibility of receiving a "credit holiday". Such a loosening is used by borrowers who temporarily lost their jobs for a period of 3 to 6 months. To obtain this service, you must apply to the bank with the appropriate application, after approval of which the borrower is able to temporarily not pay interest, but only the amount of the principal debt. Penalty is not counted.
4. Full or partial cancellation of accrued penalties and fines.
5. Decrease in interest on the loan. It is used rarely and only for reliable and proven borrowers.

Benefits of debt restructuring

In the event of financial difficulties, it is possible to conduct a painless procedure for re-signing the contract on the most favorable terms. Credit restructuring: what is it? This is primarily an appeal to the bank with a relevant application with a request to review the terms of the loan agreement. For example, by writing an application for restructuring a loan, Sberbank (sample you will be provided by a branch employee), you will have to indicate in it the reason for such an appeal. And if the bank finds the reason respectful, they will sign a contract with you on more sparing conditions.

General procedure for execution of restructuring

When applying and filing a restructuring procedure, there are general rules for all financial institutions that may be slightly different. Before making a loan restructuring, you need to prepare the following package of documents:

1. Passport of a citizen of the Russian Federation.
2. The application for restructuring the loan Sberbank, a sample of which will give you the manager of the institution.
3. The original of the work record book with a note about the dismissal or reduction of the salary.
4. A certificate of wages for 6 months from the last job.
5. Obligatory original of the certificate from the district employment service, which should include information on the date of registration and the amount of monthly benefits (if any).
6. Consent of the spouse for the debt restructuring.

All this list of documents is necessary to ensure that the bank is satisfied with the temporary disability of the borrower and has decided in a positive way the issue of restructuring the loan. What this is is becoming clear on the condition of a competent approach to all stages of the collection of documents and the signing of an appropriate contract.

When it is necessary to apply for credit restructuring

When a problematic debt arises, you should immediately seek help from the nearest large branch of your bank. If there is no such possibility, you need to call the hotline and in a telephone conversation explain the situation. Most likely, you will be sent to the regional central office, to a specialist in credit debts, with whom you will continue to continue the dialogue. The most important thing is to apply to the bank for a review of the loan agreement until the moment when large delinquencies form and penalties are applied. In advance, there is a high probability of revising the contract on the most favorable terms for the borrower, without fines and penalties.

If financial difficulties arise, contact the nearest office immediately for assistance. Banks themselves are not interested in accumulating problem debts and subsequent litigation.

Restructuring of bad debts

When. If your debt has become problematic and interest and penalties have already reached, banks can offer you a restructuring, but with a small feature. When restructuring bad debts, banks unwillingly write off fines and penalties, so they try to pay the entire amount in a loan agreement. When signing, pay attention to it. With your disagreement, banks sometimes go to meet borrowers, reducing or completely writing off fines and penalties. At this stage, banks offer restructuring, as the last step towards the borrower before the filing of documents by the court.

Restructuring of consumer credit

This type of restructuring is the most popular in the domestic credit market. The procedure for restructuring consumer credit is very simple, it does not require additional documents, and banks look at it through fingers. To consumer loans include: credit cards, amounts taken on equipment and other small goods worth up to $ 1 thousand. Most of all restructuring agreements are consumer-specific loans for small household needs.

The procedure for restructuring is simple, banks willingly go to meet, and most importantly - the borrower can not be delayed with the decision of the issue. After all, the sooner you turn to a financial institution, the better conditions you can provide yourself.