In life, there may be cases when paying on recently taken loans is not only difficult, but almost impossible. Any borrower knows what it can threaten with: a lawsuit, and forced collection of debts bailiffs. According to modern legislation, the court has the right to force the restructuring of bad debts. Fortunately, the banks themselves are not averse to offering this procedure to a problem borrower, unless, of course, he is interested in litigation.
When taking a loan, almost no borrower wants to face personal bankruptcy when it is not possible to pay on loan obligations. But alas, every year the percentage of outstanding debt is growing, so many are asking a fair question: how can you minimize credit obligations and reduce your debt burden? Unfortunately, many still do not know about the procedure for reducing interest and penalties. And many people ask such a question as What is it? The purpose of the procedure is to re-register loan agreement, which reviews payment deadlines and interest. Not to be confused with debt refinancing! When a loan is restructured, the agreement can be re-signed only at the financial institution where the debt was taken, and when refinancing - at any other bank.
The loan restructuring program is universal, but the main reason for its launch is the presence of missed payments and delays under the contract. After all, when refinancing, such nuances can become a reason for refusal, but when restructuring, they are only welcome. Moreover, the presence of a penalty debt is the main reason for revising the terms of the contract with the borrower. Banks are unprofitable in litigation, which entails a significant loss of time and an increase in the loan portfolio. In some cases, increased loan portfolio carries with it an automatic decrease in banking indicators, and those, in turn, lower the rating of the institution.
To re-sign the contract lead:
For example, when a debt is restructured on a loan at Sberbank, the benefits for a problem borrower are obvious:
At the moment, there are several types of loan revision under the restructuring program, namely:
In the event of financial difficulties, it is possible to carry out a painless procedure for re-signing the contract for the maximum favorable conditions. Loan restructuring: what is it? First of all, this is an appeal to the bank with a corresponding application with a request to revise the terms of the loan agreement. For example, by writing an application for restructuring a loan, Sberbank (a sample will be provided to you by a branch employee), you will need to indicate in it the reason for such an appeal. And if the bank deems the reason valid, they will sign an agreement with you on more benign terms.
When submitting an application and completing the restructuring procedure, there are general rules for all financial institutions, which may vary slightly. Before you make a loan restructuring, you must prepare the following package of documents:
This entire list of documents is necessary in order for the bank to verify the temporary disability of the borrower and decide in a positive direction the issue of loan restructuring. What it is becomes clear if a competent approach is taken to all stages of collecting documents and signing the corresponding contract.
If you have a bad debt, you should immediately contact the nearest large branch of your bank for help. If this is not possible, please call hotline and explain the situation in a telephone conversation. Most likely, you will be directed to the regional central office, to a specialist in credit debts, with whom you will continue the dialogue in the future. The most important thing is to contact the bank with a request to revise the loan agreement until the moment when large delays are formed and penalties will be applied. If 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 you experience financial difficulties, immediately contact the nearest branch for help. Banks themselves are not interested in saving bad debts and subsequent litigation Oh.
When. if your debt has become problematic and interest and penalties have already run up, banks can offer you restructuring, but with a small feature. When restructuring bad debts, banks reluctantly write off fines and penalties, so they try to pay the entire amount into the loan agreement. Pay attention to this when signing. If you disagree, banks sometimes meet borrowers halfway, reducing or completely writing off fines and penalties. At this stage, banks offer restructuring as the last step towards the borrower before submitting documents to the court.
This type of restructuring is the most popular in the domestic lending market. The procedure for restructuring a consumer loan is very simple, does not require additional documents, and banks turn a blind eye to it. Consumer loans include: credit cards, amounts taken for equipment and other small goods worth up to 1 thousand dollars. Most of all restructuring agreements are consumer loans for small household needs.
The restructuring procedure is simple, banks are willing to meet halfway, and most importantly, the borrower should not be delayed in resolving the issue. After all, the sooner you apply to a financial institution, the Better conditions you can provide yourself.
It often happens that a person takes a loan, and then, due to circumstances beyond his control, is unable to make payments on it. In this case, it is possible to apply to the bank with a request to restructure the loan.
In this article, we'll take a look at one of the most popular ways to fix a loan payment problem. (if these payments have become "unsustainable") and you will learn the following:
To begin with, let's find out in which cases restructuring can be useful, and then in a nutshell, what is a loan restructuring.
Loan restructuring may be necessary, for example, in the event of a loss of business, dismissal from work or demotion, a serious illness followed by expensive treatment, a sharp increase in the exchange rate (if the loan is in foreign currency) and many other reasons that lead to a decrease in the income of the borrower.
The most reasonable way out of a situation of insolvency on a loan is to restructure the loan debt, if there are objective reasons accepted by banks as a basis for restructuring the loan. So what is a loan restructuring and why is it needed?
So, loan restructuring is a change in the conditions of an already provided service in the direction of easing the already existing debt burden on the borrower. In order for the bank to restructure the loan, the borrower needs to contact his loan officer with a written application (or by filling out the appropriate form of the bank in which the loan was taken), which will indicate the reasons that are the basis for revising the conditions in the agreement on the issued loan.
After accepting your application, the bank will consider the reason you provided for restructuring, examine your history of payments on the loan and make its decision on the possibility of restructuring the loan.
If the bank agrees, it can restructure the loan in one of the following ways: credit holidays, prolongation of the loan, write-off of the penalty, change in the loan currency, reduction interest rate, reduced monthly payment and a combined option.
You should know that you can count on a positive decision of the bank on loan restructuring only if you regularly made payments on the loan until the moment you applied for loan restructuring.
If you are no longer able to make payments on the loan, then it is better for you not to delay and contact the bank with a request to restructure the loan. Many borrowers let everything take its course and expect the problem to resolve itself, making a big mistake. Alas, the problem will not be solved by itself, you need to contact your loan officer with an explanation of the current situation orally and in writing state the reasons for your insolvency, which may be the basis for the bank to restructure the loan.
The grounds for restructuring a loan may be the following:
The decision to restructure the loan is made in individually and banks usually require documentary evidence of the insolvency of the borrower, but sometimes they restructure for commercial purposes.
Loan restructuring affects credit history borrower, but this measure is not perceived by banks as a completely negative factor that may adversely affect the positive decision of banks in issuing future loans.
If the bank considers the reasons given by you to be insufficient grounds for restructuring the loan, then as an option you can secure the restructuring with collateral - real estate, car, land plot, securities or other valuable property at the discretion of the bank. Banks are more willing to restructure secured by collateral.
Before we find out why banks sometimes offer loan restructuring themselves, let's find out who is more profitable, borrowers or banks? In most cases, loan restructuring is beneficial to both the bank and the borrower. The bank because it has fewer overdue loans, and banks are required to have a mandatory reserve for overdue and impaired loans (more details below). And the borrower benefits because he gets a kind of relief and time to improve his finances.
Borrowers who have realized that the financial burden in the form of loan payments has become unbearable are strongly recommended, without waiting for trouble, to contact the bank with a request to restructure the loan (banks are loyal to enterprising customers and often meet them).
It is extremely beneficial for banks to have as few actual non-payers in its register as possible. This benefit is very easy to explain, according to the requirements Central Bank Russia (supervisory authority for financial institutions) All banks are required to maintain a provision for overdue and impaired loans.
And for banks, this is not very profitable, due to the fact that they must create this reserve from net profit (i.e. for the bank, this is “dead” money that it cannot put into business) and it is a significant amount for the bank. From here we can draw a simple conclusion, the less defaulters the bank has, the less it is spent on the reserve and the money is not “dead weight”, but works and, accordingly, brings profit to the bank.
It is for this reason that it is more profitable for banks to restructure a loan than fix its delay.
Therefore, if you have problems with loan payments, do not be shy and in time contact the bank for loan restructuring, because. bank to minimize their losses with a high probability can meet you.
The main conditions for a positive consideration by the bank of a request for loan restructuring are:
To restructure your loan, you need to contact the bank with your loan officer with the appropriate application (or you will be asked to fill out a questionnaire), indicating in it the reason and type of restructuring which you consider the most suitable for you.
In addition to the application, you need to submit the following documents:
The bank considers the application exclusively on an individual basis, therefore it can offer its own conditions (types) of loan restructuring, and not those that you indicated in the application.
For information, any types of loans are subject to restructuring: consumer, targeted, mortgage, car loans.
Let's look at the standard scheme of the procedure for reviewing the terms of the contract for loan restructuring.
Standard procedure for loan restructuring:
In some banks, you need to fill out a questionnaire, while in others you need to write an application with a request for loan restructuring. In fact, the application is an analogue of the questionnaire, but in a more free form - without strict columns and sections. The application must indicate the preferred restructuring option and the reasons for insolvency, which then you must document.
There are several types of loan restructuring. Sometimes the borrower is given the opportunity to choose the restructuring option on his own, but most often it is determined jointly with the lender.
Consider the most popular types of loan restructuring used in most Russian banks.
In the event that the borrower has financial difficulties, the bank can provide him with a loan holiday, agreeing with the client on the period during which he will pay only interest, without payments on the body of the loan. Credit holidays are usually provided for a period of 3 to 24 months.
Also, the bank can provide the borrower with the most profitable option, in which he will be allowed not to make payments for 3-6 months, both on interest and on the body of the loan. Such an opportunity is provided so that during this time the borrower can solve his temporary financial difficulties: get a job, find an additional source of income, or find some other way.
During the period of credit holidays, there is a decrease in the debt burden on the borrower, but also total amount loan payments are increasing.
Loan prolongation is an increase in the term of the loan agreement, due to which the amount of the monthly loan is reduced. planned payment, but the amount of overpayment on the loan increases.
Example
The amount of the borrower's debt initially amounted to 200,000 rubles, the term for which the loan was taken was 24 months with an interest rate of 30% per annum. In this case, he would have to pay 11,182.56 rubles a month, and the amount of the overpayment would be 68,381.54 rubles.
Suppose that after 6 months the borrower has financial difficulties and applied to the bank with an application to prolong the loan for 12 months. In that case, his monthly payment would be reduced from 11,182.56 rubles. to 7,668.65 rubles, but the total amount of the overpayment would increase from 68,381.54 rubles. up to 92 600 rubles (more than 24,000 rubles). You can make personal payments in loan calculator on our site in the right sitebar.
A reduction in the amount of the monthly loan payment is applied if the borrower has temporary financial difficulties and there is a high probability that they will be resolved after some time. The disadvantage of this option of restructuring the loan is that at the end of the period for reducing the amount of the monthly payment, the amount of monthly payments increases, because. the borrower will need to make up for the repayment schedule, the amount of the overpayment increases accordingly, because the reduction of the balance of the principal debt was slow.
However, it's still better than getting a bad credit reputation, paying numerous fines and penalties, and in the worst case, ending up in court.
The loan rate can be lowered only if the borrower has an impeccable credit history. When the interest rate is lowered, the amount of the overpayment most often remains the same, or slightly increases.
Currently, economic crisis and the devaluation of the ruble made life difficult for borrowers, it became difficult for them to repay loans, and for some it was simply impossible. And banks can sometimes change the currency of a loan, sometimes because changing the loan currency is beneficial to the client, but not to the bank. Therefore, this type of loan restructuring is rarely used by banks.
Some banks may give the borrower a delay in paying a fine, interest, or completely write off their debts. But again, this type of restructuring is used extremely rarely - for example, when recognizing in judicial order the borrower is bankrupt or under documented extremely difficult life circumstances.
A mixture of several types of restructuring - for example, the prolongation is combined with the cancellation of fines or a change in the currency of the loan. It is practiced, again, in special cases and not in all financial companies.
Restructuring (refinancing) of a loan is often used by payers as a way to repay an existing loan by issuing a new one.
A borrower who has taken a loan on unfavorable terms can apply to the same or another bank with an offer to take another loan and get rid of the existing debt.
When choosing a bank for restructuring, experts advise paying attention to the following points:
Some banks are particularly active in refinancing issues.
Such companies include, in particular: VTB Bank of Moscow, Renaissance Credit, Tinkoff, Sovcombank, Raiffeisen Bank, Ural Bank and some others.
The list contains lists of banks with the best loan restructuring programs., fall into no less onerous conditions.
Some banks may refuse to restructure at all, citing the debtor's bad credit history or other subjective factors.
The best option in such circumstances is to contact professional law firms involved in helping citizens in providing loans on favorable terms.
For example, in Moscow, the following companies deal with similar issues:
1. Kommersant Credit– an institution, all employees of which have experience in banking security services – A team of professionals at brokerage market banking services.
2. "Credit Laboratory"– effective and efficient solution of any credit issues. Many years of experience of the company allows us to prepare the client for the specific needs of credit institutions.
3. Credit Decision Service is a lending company since 2010. Provides assistance to individuals and legal entities in obtaining any types of loans, having well-established contacts with banks.
The services of these and other credit brokers, of course, are paid, but in the end, such companies will help save debtors much more. Remember that lowering interest rates even by tenths of a percent means saving tens of thousands of rubles from your pocket.
If a client has problems repaying a loan, banks offer debt restructuring. The essence of the program is to change the terms of the loan agreement in order to reduce the financial burden on the borrower. The article will help to find out whether this procedure is beneficial, and whether it allows you to cope with the difficulties that have arisen.
In the event of delays due to job loss, salary cuts or other financial problems, you can take out a loan. Such a service will be provided only by the bank in which the loan was issued. Financiers make changes to the loan agreement - reduce the amount of the monthly payment and write off the accrued fines and penalties.
Banks benefit from restructuring:
The restructuring procedure helps clients to avoid:
An application for reconsideration of the terms of the loan should be applied before the bank files a lawsuit in court to recover the debt. Credit institutions offer the following methods of restructuring:
4. Re-registration in a cash loan, the interest on which is lower.
5. Write-off of fines and penalties.
6. Reducing the interest rate on the loan.
Banks use one of the options or a combination of several methods. To carry out the restructuring, it is necessary to submit an application to the financial institution and attach documents evidencing a difficult financial situation.
Valid reasons are:
Banks go to meet borrowers with a positive financial reputation, who do not hide, but honestly report their problems. Considering that there are several options, study their nuances. Reviews of borrowers who used this service indicate:
With a noticeable drop in income, frequent delays in loan payments, you can get out of the situation by changing the terms of the loan.
AT banking this concept is called debt restructuring on a loan.
About what it is, and what features there are in changing the terms of the loan agreement, and will be discussed in this article.
Loan restructuring is a change in the clauses of the current loan agreement to reduce the burden on the borrower who is in a difficult financial situation. Such changes include debt deferment, extension of loan repayment terms, currency change, interest rate revision and other measures.
However, not all banks willingly agree to provide such a concession to the client. To increase the chances of success, anyone who wants to change the conditions on their loan needs to know under what conditions debt restructuring is possible, what methods of persuading the bank are most effective and what pitfalls can be encountered in this matter.
To begin with, let us once again draw your attention to the fact that debt restructuring is not its actual reduction, but only a revision of the terms of its repayment. You can get permission to change the terms of a loan agreement in many cases, because the bank is also interested in returning its Money and making a profit, and is ready to wait a little longer than it was originally agreed.
Usually, an increase in the repayment term of a credit debt entails an increase in debt, but thanks to changed interest rates and longer repayments, the burden on the borrower does not seem to be as unbearable as before.
As experts advise, you should apply to the bank with a request to restructure the loan debt immediately after you feel that paying off the debt in the current or next month will become an impossible task.
The most obvious examples of when and why a loan restructuring is needed are the dismissal of a person from work or his going on a long sick leave. In such cases, it becomes clear that in the near future with money in family budget there will be problems, so you should contact the bank that you have changed the terms of debt repayment. There is nothing to be ashamed of: bank employees are accustomed to such customer requests and this is a common thing for them. The main thing is to have time to submit an application before there was a delay on the loan - this way the chances of debt restructuring increase.
By reducing the load on the loan, you can solve several impending problems at once:
Banks themselves are largely interested in restructuring credit debts clients, as this allows to reduce the number of problem borrowers who incorrectly calculated their financial capabilities.
Banks have a list of client groups whose credit debts can be restructured. These include:
Please note that belonging to any category of clients must be confirmed by documents!
Registration of restructuring of credit debt occurs in several stages:
Before finally signing the agreement, be sure to check that the old agreement has been closed and that the new payment terms suit you. If the bank insists that you first sign a new contract, and only then look at the payment schedule, you should not agree. Always ask for the entire list of documents at once!
If you receive a refusal to restructure a credit debt, ask the bank to do this in writing. This step helps in case of further proceedings in court. Your clear desire to pay the debt and the confirmed actions of the bank to prevent this may be the reason why the court will oblige banking organization reconsider the decision.
Knowing the features of different restructuring programs will help you choose the appropriate option yourself, and not rely only on the opinion of a bank employee.
This method is an increase in the loan term and a proportional increase in monthly installments. If there were penalties, they will also be distributed evenly over the months. Usually, the maximum term for extending a loan agreement does not exceed the initially maximum allowable loan term in the organization. For example, if consumer credit can be taken for a period of no more than 5 years, then when signing a contract for 3 years and a subsequent request for restructuring, you will be able to extend the period only for 2 years.
Real life example:
A person took a loan in the amount of 200,000 rubles for a period of 2 years and at 27% per annum. The amount of monthly payments is almost 11,000 rubles, and the overpayment would be 61,000 rubles. After 6 months, he was fired from his job, he was unable to continue to repay the loan on such terms, and decided to apply for a debt restructuring. For six months of the main debt, he was able to repay only 10,000 rubles. The bank offered the client to prolong the remaining 190,000 rubles for 1 year without delay. It turned out 8,700 rubles a month, which is already better, but the total amount of the overpayment will be 74,000 rubles.
This method is a deferment of the payment of the principal debt for a certain period (1-24 months). During this period, the client pays only interest on the debt.
For the borrower, this is the most unprofitable option, since after the delay everything returns to its place (however, the overpayment increases, as it is increased for the entire extended loan term) and it turns out that the person gives the credit institution one or more additional interest payments. Experts advise using this restructuring system if you are sure that you will soon find a good job or raise your business - then this will be a justified step.
Real life example:
The client took a small loan from Sberbank, but the monthly payments are still noticeable for him. Before the New Year, the client receives an SMS message: “For only 1,000 rubles, you can take a deferment for 1 month of payments, and general term lending will also increase by only 1 month. The person decides to use it to buy gifts for the family for the holiday. The specialist in the bank assured that the total overpayment would increase, but only slightly - the contract was signed. Only then the client was allowed to look at the payment schedule, which indicated that the total overpayment had increased by 20,800 rubles. This is an extremely unprofitable deal for the client, however, it can no longer be canceled - the contract has been signed.
This method is used in rare cases. For example, during a strong reduction in the refinancing rate Central Bank. It is allowed to use only those borrowers who for the first time allowed a loan delay. Usually banks offer this method of restructuring to people who have taken mortgage.
Real life example:
A person has been paying a mortgage since 2014, the interest rate is 13.75%. In August 2017, I decided to apply to the bank for a rate cut. The application was considered for 40 days, but in the end, after several disputes, the rate was reduced to 12.5%. They said that the rate is not lowered below 12% in this bank, so we can say that the result is good.
This method of restructuring is relevant for those who repay a loan during a period of currency devaluation. For example, a similar time was in the period 2014-2015, when mortgage holders in foreign currency received a credit load, almost twice as high.
For a credit institution, changing a loan in foreign currency to Russian rubles is an unprofitable business, so the decision to change the currency usually comes from the bank's management, and this should be influenced by serious external factors (for example, the same crisis of 2014-2015).
With this option, all fines and penalties can be written off from the client. To do this, it is necessary to provide compelling reasons for the delay in loan payments, or for the court to recognize individual bankrupt. If the bank decides that the client will be able to pay the remaining debt without existing fines and penalties, then they can be written off. However, the most frequent solution– installment of the fine, especially in the case of a prolonged contract.
Real life example:
The client had a delay in Sberbank since 2016, as he ended up in the hospital, and a lot of money was spent on an expensive operation. In December, I managed to come to the bank and apply for the restructuring of the loan agreement. Being a knowledgeable person, the client immediately asked to write off the penalty and take into account the next payments as overdue payments. The bank approved the application in March. It was decided to write off fines, you only need to pay interest for the "use of money" for the last six months (in addition to the main debt and current interest, of course).
In some cases, the bank may use several methods of restructuring. The prolongation can be combined with the write-off of penalties, and the currency change can be combined with a “credit holiday”. This is a non-standard restructuring solution, and it comes as a result of negotiations between the bank and the borrower.
Real life example:
At the age of 55, the client decided to take out a consumer loan, but soon his house was flooded, and he had to move to rented apartment. Because of this, the payment of monthly payments became impossible, and this went on for 3 months. The bank entered into the position of the client and did not apply penalties, and also increased the term of the loan with only interest paid within 6 months. After this time, the person adjusted his business and was able to continue to pay off the loan, albeit 1,300 rubles a month more.
This method is used to help borrowers who have a mortgage loan and are on the verge of financial collapse.
For example, according to the mortgage restructuring program from the Agency for Housing Mortgage Lending, operating from 2016 to 2017, the interest rate was reduced to 12%. The state made an additional payment to the bank for the borrower in the amount of 10% or more of the loan amount, but not more than 600,000 rubles.
Real life example:
In January, the client applied for the restructuring of the loan agreement under the AHML program. In early March, a bank manager called and said that the organization was ready to write off 20% of the debt (almost 200,000 rubles). To do this, it was only necessary to bring a certificate from Rosreestr, originals of personal and apartment documents. One caveat - it was necessary to pay a tax to the state for financial benefits.
The restructuring procedure can be done at the bank where the loan agreement was originally signed. The credit institution has the right to consider the terms of the agreement in a different version at its discretion. When choosing which bank to contact, it is better to immediately clarify what changes can be made during the restructuring and the operation of the loan agreement as a whole.
But you can apply to another bank if they offer better conditions.
The bank you apply to repays your debt to another bank and signs a new loan agreement with you with more favorable terms for you.
First you need to draw up an application for restructuring. The reasons for revising the terms of the loan must be supported by the following documents:
Naturally, not all of these documents must be in your hands to approve the restructuring. Their list varies depending on your reasons for reducing solvency.
Restructuring a loan agreement is an unprofitable business for the borrower, because in most cases the amount of overpayment increases. However, if you find yourself in a position where you cannot repay the debt on time, then you should seriously think about revising the terms of the loan, albeit with a small overpayment.
