There are different situations in life. If you got a bank loan yesterday, you might not be able to pay it off today.
What to do at such a time?
You need to calm down first. Nothing terrible happened.
1. Don’t hide from the bank. Apply verbally and in writing to inform them that you do not refuse to pay the loan, but that you have a situation at the moment and you cannot afford it (lost your job, became ill or etc.).
2. Apply in writing to change the terms of your credit agreement – this is called restructuring. Credit Restructuring this is a change in the essential terms of the credit agreement (interest rates, terms, etc.), which is done for the benefit of the debtor.
3. Remember that the law is on your side, and if you owe someone debtors, sue you in court and act within the law. Your answer to the lender should sound like, “I do not refuse to pay, but now I have no money, so sue.”
4. If you approve in court and in letters sent to the bank that you do not refuse to pay, know – none of the articles of the CC Code that make banks and debtors scared will apply against you!
5. In many countries there is a law that recognizes penalties on deferred loans as unlawful. In general, penalties should be calculated based on the National Bank’s refinancing interest rate, which in Georgia, for example, has risen to 7% annually.
In addition, the amount of penalties should not exceed the amount of credit!
Therefore, the fine of 1% per day that the bank adds to credit due to its internal situation is the influx of those who do not understand the issue.
6. The Court – is the solution for you, but for the bank – adverse situation! If the court decides to make decisions in favor of the bank, they would immediately turn to it and not start sending threatening letters to you threatening them under the CC and the court!
7. If you cannot deal with this issue independently, hire a so called “ANTICOLLECTOR”: he/she will sign an agreement with you to become your representative and to interact with the debtors and their representatives and perform the following actions:
– Compose and send letters on your behalf to the bank and collectors. Will file a complaint with the Prosecutor’s Office and other necessary instances.
– Reduces penalties by 80-90%.
– Help you restructure and defer credit.
– Protect you from physical and psychological pressure.