About the best options for reducing credit load “RG” said the expert of the National center for financial literacy, a consultant for financial literacy project verifikasi.of the Russian Federation Natalia Kolbasina.
a change in the conditions of the loan agreement. The loss of the ability to repay the loan do not delay and immediately report the situation to the Bank. Try to negotiate a debt restructuring. But remember that restructuring is an extreme measure. To resort to it in severe cases.
the Bank may approve the restructuring in the form of payment holidays for an agreed period, the Bank, the borrower does not make payments on the loan, or pays only the interest on the debt. Another option is the extension, i.e. change loan term: monthly payment decreases, but the term of the loan increases.
Also, the Bank can change the currency of payment, to abandon the levying of penalties and fines, as well as to give the borrower some other individual conditions.
to Restructure the loan only Bank from which it was issued. The Bank reserves the right in making both positive and negative decisions.
the Restructuring is not always beneficial to the borrower. For example, the Bank may offer to extend the term of the loan while retaining the interest rate. For the borrower this is always the overpayment on the loan in the future.
This is the conclusion of a new loan agreement for full or partial repayment of already existing debt. Debt refinancing gives you the opportunity to get a new loan on more favorable terms. It is possible to change the monthly payment amount, loan term, interest rate.
If the loans, you can make them consolidation. Debt consolidation – a kind of refinancing. This merge multiple expensive debts into one with lower interest rates. The amount of the loan payments reduced, and to manage a single loan is easier than three or five.
Before signing a new mortgage when you refinance you need to pay attention to how much you are paying on the loan and how much is left to pay and how much you pay for insurance on the current loan. Compare to how much will need to pay for the new loan in terms of insurance and additional expenses.
Refinancing is advantageous if the difference between the interest rate on the mortgage starts from 1%, consumer credit – from 3%. Occur the associated costs when you refinance, do not eat benefits accruing from the difference in interest rates on current and new credit.
the Procedure and conditions for granting mortgage holidays determined by Federal legislation. Right for them the Russians appeared from July 2019. Vacation can get the borrower, pop��vshy in a difficult financial situation. This dismissal and registration as unemployed, the recognition of the borrower’s disability of group I or II, temporary disability of the borrower for a period of more than two months in a row. Mortgage housing should be the only maximum loan amount of 15 million rubles, the validity period of vacation to six months.
Types of vacations: payment of interest (only the interest is extinguished, the body of the loan is divided into subsequent charges); a breakdown of the payments (paid only part of the monthly payment, the borrower pays partially for interest, partially on the body of the loan and the unpaid balance for the grace period is reallocated on subsequent payments); total delay (within the grace period on the loan does not pay anything, but the overall term of the mortgage is extended for the period of delay, and after the full Deposit of scheduled payments the borrower has to repay the debt that has accumulated over the holidays); the increase of the mortgage term (prolonged the validity term of the mortgage loan).
in addition, in connection with the spread of the coronavirus, you can get a deferral on monthly mortgage payments. This is a special case of vacation credit described in paragraph 4.
the Deadline to the Bank from 3 April to 30 September 2020. Condition – the borrower’s income declined 30% or more during the previous month compared to the average monthly income in 2019.
in addition, the mortgage must be made by 3 April 2020, and the maximum mortgage loan amount limited to a maximum of 2 million rubles in most regions, 3 million roubles, in St.-Petersburg and the far Eastern Federal district, the Moscow region, 4.5 million rubles in Moscow. The borrower at the time of filing should not be on the mortgage vacation 2019.
Deferral of payments under the mortgage holiday due to the coronavirus to borrowers not free. In a period of such mortgage holidays the Bank will calculate the interest on your mortgage according to the contract. Interest will have to repay after the grace period. Penalties and interest for late payment during the grace period will not be levied.
the Main drawback of the new program is the restriction on the loan amounts.
Available to citizens and entrepreneurs from April 3 if they have suffered from declining incomes due to the pandemic coronavirus.
For their design, set ceilings on various types of loans. For consumer credits (loans) to individuals – 250 thousand rubles for consumer credits (loans) SP – 300 thousand roubles on credit cards – 100 thousand rubles, car loans – 600 thousand rubles.
income of the borrower should be reduced by 30% or more for the month preceding the month of treatment, compared with the average monthly income in 2019, and the credit contract shall be concluded until April 3, 2020. The validity of the credit break – ��about six months, to end them at any time by notifying the Bank of its decision. To issue a vacation credit is available until 30 September 2020.
it is Important to remember that this is a delay of payments for a maximum of six months, and not forgiveness of debt. During the period of vacation credit the Bank does not calculate interest and penalties and does not require early repayment of the loan.
the Interest on the loan for this period are accrued. But for consumer loans and credit cards establishes a preferential rate in the amount of 2/3 of the average market rate for similar type of credit (loan) calculated by the Bank of Russia and which is relevant on the date of submission by the borrower to the Bank of the requirement that deferred payment.
“Viral” vacation credit not a magic wand, and the additional ability to survive in the period of the pandemic and crisis. Not all borrowers will be able to use them due to limitations on the amount of the loan and the lack of the ability to officially confirm a decrease in income by 30%.
If you have a very deplorable situation – do not pull or apply to a restructuring.
If none of the above methods did not fit, try one of the strategies of early repayment of the loans.
the First is called “avalanche.” You need to choose the most expensive loan (highest interest rate) and by all means throw its repayment. Task is to repay it as quickly as possible, as it the most expensive and eats up most of your money in the form of interest. “Avalanche” leads to the most rapid closure of all of the loans and minimizes the amount of existing debts. Suitable for people who can adhere to strict financial discipline.
the Second strategy is called “snowball”. Its essence is to close the smallest loan. The interest rate in this case do not need to look. All other loans are made only minimum payments (consistent with the Bank scheme). After the closing of the small loan again is selected as the size of the debt, and all efforts to settle our focus on him. Drawback – the total overpayment will be higher than when “avalanche”.
If the amount of the debt exceeds 500 thousand roubles and no money at all, you can declare bankruptcy. The borrower may initiate such a procedure if he knows that you will not be able to meet its obligations on time, regardless of their amount, and also meets the signs of insolvency and/or failure of the property: the amount of overdue payments exceeded 10% of the debt, the property is worth less than the amount of debts, etc.
moreover, the borrower is obliged to initiate the procedure, if the sum of the liabilities to all creditors exceeds 500 thousand rubles, payments on obligations overdue by 90 days or more late payments may not be, but the citizen knows the repayment of the debt one or more creditors will lead to inability of repayment of the obligations.
If a person files for bankruptcy on its own initiative, the principal is not the amount of debt and the impossibility of this debt to repay. But this inability will have to prove in court.
will Also have to pay the state duty (300 rubles), legal costs, publication of the bankruptcy, the postage (a minimum of 10-20 thousand rubles), job financial Manager (25 thousand rubles for one procedure conducted by + 7% from the amount payable to creditors in case of restructuring or from the amount received in the course of realization of the debtor’s property). The introduction of bankruptcy procedures does not guarantee that remaining after the sale of the property debts to be written off.
Declaration of personal bankruptcy is a serious step, all the pros and cons which need to be carefully weighed.
the advantages: will cease to grow debt; stop the accrual of interest, fines and penalties on overdue loans; stop calls and visits from collectors and creditors.
cons: after bankruptcy citizen for three years can not participate in the management of organizations; to bankruptcy if it was SP, within five years will not be able to engage in entrepreneurial activity; over five years to indicate the fact of their bankruptcy when applying for loans and also five years, you cannot file for bankruptcy again.