Фото: What to do if you cannot repay the loan?

«Changing stereotypes that big loans are the end!»

Shakhovets Anastasia

Lawyer in the practice of bankruptcy of individuals and individual entrepreneurs. Specializes in write-off of bank and MFI loans through the bankruptcy procedure.

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What to do if you cannot repay the loan?

Reading time: 3 min.

Of course, loan repayment is an important obligation that must be fulfilled in a timely manner, but sometimes there may be circumstances that lead to the fact that a person cannot repay the loan on time. If you find yourself in this situation, don't panic, there are a few steps you can take to fix the problem.

Contact with the bank about the impossibility of paying loans

Якщо у вас виникли труднощі з виплатою кредиту, першим кроком має бути зв'язок з банком або фінансовою установою, яка надала вам кредит. Це може допомогти вам уникнути штрафних санкцій та погіршення кредитної історії. Відкритість і співпраця можуть допомогти у знаходженні рішення, яке буде вигідним і для вас, і для банку.

Credit restructuring

Credit restructuring is the process of revising the terms, interest rate, payment amount and other terms of the loan. This process can be beneficial for both parties. For the debtor, restructuring can reduce financial pressure and provide more comfortable conditions for debt repayment. Debt restructuring can take place in the form of a voluntary agreement between the debtor and the creditor, or in the form of a lawsuit. In any case, for a successful restructuring, it is necessary to agree on terms that will satisfy both parties. If you're having trouble paying off your loan, restructuring can help lower your monthly payment and provide additional time to repay the debt, reduce the amount of payments or extend the term of the debt, improve your credit history, and increase your liquidity.

File bankruptcy for full write-off of loans and interest

Bankruptcy is, although radical, the most effective option for those who cannot pay off loans and other obligations. The decision on bankruptcy should be made with the help of a lawyer who can help understand all the consequences of this step and develop an action plan.

After the opening of insolvency proceedings, you will be subject to a moratorium for a period of 120 days. This is a temporary suspension of the performance of monetary obligations, the imposition of fines, and the collection of all executive documents from the debtor is stopped.

In Ukraine, a credit moratorium during bankruptcy proceedings can be approved by the court, during which financial institutions cannot collect debts from debtors, and the latter can receive a certain period of time to restore their financial stability.

At the end of the bankruptcy process, you will be free of all your debts, your property will be protected from any encroachment by creditors, and most importantly, when you prepare reports about your financial situation and solvency for the bankruptcy process, you will gain experience in managing your finances and be able to relate more responsible and careful with their financial actions.

If you have difficulties with loan payments, the most important thing is not to postpone the decision for later. Remember that in such a situation, time does not work for you, you must rely on yourself and your mind, and the solution to the credit issue is completely in your hands. After assessing your situation and making the appropriate decision, you must contact lawyers who specialize in this procedure for a quick and positive solution to your situation.

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Lawyer in the practice of bankruptcy of individuals and individual entrepreneurs. Specializes in write-off of bank and MFI loans through the bankruptcy procedure.

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