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Kolesnyk Ilya

Expert on bankruptcy, write-offs of banks on loans, government and civil process. Specializes in the procedures of bankruptcy and restructuring of the physical assets of sole proprietorships, oskarzhennі vykonavchih prodzheni, znyatti arreshtu z rakhunkiv, oskarzhenni punitive sanctions on loans.

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Write-off of debts of an individual in Ukraine

When taking a loan, most people think that they will have time to repay it on time, without negative consequences for themselves. However, it does not take into account the fact that during the repayment of the loan, anything can happen, especially what can affect the fulfillment of obligations. Especially when it comes to the long term.

 

In the case of defeat in one’s plans, there is nervousness about the lack of funds, additional borrowing from friends, acquaintances or even turning to microfinance organizations, which is not the most pleasant, because it is an additional loan to repay the previous one. Of course, such actions will not help in solving the problem, but can only aggravate the problem. All this contributes to the accumulation of debt.

However, there is no need to worry, because there is a solution to this problem.

What is debt cancellation?

Debt write-off is actually the bank’s “agreement” to release the debtor from the obligation to return the loan funds or pay accrued interest. This decision gives the borrower the opportunity to avoid the process of forced collection of the debt and additional negative consequences associated with late payment, in particular, the accrual of increased interest during such delay. In other words, the borrower will be able to avoid unpleasant procedures for claiming due funds, as well as economic losses due to an increase in the amount of the debt as a result of charging additional interest. Thus, a distinction is made between partial repayment of a credit obligation and full repayment.

So, there are two options for writing off the debt by the bank:

  • Partial – cancellation of only part of the debt (interest, penalty), but the principal amount must be returned.
  • Complete – forgiveness of all debts in full.

The bank more often goes for a partial write-off, because it allows at least a partial return of the capital provided to the borrower.

Importantly! It should be remembered that the write-off of interest is rather an exception to the rules of charging fees for the use of credit resources and is solely the desire of the bank, which must agree to this.

 

Are there situations where banks agree to write off the debt?

If you have the thought that writing off is unrealistic. There is no need to get upset ahead of time. The bank can write off the loan in full or in part if the borrower’s financial situation is very difficult and there are no prospects for improvement. After all, the recovery of a small debt in such a situation will require significant costs on the part of the bank. Therefore, under certain conditions, it is more profitable to write off the debt than to spend money on its collection.

So, the main reasons for which the bank can write off the loan:

  • Serious illnesses of the borrower, which make further work impossible and deprive them of a stable income.
  • Mutilation or disability of the borrower as a result of an accident.
  • A sharp deterioration in the financial situation due to force majeure: natural disaster, hostilities, etc.
  • Death of a member of the borrower’s family, whose income was taken into account when assessing creditworthiness. This significantly reduces solvency.
  • The borrower does not have liquid property or assets that can be sold to cover the debt.

That is, in cases where the borrower objectively has no real opportunity to fulfill the terms of the credit agreement.

In such difficult life situations, the lawyers of the company “Prykhodko and Partners” are always happy to help you. Here you will receive professional legal assistance, protection of your interests, consultation with clarification of all nuances. A team of professional lawyers is your solution in difficult times.

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Expert on bankruptcy, write-offs of banks on loans, government and civil process. Specializes in the procedures of bankruptcy and restructuring of the physical assets of sole proprietorships, oskarzhennі vykonavchih prodzheni, znyatti arreshtu z rakhunkiv, oskarzhenni punitive sanctions on loans.

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