Loan can no longer pay

Before a bank provides a loan , the bank checks whether the loan also fits your financial situation. But with a long term, the financial situation may change in the interim. You may become unemployed, your income will fall or you will have children, as a result of which you will no longer be able to repay the loan. What can you do best?

Loan can no longer pay

Loan can no longer pay

If you can no longer pay your loan, it is important that you contact the lender immediately. The bank usually asks for a written request for a payment arrangement. In this letter you explain what the situation is and you make a proposal for a payment arrangement.

If you do not take any action yourself, the lender will first send a number of reminders and can impose fines. If the lender does not receive an answer to this, he calls in a collection agency. He / she then tries to collect the money due. You must pay the costs for this collection agency yourself. As a last option, the lender hires a bailiff who can take legal action. Consider, for example, attachment of your wage.

Being unable to pay debts – Mediation and remediation

Being unable to pay debts - Mediation and remediation

If you find yourself in a situation where you can no longer repay your loan, it is advisable to have someone look at your finances. Have a friend or family member take a look and assess with a fresh perspective how you can organize your finances differently.

Social work and debt counseling services also offer assistance with debts. They review your financial situation and determine how much you can repay each month. After that, they first try to negotiate debt, whereby they try to make payment arrangements. If this does not work, they can arrange debt restructuring for you. The credit bank then takes over your debts, after which you pay off the debt to the credit bank yourself.

Only if all this fails, you are eligible for the Natural Persons Debt Restructuring Act. An administrator then takes over the finances and ensures that your debts are repaid within 5 years.

Being unable to pay debts – What can you do yourself?

Being unable to pay debts - What can you do yourself?

Taking out a loan means that you are entering into a major obligation. Always keep in mind that something may change financially. In addition, it is wise to check well with which lenders you are working with and it is important to always compare the conditions and interest rates of different providers.

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Unable to pay for a personal loan – Tips

Unable to pay for a personal loan - Tips

  • Make a financial overview with all income and expenses. What do you spend a lot of money on and what can you save on? Otherwise, do your shopping or cancel your expensive subscriptions.
  • Be honest about your situation. People in your area can then take this into account.
  • Merging loans gives more overview and that makes repaying easier.
  • Many unnecessary things that you no longer need? Sell ​​them and put the proceeds into the repayment.