Having debts is not easy, but sometimes it is inevitable to continue with daily activity or to make important purchases. It is true that there are situations that can alter this forecast and cause an unwanted breach. That is when it is necessary to have the correct information on how to postpone the payment of credit.
I have applied for a loan and I have difficulties to return it
One of the disadvantages that can arise when contracting a loan or credit, is the possibility of not being able to cope with the amount claimed within the established term.
The consequences of non-payment will be similar to those of contracting any other financial service. Among them, the increase in debt as the weeks go by.
It is essential to avoid incurring a possible default. Before applying for a loan it is necessary to have an adequate monthly budget and a good organization.
Consequences of not paying a credit
One of the first consequences will be the increase in outstanding debt for not meeting the repayment terms. To this debt will be added late payment interests that will change depending on the time the payment is delayed.
In the vast majority of financial institutions, there are fixed fees for non-payment, plus a variable percentage. Which will be added monthly.
Secondly, as of the third or fourth month after the default, the financial entity will claim the debt by judicial means. If you still cannot make the payment, this could come, depending on the different circumstances; until the seizure of the defendant’s assets.
Finally, the aforementioned can be included in files such as RAI or ASNEF, lists related to late payment. This will result in greater difficulty in accessing new loans or financial products.
These are, in broad strokes, the different stages derived from default and accumulation of debts.
How to postpone the payment of a credit
We have already seen the sanctions that come with not meeting these deadlines and the different situations that this postponement of payments has.
On the other hand, it is interesting to contemplate that these entities show a good disposition if you need an extension to pay off your debt. In the event that you cannot meet the contracted deadlines, an extension can be requested to pay the credit later.
It is preferable to face the difficulty, whatever it may be, and to present the reality to the entity sincerely; since it is not pleasant for them to go to court. It is better to refinance a debt than not to pay it. Information and knowledge are essential in these cases and, therefore, there is numerous specialized advice on how to postpone the payment of a loan to help people cope with these financial problems.