Take a credit holiday and pay after it
Posted: Tue Feb 18, 2025 10:29 am
If you prove that you have nothing to pay for the microloan, you may be offered a credit holiday - a suspension of payments. It may apply only to the principal amount of the debt. In this case, you will still have to make payments on the interest part. In some cases, during the credit holiday, you do not have to pay the MFI at all, but the accrual of interest does not stop. In the future, they will have to be repaid.
Credit holidays are a good tool when there is nothing to pay off the debt with. They give a break and allow you to improve your financial situation. But at the same time, the loan term increases. Since microloans have very high rates, you will return to the MFO an amount that can be many times greater than the original loan.
It is best to combine credit holidays with debt restructuring, including a reduction in the interest rate. When negotiating with the creditor, focus on this point.
Apply for refinancing and repay the debt to the bank
This method is suitable if you have not missed payments yet, but gansu mobile number database feel that the financial burden is too great. Provided that you have a good credit history, you can contact the bank. Apply for refinancing - combine all credit products into one, reduce the monthly payment, reduce the interest rate and increase the term.
The difficulty is that banks have high requirements for the borrower and the products that they agree to refinance. Not every bank has microloan refinancing programs. And banks almost never approve applications from defaulters.
File for bankruptcy if you have absolutely nothing to pay with
If you have absolutely nothing to pay off the loan with, there is only one option left - bankruptcy. For individuals who owe from 50,000 to 500,000 ₽, there is an extrajudicial bankruptcy procedure. It can be used if:
at least one of the creditors applied to the court to collect the debt, the bailiffs did not find any money or property on you, and stopped the enforcement proceedings;
At the time you file for bankruptcy, there are no enforcement proceedings pending against you.
To apply for extrajudicial bankruptcy, you need to fill out an application at the MFC and indicate all the debts you want to write off. This is important, since debts that you forget to include in the application will not be written off. The procedure will take 6 months.
Credit holidays are a good tool when there is nothing to pay off the debt with. They give a break and allow you to improve your financial situation. But at the same time, the loan term increases. Since microloans have very high rates, you will return to the MFO an amount that can be many times greater than the original loan.
It is best to combine credit holidays with debt restructuring, including a reduction in the interest rate. When negotiating with the creditor, focus on this point.
Apply for refinancing and repay the debt to the bank
This method is suitable if you have not missed payments yet, but gansu mobile number database feel that the financial burden is too great. Provided that you have a good credit history, you can contact the bank. Apply for refinancing - combine all credit products into one, reduce the monthly payment, reduce the interest rate and increase the term.
The difficulty is that banks have high requirements for the borrower and the products that they agree to refinance. Not every bank has microloan refinancing programs. And banks almost never approve applications from defaulters.
File for bankruptcy if you have absolutely nothing to pay with
If you have absolutely nothing to pay off the loan with, there is only one option left - bankruptcy. For individuals who owe from 50,000 to 500,000 ₽, there is an extrajudicial bankruptcy procedure. It can be used if:
at least one of the creditors applied to the court to collect the debt, the bailiffs did not find any money or property on you, and stopped the enforcement proceedings;
At the time you file for bankruptcy, there are no enforcement proceedings pending against you.
To apply for extrajudicial bankruptcy, you need to fill out an application at the MFC and indicate all the debts you want to write off. This is important, since debts that you forget to include in the application will not be written off. The procedure will take 6 months.