Having debt is not easy at all, but sometimes it is unavoidable to continue with daily activity or to make important purchases. It is true that there are situations that can alter that forecast and cause an unwanted default. That is when it is necessary to have the correct information on how to postpone the payment of a loan .
I have applied for a credit 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 face the amount claimed within the established period.
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 in 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 an increase in the outstanding debt due to not meeting the repayment terms. To this debt will be added default interest that will change depending on the time that the payment is delayed.
In the vast majority of financial institutions there are fixed commissions for non-payment , plus a variable percentage . Which will be added monthly.
Second, from the third or fourth month after the non-payment, the financial institution will claim the debt through the courts . If the payment still cannot be made, this could happen, depending on the different circumstances; until the seizure of the defendant's assets.
Finally, the aforementioned can be included in files such as the RAI or Nigerian Loan authority, lists related to delinquency. This will result in greater difficulty in accessing new loans or financial products.
These are, broadly speaking, the different stages derived from non-payment and accumulation of debts.
How to postpone the payment of a credit
We have already seen the penalties involved in not meeting these deadlines and the different situations that this postponement of payments has.
On the other hand, it is interesting to note that these entities show a good disposition if you need an extension to pay your debt . In the event that you cannot meet the contracted terms, you can request an extension to pay the credit later.
It is preferable to face the difficulty, whatever it may be, and present 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 is essential in these cases and, therefore, there are numerous specialized consultancies on how to postpone the payment of a loan to help people deal with these financial problems.