What to do, if you temporarily don’t have money to pay the credit or if the reality situation has changed so abruptly that you are not any more in a condition to bear the burden charged?
First, don’t panic, such situations often happen. Especially now, when every second machine is taken on credit, consumer crediting breaks all records, and real estate market, despite all possible optimistical forecasts, doesn’t cool down.
Consumer loans: it is better to count well your forces
Some banks have decided to begin Consulting with credits with which, if to delay payment, will be most of all problems. Loans on home appliances, mobile phones, usual daily expenses banks give out for short term, hundreds a day, rather small sums and under serious (in comparison with a mortgage or car crediting) percent. Therefore an individual approach to each client can be also seen in such situation.
By the way, it is necessary to get a grasp of the agreement before it to sign. Neither on a bank site, nor in the call-center, you, as a rule, won’t hear anything about acting penalty provisions. That is why you should be also very careful.
So, what money recoveries can happen?
First kind is the strictest. For any delay to you there and then is added from 1-3 % to the credit rate. And it is not simple in overdue month, and for ever, till the end of term! In banks explain: such sanctions are simply necessary further to kill on a root any desire to repeat such inexcusable “tricks” as “failure to report” to bank of money. One more kind of this punishment is interest rate doubling for that month in which you have delayed payment.
Second kind is a penalty fee for delay. As a rule, it is considered in discount rates. That is if a penalty fee is one discount rate in day it will constitute 8/365=0,03 % from the late payment sum. Besides, the penalty fee can constitute 36,5 % annual, i.e. 0,1 % a day. But such sum can reach 0,5-1 %.
One more kind is collecting. It is the disposable sum of the penalty which can fluctuate from 10 to 100 US dollars depending on a credit amount and, also as well as a disposable raising of the rate, not to become attached to term delays.
Do you still remember those good times when anybody could take a credit if one needed funds? And just imagine the situation of those who have to carry that burden nowadays when the world economy is facing hard times. And for those people having loans the issue of credit monitoring is as crucial now as never before. It is not only about loan control, this also allows to save money, time, and nerves and be fast in solving loan related problems. Those who are searching for a spot where to find out about credit report with score, are invited to visit this credit report monitoring site – there is lots of information about credit monitoring and how to order that service.
Also we shouldn’t forget about possibilities given to us by modern technologies. The online network provides us with a truly unique chance to find what we want or to obtain anything at the best price on the market.Credit, credit monitoring, credit report, Loan