The personal loans are a valid solution for those who have their own project to be implemented but do not have the necessary liquidity to make it come true. We are talking about those consumer credit products that allow you to repay the borrowed capital to the bank through a predetermined number of fixed rate installments .
In order not to risk not being able to cope with the repayment of the debt due to the failure to pay an installment (or more), it is essential to carefully choose the amount of the repayment fee, calibrating it according to your income and expenses economic. However, to meet their customers, many banks allow you to lower the installment of a loan if necessary.
The good news is that there are three procedures to reduce the loan installment
The bad one is that the solutions to ease the repayment of the loan are subject to the approval of the bank which, in the event of a worsening of the applicant’s income situation, may not be so available to meet his request
As we said, once the loan is turned on, it is possible to lower the installment of a loan in several ways. The first is to ask the lender for the so-called renegotiation of the personal loan. If you are no longer able to take on the repayment amount, the first way to try is therefore to renegotiate the contractual conditions of the personal loan relating to the amortization plan and the installment.
Reduce the installment with the renegotiation of the personal loan
Once an appointment has been made at the branch, it will be possible to make the request and evaluate with the credit institution if it is possible to extend the duration of the loan so as to obtain a lighter monthly payment . However, it is important to stress that the bank is not obliged to grant the renegotiation and therefore it is not certain that this solution will always be successful.
Lower the installment of a loan with debt consolidation
A second way is that of debt consolidation , a good solution both for buyers who have a single loan in progress and for those who have turned on more than one.
Specifically, this is a procedure that allows you to open a new loan that will allow you to pay off the previous debt through a single monthly installment. Debt consolidation therefore makes it possible to establish more advantageous contractual conditions from scratch, for example a lower installment amount.
Suspension of a loan installment
Finally, for the most serious cases, the Italian Banking Association (ABI), in agreement with the Consumer Associations, provides for the suspension of the payment of the loan installments for one year.
Specifically, this is a possibility that can be requested by 31 December 2017 only for consumer credit loans lasting more than 24 months and only if the credit institution that provided them adheres to the suspension protocol. asks the ABI for people with financial difficulties due to a sudden job loss or serious health conditions .