More and more Poles are reaching for a loan. On average, every third person has a problem with giving back borrowed money. The consequences of not paying loan installments can be associated with many unpleasant things.
Starting with applications for recovery, ending with the bailiff’s visit. Fortunately, banking institutions give us the opportunity to spread the debt into installments. We advise how to act in a situation when we are unable to pay back the loan.
We borrow more and more often, do we give back?
According to estimates, there are almost 2 loans per citizen of our country. Their destiny can be different. Some lend to buy a house, a car or new home equipment, while others want to go on their dream vacation. In the IMAS International report from November 2018, we read that as many as 13% of Poles are indebted in parabanks.
It is easy to take out a loan – worse with it. Almost 3/4 of Poles do not repay their obligations in the form of consumer or mortgage loans. Others have credit card debt.
The bailiff is just waiting!
The more debtors, the more work for bailiffs. Bailiff enforcement is not pleasant. The bailiff has the opportunity to take up the achievements of life. In the absence of assets, the executor also has other options to recover the debt by attachment of salary, freezing funds on a bank account or taking over a pension. Additionally, when the bailiff comes to visit, we expose ourselves to additional costs. The bailiff’s costs are borne by the debtor.
Help! I want to spread my debt into installments
There is no situation without a solution. If we are not able to repay the loan or debt, let us inform our creditor first. Banking institutions often go hand in hand with their clients. By restructuring the loan, they enable the debt to be spread over installments according to current creditworthiness. There is also a possibility of total, temporary suspension of debt repayment. To take advantage of such opportunities, go to your bank branch.
However, if our debt has already reached the judicial stage, the first step we should take is to write a letter to our creditor. In the application for spreading the debt into installments, we should include information about the letter, explanations why we did not respond to previous calls and a description of the current financial situation supported by relevant documents (certificate of earnings, current housing commitments, etc.). Let’s not make it up. Let’s write the truth. Banks know well when the debtor pulls arguments out of the hat.