A personal loan is often required to be able to face expenses that would otherwise not be possible to manage. In these cases, financing is a great help because it allows you to manage all the unexpected events in peace. However, it may happen that, after a certain period, the needs change or unexpected events arise and the reimbursement becomes difficult. In these cases, to avoid delaying or skipping the monthly payment of the installments, it is possible to renegotiate the loan and lighten the installments, making the amount more sustainable.
Let’s see together how to renegotiate a loan.
How to renegotiate a loan
It is good to know that lenders are not obliged to renegotiate a loan, however, if the applicant finds it difficult to pay the loan installments , they are likely to remodel it. This is because it is in the interest of financial institutions to obtain the regular repayment of the loan.
The procedure for renegotiating a loan is the same as for new requests: you have to apply, provide the necessary documentation and wait for approval by the lender.
In order to be able to renegotiate a loan it is important not to have delayed the payment of the loan installments in progress because otherwise there is a risk of reporting to databases such as Crif and therefore also renegotiation.
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Loan renegotiation approved, three options are possible:
- Pay off the current loan and take out a new one;
- Remodel the loan by lowering the amount of the installments and lengthening their duration;
- If you have at least two ongoing loans you can apply for a debt consolidation.
In some cases it is also possible to suspend the payment of the installments for one year. It all depends on the type of contract, on the events that make payment difficult and on any insurance , such as that on job loss.
Debt consolidation is the best solution when you have several ongoing loans. In practice, it allows you to unify all the installments of the loans in a single monthly and with an amount lower than that of all the added installments. It therefore makes it possible to extend the term of the loan and also to request additional liquidity .
Do you need a loan or debt consolidation? Request a quote online now! The service is totally free.