Paying a bank loan, people sometimes face a situation of lack of funds to pay off debt due to the difficult financial situation. This is not a big deal, since a similar situation is not new. You should not postpone the payment, thereby creating a debt, but you should contact the bank as soon as possible to solve the problem. Restructuring a loan at VTB 24 for an individual is an opportunity for bank customers to conclude a new agreement on favorable terms with respect to the existing one.
What is credit restructuring?
Changing the terms of an existing loan agreement in order to reduce the financial burden is called restructuring. Do not confuse this concept with refinancing, the meaning of which is to refinance through another bank. When conducting a debt restructuring, the bank may propose changing the currency of payment, increasing the payment term, or even initiating a deferment in repayment of the main debt.
In order to use the service, you must visit the bank branch, where a loan was issued with a request to reissue. However, for this it is necessary to convince the employee of the department that financial circumstances have worsened due to certain factors. Confirmation of this can be a certificate from the employment center, medical certificates and other papers. When making a positive decision, the individual will be offered new terms of the contract.
VTB 24 loan debt restructuring
If the borrower appeals to the bank on time, even before the debt is generated, employees and management will always meet him in order to prevent delays and avoid legal costs in litigation. VTB 24 Bank, meeting its customers, offers the opportunity to reduce or skip a payment. For this, the bank offers such services as:
- Preferential payment;
- Credit holidays.
What loans are subject to restructuring
As practice shows, almost all loans received at a banking institution can be restructured. However, according to official information posted on the bank’s website, at present, only individuals who have taken consumer loans can use this service. Among them are the following products:
- Mortgage bonus.
On the portal you can see that it is possible to change the terms of the car loan agreement, but all questions regarding the reduction of the payment or the delay can be resolved by contacting the office that issued the loan directly. After the conversation, they will try to find a compromise. For mortgage loans, information on the restructuring is completely absent. The only mention concerns the refinancing of loans received for the construction and purchase of real estate in other banks.
The main essence of the “Preferential Payment” program is that it is possible to reduce payments at the initial stage. For this, three such operations are allowed. This is achieved due to the fact that all these times only interest on loans is paid, and the main debt is not paid off. Payments on it will begin the next month after the end of the offer.
"Credit holidays" are an offer for individuals, which consists in the fact that the borrower can skip one of the payments every six months. It is proposed to take advantage of this option no earlier than 6 months after the issuance of the loan, but no later than three months before the end of all payments. It should be understood that the missed payment does not go anywhere, and the payment term due to this each time increases by 1 month.
The refinancing program allows not only to reduce the payment on previously issued loans of other banks, but also to combine up to 6 existing in one, including those issued by VTB 24 (consumer, car loans and mortgages), which is convenient from the point of view of planning financial expenses. In addition, it becomes possible to simultaneously increase the payment term at a reduced rate.
How to restructure a loan at VTB 24
"Preferential payment" - a service that the operator will offer when applying for a cash loan at a bank branch. Restructuring of a loan at VTB 24 to an individual in the form of a “Credit Vacation” offer is also connected for free upon conclusion of a new loan agreement. If the loan was taken before September 2015, then you need to come to the bank office and sign an additional agreement.
The service is activated by calling the VTB 24 call center or by contacting a bank branch at any time, except for the day of monthly payment. For the restructuring service will have to pay 2,000 rubles. To refinance existing loans and credit card debt, you can fill out an application on the bank’s website or by contacting VTB 24. To do this, fill out an application and wait for a response.
It is not necessary for an individual to meet the special requirements when restructuring a loan. They are similar to those that are prescribed in the rules for obtaining a loan - to be a citizen of the Russian Federation and have permanent registration where the loan was issued. When restructuring a loan using the refinancing method, it is necessary to provide confirmation of the source of permanent income.
What documents are needed
As with obtaining a loan from VTB 24, employees will not ask for a large package of documents, but only a passport, which is confirmation that the client is a Russian citizen (you can also provide a passport if there is no simple passport for some reason). In the case of refinancing, an individual will need to provide a salary certificate and copies of loan agreements confirming the presence of outstanding debts.
Loan Restructuring Application
When choosing the services “Deferral of payment” and “Credit vacation”, you don’t have to write any application - the service is connected to individuals when applying for loans. If the loans were issued earlier, then you need to call the call center operators, although no one forbids visiting the bank branch and resolving this issue with the help of a VTB 24 specialist. When refinancing, you can take advantage of an additional opportunity and fill out an application on the site.
On the bank’s website, you can only apply for refinancing with the consolidation of all loans into one. It will be necessary to indicate personal data, gender, date of birth. They will be asked to fill in an email address and a phone number. In addition, you must confirm your consent to the processing of personal data. At the next stage, you will have to mark the place of work, if possible the TIN number, name of the organization, if the person works and the level of income minus income tax (13%), which then needs to be documented on a bank form or in free form.
Can I submit an application not in the form of a bank
No one forbids a person to write and write a letter to the head of VTB 24 with a request to consider his situation. There it is required to reflect the essence of the problem and it is advisable to document the difficult financial situation. This will facilitate the process of understanding. If a positive decision is made on the issue, the specialist will offer to fill out certain papers and individually inform about the option that, in the opinion of the staff, should help resolve the issue with the inability to pay off the debt.
VTB 24 loan restructuring - conditions
Depending on the conditions of the previously issued loan and the grounds to which the client refers with a request to restructure the loan, the possibility of a procedure will be considered. As a rule, the bank does not refuse in such a situation, the main thing is to apply until the moment the debt has formed, otherwise the employee may consider the borrower unreliable.
Refinancing can be secured and unsecured loans. Their prerequisite is that they must be issued to individuals in rubles and if at least 3 months are left until the loan is fully repaid, but payment has been made at least the last six months without delay. At the moment, the client should not have overdue debts.
In exceptional cases, banks resort to such a proposal as revising and lowering the interest rate to the lowest possible value. The application of the option is possible if the client borrowed money for a long time and at a large percentage. Then it will be offered to take advantage of the current offer of the bank and to loan under the terms of new agreements in order to repay the previously issued loan. Having resorted to refinancing and combining all loans into one, it is worth counting on 14.5-17%.
If you take advantage of the “Credit Vacations” offer, then you can use the deferral every six months, and if you choose the “Preferential Payment” product from VTB for the whole 3 months, pay only interest. When refinancing and combining loans, a lending period for individuals will be offered in the range from 6 months to 5 years. It should be noted that the longer the time during which the debt is paid, the greater the overpayment, despite the fact that the monthly payment will be less.
The amount of money a client can count on when applying to VTB 24 for loan restructuring directly depends on the amount of debt on previous loans and monthly income. Here the main rate will be placed on the loan term in order to reduce the credit burden due to the difficult financial situation. The borrower does not come to the bank for a new loan (unless it is used to pay off the debt), but for the opportunity to reduce the monthly payment, because this is the restructuring of VTB 24.
For VTB 24, like any other bank, it is important that the client repays the debt in a timely manner, rather than withhold the problem and try to hide from liability. Such a story entails an increase in the principal amount of the debt, since not only interest will be accrued, but also interest, fines, commissions, etc. Subsequently, the arrest of mortgaged property of an individual is possible, if this is specified in the contract.
If you analyze all the offers, the repayment options may be different: with the possibility of deferred payment, increase the term of use of the loan or on the terms of a newly issued loan. For debt repayment options for depositing funds through:
- bank cash desks;
- ATMs and self-service devices;
- the Internet;
- post offices;
- Golden Crown network.
What to do in case of refusal to restructure the loan
If the bank refused to restructure the debt, you can re-write the application by collecting the missing documents. It is also recommended that you receive a written response stating the institution’s position and the reasons for the refusal. With this instance, it will be possible in the future to go to court to resolve a contentious issue. For the judge, this will be direct evidence that the client was trying to solve the problem. In addition, you can use the services of other banks and refinance an existing loan on favorable terms there.
Valentina, 24 years old. Since I graduated from university only a couple of years ago, my salary is still small. Making out a cash loan for unforeseen needs, I took advantage of the restructuring proposal, more precisely, the deferred payment of the first months of using the loan - a very convenient service.
Vsevolod, 37 years old I am a regular customer of the bank, I have a salary card, so I pay for loans online. He issued a consumer loan "Mortgage Bonus" for a maximum period of 5 years in addition to a loan for an apartment. Since the credit load is large, "Credit Vacations" has helped out more than once.