How to terminate the loan agreement

How to terminate the loan agreement
If you think that the Bank does not comply with the conditions of the contract, the loan agreement, you can always break. But before we do this, should familiarize themselves with a couple of nuances.

Just note that peacefully terminate the loan agreement can be only in one case, when the Bank and the borrower voluntarily willing to terminate their relationship. The agreement, which States the total amount of the debt, the amount of interest and the maturity date of the loan. Under the agreement the borrower quickly extinguishes the debt and its obligations to the Bank shall be deemed to be fulfilled.

Much more difficult will have to if they want to terminate the loan agreement unilaterally. To do this, you must file a statement of claim in court and make a decision.

On the part of the borrower to the credit contract can be terminated, for example, that the Bank without the approval of any changes made to the document. Or the lender delays transfer of loan or grants money in full size.

Borrower can request cancellation of the contract in connection with the illegal charge commissions, unspecified fines. If the bank fails to respond to the claim within 30 days, you may file a claim in court.

The Bank has much more reason to pursue a claim in court. Bankers may demand termination of the contract in case the borrower violates the terms of the agreement, did not pay the loan, does not pay fines, interest. The reason may be the loss of the subject of the pledge, the diversion of credit fraud in obtaining the loan.

What do you think, if one day will find millions of dollars in your account? Certainly imagine an unknown uncle, who decided to leave you all his inheritance. Well if so, but more often than not, the reason fell off the wealth becomes banal banking error.

Why do errors occur? May impact fatigue. For example, an employee of the Bank in Germany was about to transfer to 64 euros, but dozed off in her sleep and pressed the digit 2. In the end the client got a 222 million euros. The error, however, quickly corrected, the money was returned.

The cause of the errors is inattention and technical glitches. In Tunisia thanks to a banking error a waiter became a millionaire. He asked the Bank transferred him to 120 dinars, but the Bank has somehow dropped to 120 million dinars immediately. An honest waiter reported in Bank error, because, according to him, the Bank has a lot of friends and he would not want them to cheat.

However, the Bank’s clients can not always resist the temptation. So, a resident of New Zealand had in the Bank for a loan in 100 thousand. New Zealand dollars. It approved the loan, but due to an error was 100 million dollars. New millionaire did not wait for interchanges and taking the money, went on the run.

This story has a sad finale. As it turned out, the New Zealander hiding in China for a long time, and when he returned home after many years, he was arrested for fraud. The penalty incurred, and his girlfriend, with whom he spent the Bank money.

Sometimes the error committed by the customers themselves. The owner of a barber shop in the uk has decided to transfer part of their income on account of a major construction company. But when filling out the documents she had made a mistake in one digit. As a result of 2 years of her money was unknown. During this period, the woman managed to translate the 40th. dollars. When she contacted the Bank to return the money, the Bank refused to do so, as the recipient of their already spent.

Maybe borrowers their credit, soon to be time without any penalties from loans. The client within 10 days to return the loan in the Bank, paying only for the time of the actual use of the money.

These amendments propose a Deputy of the State Duma Anatoly Aksakovym in the Bill on consumer crediting. The essence of the amendment is to provide customers with so-called “cooling” period, during which borrowers will be able to think and decide whether they need this loan or not.

If today the Bank of ways lets return has already been issued to credit, with the adoption of the law by the clients, who registered potrebkredity will be 10 days to return the money without any penalties, commissions of the Bank. For larger loans such as mortgages or auto loans, predsmotren, “cooling period” in 30 days.

Thus it is necessary to consider that even if the customer wants to return the money in time, you still pay interest on the loan. Otherwise, as experts fear that many people will take out loans for 10 days to survive until payday, then all will be returned, without paying a single ruble.

Today, it is also possible to reject the loan without penalties, but only if the loan had not yet been issued. This procedure is especially popular in mortgage lending. The borrower takes the application into multiple banks, waiting for approval, and then selects from the list permanently. Bankers mortgage decision leaves in place 2-3 months.

Among the lines of credit with the highest number of client failure specialists provide car loans. The reason lies in the mechanism of applications received: most applications come through car dealers, who send them to multiple banks. Thus, the reason why is customer care to another bank.

Micro-stakes are high enough, but things can change with the adoption of the amendments to the law on microfinance and microfinance institutions. ”

Micro-credit differ in that they can obtain in a short time people with any credit history. In fact here and credit history is not necessary because MFIs rarely cooperate with the credit bureaus. Select a loan here.

These are different kinds of scammers. The fact of the matter is that in the State Register of microfinance institutions (MFIs) have already recorded more than 3 thousand. companies. For scams expanse — take in each company on microcredit and don’t hurry. return it. Banks that focus would not have passed. If the borrower has already have a loan, it’s noted in your credit history. The Bank sees that the client does not pay the loan, and refuses to issue a new one.

And MFIS without cooperation with the credit bureaus are suffering heavy losses, and this is reflected in the high rate of interest. The situation may change the amendment, which will oblige all MFIS to send information about borrowers in the credit Bureau.

In addition, it is assumed that each MFI will post the full amount of the loan in large print on the first page of the contract. Another innovation is the prohibition to be advertised in the media for those MFIS that are not in the unified State Register. The measure would clear the market of firms-somethings ephemeral deceiving citizens.

According to the President of the national partnership selected microfinance players Mikhail Mamuty, these amendments, as well as other measures will eventually reduce the cost of micro-credit on 3-4 per cent.

We remind that microfinance institutions to their clients have the minimum requirements. To obtain the credit you need only a valid passport. Small amounts of 2 to 30 thousand. rubles.

The law on consumer credit continues to grow into new additions. If more recently officials have proposed amendments that would protect the debtor, now deputies are ready to assist bankers in the question of penalties. 1: 1.

The Deputy Chairman of the State Duma Committee on financial market Anatoly Aksakov developed amendments that set the fixed size of a penalty for overdue loans. According to the newspaper Izvestia, “people’s elected” offers set fines at a level -0.1 0.05% of the outstanding amount for each day of delay.

Today, as we have informed, the penalty is tied to the refinancing rate of CB and is 1/360. Given that now the rate is 8.25% Apr, the amount of the fine in 0.02% per each day of delay. The deputies want to increase the current amount of the fine is at least 2 times, for a maximum of 5 times.

Its decision the deputies explain that soon the refinancing rate will be reduced, and thus debtors would pay less in fines.

You have to believe that increasing the size of the fines the legislators care not only about increasing income of bankers, but also try to improve credit discipline of Russians, which tends to deteriorate. According to the National Bureau of credit histories, for the year of debtors in Russia for 5 or more credits increased 1.5 times from 6.3% to 9.6%.

However, if the costs increase the discipline of borrowers, it is best to start with the banks. According to first Deputy Chairman Eugene Genbanka Luzina, some credit unions boldly zakreditovyvaût its customers, receiving a further long overdue or small client exits on delay. “All the same culture of consumer loans originated in our country very recently, and we must warn our borrowers and sometimes stop them from making hasty decisions in getting credit,” said the expert.

Share credit with the divorce?

Share credit with the divorce?

Every year in the country file for divorce about 700 thousand. couples and many of the outstanding loans. Who should pay for them and in what proportion?

When a marriage is falling apart, the accumulated credits it will not skleat back. On the contrary, mutual accusations and refusal to pay for the debts only accelerate collapse. But who in the load will get credits?

By law, if the loan is taken by one of the spouses, it is common for the whole family, regardless of who he is.

But here are a few subtleties. The loan, for example, can be made for personal use of the husband or of the wife. One of them took a trip to Egypt and rested on glory. Since the loan is spent not on the needs of the family, then pay it to the one who scored and spent. But if a loan went to the apartment, the refurbishment would have had to pay the price and husband and wife.

Given this point, one should not fear that your other half earns credits. The Court still consider, to which the money was spent, and on that basis decide who will pay for the debt.

Another consideration is the Division of property. It is important that the proportions of ex-spouses share the acquired property. If in half then and debts on credits, you must also share in half. If someone takes only one third of the property, he needs to pay only one third of the remaining debt on the loan.

And it’s best to enter into a marriage contract. There is written in have in a divorce, that is, who pays the debts. Very convenient.
Such in the history of the Russian financial system yet. The CENTRAL BANK raised its key rate under the cover of night and immediately at 650 basis points to 17 percent annual interest. It is clear that if he did so in the afternoon on Monday, the economy could not escape the collapse yesterday. And the management of the Bank of Russia of the political scandal. However, that did not happen on Monday, now will unfold in the coming days.

The night of 15 to 16 December will forever go down in history of the Russian financial system. 16 December, some hours of the night on the website of the Central Bank reported an unprecedented increase key interest rates from 10.5 to 17 per cent. It appears that the Board of Directors of the CENTRAL BANK had a difficult evening: the ruble trades heavily in the decline against the dollar and the euro. The us currency rose for the day at 6.27 ruble (ruble 64.45 up), the single was at 6.59 (to 78.87).

As a result this morning we woke up if not in another country, in a new financial reality. The majority of those who on the eve of the ”hard currency” pounded the stock exchange, already asleep. And in this sense the counter-attack caught the Governor off guard. Even if the ruble kept vigil, ”bears” a bit by the balance of the glorious battle, they have still not been able to at the old rates for next day move of the dollar and the euro to new records.

Bank of Russia justified this decision ”to restrict the substantially increased recently, devaluation and inflation risks.” However, this decision raises the risks of an entirely different sort of already-recession, bankruptcies and rising unemployment.

The more reeling ruble is the less stock news remains the economy. Over the past year, the majority of the population visited first warlords. Now it is the turn of ”economists”. But precisely because of the rapid ”popularization” impartial and unbiased assessment of the situation in the domestic finance can be left outside. The economy in Russia now becomes a function of policy or, more precisely, the tension.

That, however, does not negate the monetization of personnel or other radical decisions taken against the backdrop of the financial ”popular hangover”. But the number of beneficiaries will be as little as the number of those who make money on ”Russian roller coaster”, while the rest of the unlucky investors with special posters urging that the coming century Russian history ”more important than the stock market.”

Elvira Nabiullina, sources say, head of the CENTRAL BANK now is praise. But we will hold true to its assessment that the 4-5 per cent to the pace of the fall of the ruble added panic people, it’s hard to doubt. Did that throw with one to two percentage points, taking into account the landslide, as quoted statement was made last week. Even before OPEC announced the refusal to reduce the prey even at 40 dollars per barrel and all domestic ”deep economy” rushed to buy foreign currency with new force.

A simple truth, that the ruble is a derivative of oil quotations, now does not just lazy. With peaks in July, the cost of black gold has dropped more than 40 percent. Similarly behaved and the Russian national currency. And panic the population has become a reality. Some carried the stock exchange recently attracted rubles, others are hard earned. In the end the latter provided the first very good margins, settle with creditors and allowing, and demanded not to stay. And ”shells” is, at best, remained with her.

The Prime Minister, Dmitry Medvedev, may have been not quite accurate in numbers, but in fact do not sin against the truth when, in a recent tv interview remembered situation 5-6 years ago: ”some of our people ran in the exchangers, naturally, in order to quickly convert dollars to another currency is in us dollars, euro. But the ruble has been strengthened since, with somewhere around 25-30 on percent against those values that were achieved at the peak of the ruble weakening in 2009 year and those who had put their savings into dollars into another currency, simply lost money.”

The other thing is that by trying to somehow prevent citizens from currency games, head of the Government said ”a” without saying ”b”. Referring to the possible loss of buyers of dollars and euros, while strengthening the ruble, Medvedev did not encourage those who are now losing its weakening. For example, owners of ruble deposits simply denied the impressive part of their savings. And holders of foreign currency loan mortgage not so much to their debt management of the Cabinet of Ministers concerned, as well as about the solvency of major Russian companies.

But what about the business, the unpredictable devaluation leaves no chance of any adequate planning and that, in order to minimize speculative losses, forced to install far from ”Christmas” price tags or go on ”e”?

When such a path are landlords, restaurateurs, car dealers, retailers and the like, this is no longer exclusively a problem ”the hucksters” and becomes the new additional percentage points to the rate of inflation. And consumers looking for a price even more stocking up the feast, monetary units, whose purchasing power had been unable to question.

In the end, trying to break the cycle, the Central Bank does what he did last night, ”adds a key rate by 6.5 percentage points. Value of loans provided by the Bank in the country, now reaches 17 percent per annum. This means that even more overhead not only games with foreign currency, but also investments in any business, quite far from the course and exchanges.

If devaluation had some benefits in the form of lower costs for exporters and revitalize industries, focusing on import substitution, is the high cost of the loans of their defeat. And ”contributions” of the Central Bank in the coming recession cannot be overstated. But the outcome of the transition to a floating exchange rate would be far less dire, as the banking regulator and the establishment of mechanisms to minimize currency risks of domestic business. Not only limited to the commodity ”national champions”.

The mechanism described above have already started coming undone. Just one day Federal Government bonds have lost up to 10 per cent of its value. And corporate debt securities fell more than 8 percent. ”This weakening rouble debt market could be much more painful than the accelerating devaluation of the ruble,” said Deputy Director uk ”pallada” Alexander Baranov.

So it turns out that the CENTRAL BANK chose last night between bad and very bad. On one side of the scale was devastating to the financial system to panic the population, on the other, an end to economic growth and recession. The CENTRAL BANK has decided to sacrifice economic development. But whether he chose the best option, we will see very soon.

Raising the key rate to hit people. In the near future, we no longer will see rates on consumer loans below 30 per cent. Unemployment is believed to be the experts, can grow up to 10 in the spring, and in selected industries and to 15 per cent. But real estate prices will fall. Per cent to 40. And the rating agencies almost certainly will reduce the country’s sovereign rating to ”junk”. However, the interviewees ‘ Tape Ministry business representatives hope that the key rate at 17 per cent will last for long. And will be reduced after the fall of oil prices will stop. The question, when will it happen?

How to pay less for the loan

There are situations in life where unforeseen reason deteriorating financial condition. As a result, there is no possibility to pay the amount on the loan. In this case, it is better to go to the Bank, rather than wait until he fails to file a complaint with the Court. There are several options to reduce mortgage payments.

1. restructuring of the

The lender is going to make concessions at the request of the borrower. You can ask to extend the loan for a long time, resulting in a reduced monthly payment. This option is ideal if the Bank does not change%-th rate throughout the period of the loan.

Also, you can ask for credit vacation. This possibility does not repay the loan for some time. Often at leasing using the following scheme. It is possible to agree only on the credit percentage, or an individual schedule of payments.

Another type of restructuring is complete or partial repayment of the loan by the Bank itself. This option is used in very rare cases. More often written off only interest for payment.

2. Refinancing

This is an opportunity to take a new loan in your or another bank to pay off the old loan on more favorable terms. First you need to go to your own bank about such a proposal, but not every bank wants to refinance their loans. Then, you should find the right bank with the best conditions. We have a very active competition among banking institutions. You can easily find a lender that will give consent to such an operation, the important thing is to have good credit history. Extinguishing the old loan, the borrower must pay the new, but with less interest.

3. Consolidation

The ability to consolidate all their loans from different banks into one. The advantage of this option is that you don’t need to run on all banks to arrange a debt solution. Often the interest rate falls to the borrower failed to pay all the debts. If possible, you will receive a loan online.

4. return of the Banking Commission

You can submit a claim to the Bank for a credit account. Indeed, the jurisprudence of the illegal Commission, and if the charges are valid, that is, the possibility of their return.

Taking any of these options, be sure to consult with an experienced financial expert. And next time, before you receive a loan, calculate their income, a few steps forward.
Regularly resorting to short-term consumer loans, the majority of Russians do not think that trying to get a large sum from the Bank with great maturity, for example, a mortgage may be doomed to failure, despite sufficient amount of stable earnings. The thing is that every bank has a list of professions, representatives of which do not issue mortgage loans. And in this case we are not talking about illegal activities. So what is taboo?

5 professions that are restricted

Any Bank taking the decision to grant loans, primarily evaluates the ability of the borrower to pay a loan without collateral and guarantors. The ability to regularly pay a fixed amount of money depends on the stability of earnings, and hence in the risk zone, first of all, enter a profession where the piecework pay, as well as those where the work contains risk of life or have difficulty confirming income. Therefore, before you apply, make sure that the chance of getting a loan really is. To this list include:

1. individual businessmen. Their chance of loan is extremely low, because the Bank has no opportunity to test the adequacy of earnings. Of course, we are talking about small business owners, which has small and unstable incomes.

2. Lawyers and notaries. This category also could not confirm income and boast of stability.

3. Real estate agents. Alas, but representatives of the profession, as well as the previous one, are among the unacceptable. Moreover, more recently, in a period of crisis in the real estate market, the chance to issue the mortgage of this profession amounted to zero.

4. the military and rescue workers, racing drivers and animal trainers because of the high risk of disability are also undesirable borrowers, as the loss of income, even temporary, entails undesirable consequences for the Bank. In the event of a significant increase of overdue credit institution may face a shortage of working capital. This situation is fraught with the inability to make an ordinary expense in an operation, for example, to issue the requested amount from the deposit of physical entity. So mortgages are also available online.

5. the judges. This profession was in favour, in spite of higher income, because its representatives have immunity, therefore, recover debts is not possible.

Of course, the chance to still get a loan, regardless of profession, there is always a suspect. The situation will improve co-borrowers, guarantors, as well as various property and other assets in property.

Financially illiterate customers to Bank profits or a problem?
However, if you take a look at the other side of this coin, it can be seen that the vast majority of our citizens simply are financially illiterate. This does not indicate a poor education, but at the same time makes review the policy awareness of clients of banking institutions. Often, the differences start with moments of the maturity date of the debt.
In such moments the customer becomes aware of the contract which he has not even bothered to read the sign. Any lawyer to advise on contentious issues first cautions: ”in any document always read the footnotes on the text written by the fine print! Because there you will always wait for surprise! ”, read the article what are the” Hidden techniques of sales of banking staff. ”
The second problem arising between the Bank and its customer, is the constant cash withdrawal with credit cards. The borrower did not have questions: how much will be paid, how much will credit interest charges when withdrawing cash and what is the amount of the subscription fee for using the card. Hence the third problem is the lack of solvency of the borrower. What to do in this case, read the article ”how to convince a bank to give respite”.

That is why, before the cooperation with lending institutions, you must have at least a basic set of information on these organizations. Otherwise, it will cost you not only the loss of large sums of money, but also a bunch of nerves.

Dynamics of progress
Learning process of the banks is uneven, but it is safe to say that the awareness of people gaining a positive turn. Perhaps, in the coming five years the citizens of our country will be able to communicate with the Bank on an equal footing. Despite the high demand for credit funds, its available funds under the clients ‘ deposits to have been slow.
This is due to a number of negative reviews, and rumors about the banks finance their customers. Soberly and wisely judge the performance of the banks can only a few, because of their awareness and understanding of the activities of financial institutions.

The main users of banking products are people aged from 18 to 45 years old. But among the people of the older generation, there is also the percentage aware or seeking to understand and take advantage of all the benefits of banking services.

Deep knowledge of customer’s quality is determined
When a client becomes a question of knowledge-and whether the competent client to the Bank? If you respond immediately, without hesitation, the answer would be obvious. Based on the logic of the client to the Bank is profitable, such as illiteracy illiterate client it is possible to hang and then enforced. But such an approach by the Bank does not apply.

Borrower’s illiteracy is a problem for payment credits, and illiterate contributor at the first news about the instability of the market will run in the cash Department of the Bank to withdraw their savings. The Bank, which aims at long-term cooperation with customers, quite the scene things will rejoice.

Micro-finance today operate as banks, and special organizations. Banks essentially issued the micro-loan small and medium-sized businesses. Individuals can also get micro-loan in the Bank, but there are very few offers on the market. Size of credit limit is fairly small, about 10-20 thousand. rubles. Rates vary in the 50% per annum.

For the best micro-contact the microfinance institutions (MFIs). They are quite a lot of the market, and they are actively working with the public. Generally, citizens are taking micro-loan to stretch up to the salary. As a rule, the period of credit is small, so the high interest rates are felt not so much. The average rate of 2-4% per week.

Many MFIs to take microcredit online. The borrowers leave a request on the website of the selected company. After some time at the address to the client leaves the Manager, who meets with the borrower, asks him to answer some questions. The Manager tries to examine housing and make conclusions about the client’s solvency. If the issue does not occur, the borrower receives a plastic card with the money.

In case of further Bank online, count on the arrival of banking staff do not have to. Most likely, the client must come to the Office to pick up the approved microcredit.

By the way, if you do not want to wander on the sites of various banks and companies. Here you need to request a credit of only 1 time, and managers, according to your conditions, they will choose the best credit offer.

Micro-loans are convenient for their registration only requires a passport and a minimal amount of time. In return, of course, the customer has to pay a high interest rate, but in extreme cases it can always rely on emergency financial assistance.