Tuesday, 15 July 2014

The suspension of repayments

Probably most people associate the suspension of loan repayments only to the area of ​​mortgage loans. The so-called vacation credit, however, are also possible in the case of loans and cash loans. How to perform and how much the suspension of payments?

The principle of analogy

Suspension of loan repayments becomes very useful if you need to cover unexpected expenses, or simply when we note that the repayment of loans becomes too burdensome, and we want a bit of repair wealth household budget. It should be noted, however, that not all banks offer this kind of opportunity.

To take advantage of the holiday credit should first contact the bank and see what form should request the suspension and the time for which payment may be deferred installments. The delegation of the proposal itself should not pose any problems. Some institutions have a ready-made forms, some of them simply requires written justification loan holidays, and still others simply forwarded the request to the employee and deposited into the bank. Remarkably, part of the institution allows you to use vacation credit after several months from the time of entering into the commitment. Of course, the bank does not agree to suspend repayments if the previous installments were paid irregularly, or with a delay.

How much does it cost?

However, we must realize that the temporary suspension of repayment of loan installments usually is not free. For using credit holidays so we will have to pay from a few to tens of dollars. Importantly, some banks require not only pay the commission for granting the suspension of payments, but also charge a fee for the preparation of an appropriate addendum to the loan agreement, or loan. The cost of such an annex to the cash obligations should not exceed 50 PLN. Although the cost of loan holidays seem to seemingly small, they are nevertheless a further expense associated with servicing the loan, so before using this feature, let us consider whether the suspension of repayment we actually needed.

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