Losing a job does not exempt you from the loan, but gives you the right to renegotiate the terms

MOSCOW, September 27 – RIA Novosti. Losing a job does not terminate the loan obligation, but gives the right to review the terms of its repayment, the head of the department of global financial markets and fintech at the Russian Economic University told the Prime agency. G. V. Plekhanova Svetlana Frumina.

According to her, the borrower needs to assess his real capabilities and notify the bank in writing about changes in his financial situation, attaching supporting documents.

“When contacting the lender, you should clearly indicate the reason for the decrease in income and the desired solution: for example, what payment to make or what deferment will be required. Depending on the type of loan, you can apply for a credit or mortgage holiday,” says Frumina.

Depending on the type of loan, you can apply for credit or mortgage holidays. Thus, according to the law on consumer credit, a borrower can receive a grace period of up to six months if his income has fallen by more than 30%. It is also worth checking the insurance contract: if loss of work is included in the insured events, you can apply for payment.