Guide To Suspending Loan Installments: Credit Loans
Do you find yourself in a moment of temporary economic difficulty and would it be convenient for you to meet the loan installments or mortgage for some time?
Know that there are several tools that could allow you to get this result on small loans or on the most important loans and that most of them are within your reach!
Think, for example, of loans to protesters, fast online loans without guarantees, or even the 2017 online microloans!
So let’s summarize for you what are the ways you are granted, and what are the requirements you should have to access them.
Suspension rates too high
Before entering into our current focus, let us remind you that prevention is better than cure, even in the financial field!
Therefore, if at the moment you are preparing to request a fast online loan or a mortgage , always carefully evaluate the ratio between the installments and the net income , avoiding that the former are more than 30% of the latter.
Personal loans: get up to € 60,000
Also evaluate the various scenarios you might encounter . Ask yourself therefore if your income is stable over time or is variable, and if in the event of a reduction in your salary you would still be able to repay the debt regularly or not.
In short, it tries to carefully plan the time to come, dedicating all the space it deserves to this theme.
Once this little introduction has been clarified, let us try to understand what are the tools for suspending the mortgage repayments that you can activate today, and how to do it.
Moratorium on mortgage installments suspension
The first tool that we advise you to evaluate is the moratorium on the loan installments , already introduced with the 2015 stability law, and still in force.
The activation of the moratorium is rather simple. All you should do is go to the bank where you have taken out the home loan , and express your needs. A moratorium is a tool that will allow you to request the suspension of payment of the installment of the principal of your mortgage , while you will continue to pay the interest provided for in the repayment plan .
After a brief preliminary investigation, you will receive confirmation from the bank that for 12 months from the request you will only pay the interest, and not the principal amount.
As regards the time taken to use this instrument, although we believe it is probable that it can be further extended with the 2018 Budget Law , if interested we advise you to hurry up: the request expires at the end of 2017, and is still valid only for mortgages contracted for the purchase of the first home.
Also remember that there are some specific requirements that you will need to demonstrate to possess and respect in order to have access to this particular form of help.
In particular, in addition to the aforementioned element of the first home mortgage contract, it is necessary that you have met a rather serious event, responsible for the imbalance that led you to request the suspension of the mortgage payments:
- job loss;
- suspension or reduction of your working time for at least 30 days;
- serious injury.
Finally, as we have already mentioned to you, the suspension of the loan installments is not total, but only concerns the capital portion of the loan installments. This means that in the 12 months of suspension, you will still continue to pay interest. In addition, the equity shares to be suspended for will be appended to the original amortization schedule, with the mortgage therefore expire one year later.
Suspension of mortgage installments with the solidarity fund
Another rather important tool that will allow you to obtain the suspension of loan or mortgage payments is represented by the activation of the Solidarity Fund.
The Solidarity Fund is a somewhat more powerful tool than the moratorium, given that it has a suspension period of 18 months, which allows the suspension of the entire installment and not only of the principal amount.
The merit of this greater advantage is linked precisely to the activation of the Fund, which will pay the interest quota to the banks for you, thus allowing you to benefit from a rather important subsidy for your situations of need. Unsurprisingly, at the end of the 18 months you will have to return to repay the remaining debt.
As with the suspension of mortgage payments with a moratorium, even in the case of access to the Solidarity Fund you will still need to have some very specific requirements, such as:
- the loan amount must not exceed 250 thousand euros;
- the mortgage must necessarily be used to purchase a first non-luxury home;
- the first year of the original repayment plan of the loan must have been paid in full;
- your income, as the holder of the loan, must not exceed 30 thousand euros.
Request the suspension of mortgage payments
Whether you intend to request the suspension of payment of the loan installments by accessing the moratorium, or if you intend to access the Solidarity Fund, requesting these benefits is quite simple.
In fact, what you need to do is go to your reference bank and fill in the documentation that will be provided to you.
The bank will evaluate the possession of the requirements that above we have been able to summarize for you, and within 20 days from the date of submission of the request will proceed to give you a timely reply regarding what will happen to your mortgage.
If you want to know more about the forms of facilitation and support that are guaranteed to you when you might face some financial difficulties, we suggest you contact us: we will talk together about all the opportunities that are given to you, and how to activate them in the shortest possible time!