Credit

If you are unable to make a payment on the due date, contact the creditor and make arrangements to agree on a new due date or a new payment plan.

Calculate how much the shortening or extending of the loan period would increase or reduce your monthly payments. Compare the monthly installment to your disposable income and determine whether you are able to make the payment.

Extending the loan period is one way of reducing the size of the monthly payments. As that option is generally available to you later on, it may not be a good idea to agree on the longest possible loan period at the outset.

You can also try to combine your credits, which will make it easier for you to manage your finances. It is worth your while to have all your small credits combined into one bigger credit, because in that case you will only pay the costs of one credit.

The option of an amortisation-free month

If necessary, you may request an amortisation-free month in which the loan is not amortised. However, you will still need to pay interest during such months.

If you decide to request an amortisation-free month, try to agree on a mode of payment that suits you best. For example 

• you can make two payments in the following month
• spread the unpaid installment over the remaining loan period
• extend the loan period

Unemployment or illness can be a basis of a new payment plan

The credit provider can withdraw the credit on basis of a delayed payment, take the sold goods back or initiate another consequence if it has been agreed in the credit terms and conditions.

If the delayed payment is due to a long-term illness, unemployment or another unexpected change to the ability to pay, you can invoke them and ask for a new payment plan. In such an instant the credit provider must provide the consumer with instructions on how to proceed.

If, after receiving the new payment plan you still don't pay the overdue instalments by the last possible date due, the credit provider can withdraw the whole credit.

The requirement for withdrawal of credit is that the payment has been delayed for a minimum of one month and the delayed amount is a minimum 10 percent from the original amount of credit, or in case of several delayed payments a minimum of 5 percent. The withdrawal will take effect four weeks after the date of the credit provider's notice of withdrawal. If the consumer has previously been notified about the delay, the withdrawal period is two weeks. If the consumer pays the delayed payment during the period of withdrawal, the withdrawal will become void and the new payment plan is resumed.

The option of making early payments for credit

If you wish to pay back credit earlier than agreed, contact the creditor and discuss the matter with him.

You are entitled to pay off your credit in its entirety earlier than agreed . This can help you save in the costs of credit.