the Procedure of transmission of credit obligations to other person is difficult process which requires preparation of the whole document package and takes a certain time frame.
At any time in life of the borrower can arise a situation when he is not able fully to fulfill the undertaken obligations for a loan. Most often it is caused by different financial problems and deterioration in the state of health of the client. It is possible to solve such problem by renewal of the loan agreement on other person.
the Possibility of renewal of credit obligations
Articles 389 and 391 of the Civil Code of the Russian Federation regulate an operations procedure when holding a procedure of assignment of a credit debt to the third party. Such action is possible only with the permission of the credit company, it shall be notarized in case of the written consent of the new borrower.
As any actions connected to movement of borrowed funds have certain risks, credit institutions very reluctantly go for renewal of debt obligations. It is rather difficult to receive consent to assignment of a debt to the borrower who was honestly fulfilling the undertaken obligations for return of borrowed funds.
of One of causes of failure can become unwillingness of the credit company to move additional checks of the new client on already issued loan. As the additional insurance higher credit rate can be used. In case of consent to carrying out assignment, the borrower shall be ready that true interest cost will be increased due to assignment of additional fees.
Though similar actions of the financial organization do not contradict norms of the current legislation, they wholly are directed to prevention of carrying out transactions on renewal of credit obligations.
the Order of renewal of a loan
Process of renewal of credit obligations, whether it be a loan on purchase of the car, the mortgage or a simple consumer loan, has the strict sequence:
2. To pick up the candidate of the person who will agree to renew on himself current credit commitments. Most often in this role any of the close relatives of the borrower acts.
3. It is also necessary to address the staff of the credit company and to get advice about a possibility of carrying out assignment of a loan and an operations procedure.
4. Having received consent from payroll company, to collect a necessary document package and to submit application to the creditor.
On reviewing of the application and decision-making 10 days. In the same time the check of the receiver which shall conform to all made demands is made.
of V sluchaye esli bank makes the positive decision, there is a cancellation of the old credit agreement and the loan agreement with the new borrower is signed.
to have more chances of renewal of the credit, to the borrower it is necessary to submit the documents specifying loss of a possibility of execution of credit obligations. It can be the service record in which the appropriate record, the copy of the order on dismissal, helps is made of medical institution or the sick leave note.
in case of origin of urgent need the credit institutions agree to renewal of the credit. The exception is made by long-term property loans. As all mortgage loans have high cost, in case of agreement signature the banks very often require attraction of sozayomshchik and granting mortgage property as which the acquired housing usually acts. Therefore in case of rewatching the contract of a mortgage not only the large number of documents, but also change of the owner of the mortgage real estate, the right to which will be required it will be assigned to the new borrower.