Of course, this does not mean that people working in government institutions do not experience similar problems. People who take out loans from banks for any reason may lose their jobs after they start paying their loan debts.
The reason for the loan; mortgage loan, consumer loan, or any other loan requirement. Regardless of the type of loan drawn, there are several methods and precautions that can be tried when and when such a situation is encountered.
When you are unemployed after taking a loan
We can say that you do not have many options. When you face such a problem, the first step that can be taken is to communicate with the bank or banks from which you have taken credit. In such cases, we see that some banks, according to their own initiative, can go to solutions such as deferring the debt for a certain period of time.
However, we can say that this depends on the credit policy of the bank you are working with, your credit rating or directly on the bank’s decisions regarding such situations. If you are unemployed while paying your credit debt, we recommend that you speak to the authorities of the bank you are working with first.
If the bank from which you withdraw the loan does not agree to postpone your debt for a certain period of time, you can refer to the other option, the configuration. Although your bank does not delay the loan, it can change the number of installments and therefore the amount and accept the payment of the loan in the long term with more affordable fees. In this way, you can pay your loan until you find a new job and start working with both your unemployment salary and savings.
Unemployment insurance is one of the options you can use if you are unemployed while you have credit debt. However, you must make this insurance at the time you get the loan. In other words, if you did not evaluate this measure when you take out a loan, it is not a method that you can evaluate after unemployment. You do not have to worry about paying the loan if you are unemployed by taking out this insurance during or after you have withdrawn your loan.
Unemployment insurance is an application that you can afford at affordable prices and will come to your rescue if you are unemployed. Thanks to this application, your credits continue to be paid even if you are unemployed. With this method, we see that many borrowers do not lose their credit ratings and that the process is free from legal proceedings. Of course, before you run the risk of not paying, you have to get insurance.
If you are unable to use any of the above-mentioned options such as deferring credit, changing installment options or using credit insurance, and are unable to make payments, then you run the risk of your debt going under legal proceedings. Here, the process is a 90-day process and legal follow-up begins at the end of this period. Then the bank transfers the process to lawyers or asset companies.
After Starting Legal Tracking
If legal proceedings are initiated, then you have the chance to try to deal with lawyers or asset companies. If an agreement cannot be reached with these persons, the process is usually completed with a decision on salary attachment.
If your salary is foreclosed and you have found an insured job at the same time, the salary is applied in a way that a quarter of your salary will be withdrawn from your account. If you do not have an insured business, then foreclosures are held and interest transactions are applied over your debt. If you are hired, the foreclosures that are on hold automatically come into play, and four-off deductions start on your salary.
Being unemployed during the payment of credit debt can happen to anyone. It is possible to prevent such situations with unemployment insurance before such problems occur.