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Defaulted on loans/credit card, Forgot to opt for Moratorium. Now what?

By: f2cpvtltd

Have you recently defaulted on any loan?

Or couldn’t clear credit card bills due to the financial crunch?

Keep following to get back on track: Moratorium

The sudden covid-19 outbreak disrupted the entire world overnight. There would hardly be any person who wasn’t affected. The pandemic invited uncertainty & stress in the form of thousands of job losses, hefty salary deductions, debt & loss in business. To offer some relief, the government introduced the Moratorium facility. But instead of relaxation, it only enhances the stress exponentially due to the following reason. 

  • The Moratorium wasn’t a proactive reconstruction program but was available on request only. 
  • Customers who weren’t tech-savvy couldn’t request it on time, resulting in overdue every month.
  • Most of the consumers assumed that they aren’t entitled to make any payment for six months.
  • Due to reduced staff, the banks were also unable to offer the best of their capabilities.
  • Banks used their discretion and didn’t offer a moratorium to every customer.

The assumption of consumers & laziness of banks/NBFCs brought anxiety & problems for consumers only. Although the moratorium was announced, banks didn’t upgrade their system. People started missing making monthly installments or credit bills, resulting in penalties, damaged credit ratings & also the possibility of getting new credit facilities in the future. 

Are you also the one who defaulted on loans? Missed multiple credit card bills or couldn’t request for a moratorium on time and looking for getting back on track? If the answer is yes, thank us later as you’re in the right place. We’ll assist you in how you can rebuild your creditworthiness like before.

EMI Holiday- 

If you’re finding too hard to pay monthly installments for loans, talk to your lender & request for EMI holiday. It means your bank will not debit your account for installment. Later on, after a specific period, your bank starts debiting your account for monthly installments. It will give you enough time to rebuild your financial standings to get back on track like before. 

No more new credit inquiries– 

To pay off existing loans or credit card bills, never apply for a new loan or credit card. Instead of reducing your stress, it will only invite a debt trap. In the case of a credit card, make sure you pay at least the minimum monthly due regularly. For some time, stop using the credit card & rely on other sources such as a savings account or debit card. If possible, borrow some funds from your friend or relatives. 

Request for restructuring- 

If you lost your job or getting less salary than regular, visit the bank & request for the restructuring of the loan. It’ll help you reduce your monthly commitment. Once things get usual, you can enhance the EMI later on too. Don’t avoid the phone calls & email notifications for overdue payments. Talk to your lender for a resolution as avoiding collection calls may invite additional stress.

Focus on necessities, not on desire

Spend money wisely and focus on necessities such as grocery, medicines & utility bills (electricity, water, telephone, internet). Avoid spending money on unnecessary things such as short holidays, fine dining, online shopping, etc. No matter how much discount you get due to the festive season, avoid these lucrative offers. You can easily find the same deal after some time too. 

If you’re residing in Dehradun & facing a financial crunch, it isn’t the end. Reach out to Fair Fincorp for immediate financial need. Fair Fincorp takes pride as the best loan consultant in Dehradun. Our qualified & trained financial planners help you get the best possible resolution available. Call 9897666966 or visit the branch.

[ Must Read: Why is my Loan Application rejected every time? | Fair Fincorp

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