Since, according to a recent decision by the Federal Court of Justice, the banks are already allowed to terminate loans if the debtor is unable to service outstanding liabilities to third parties for a short time at the time of the termination, more and more cases arise The question “What to do if the bank has canceled the loan?” As a top priority, the person concerned should remain calm after termination and not take any hasty or ill-considered actions. You should assess your financial situation critically and as objectively as possible. This includes getting an overview of the currently available financial resources, possible outstanding receivables, all upcoming liabilities from past and present and feasible and reasonable possibilities of short and medium-term improvement of the current financial situation (e.g. mortgage lending or early termination of existing life insurance policies, sales, help in a family environment). Read more at http://frnikesockdartid.info/2020/01/18/online-direct-lender-payday-loans-direct-payday-loans-cash-within-the-hour/
What is your financial scope
After this has been done and you know what financial scope you have, you should always try to speak to the bank in question and, while disclosing your own financial situation, sound out the possible repayment or settlement modalities. Often, binding repayment installments still have to be negotiated for canceled smaller loan amounts. With larger loan amounts, it is worth trying to compare them. It can be assumed that the bank always faces the risk that the debtor will be driven into private or corporate bankruptcy in the event of a court-enforced measure such as the enforcement order or the attachment.
New bank loan
In these cases, banks often go empty-handed – that is, it is not possible to get back partial amounts of the loan from the debtor’s assets and income, since there are no usable assets and the income is below the garnishment limit. If the bank can be offered the one-off payment of a partial amount under the conditions to be expected, the chances of success are often not bad. One-off amounts in excess of 10% of the canceled loan amount can already prevent some banks from taking legal action. However, a corresponding amount is usually not available through a possibly new loan, because the termination of a loan is usually entered in the Credit Bureau and thus prevents a new one from being taken up.
On the other hand, there is little hope of success due to the limitation, because hardly any bank will let the three-year period (from 01/01 after the termination) pass without taking any measures . If repayment, settlement or limitation offer no way out, then to avoid judicial enforcement with all its not very pleasant circumstances, only the way out to bankruptcy remains. But this should also be seen as a viable option and not as a specter.