Problems with loan repayment – what to do in such a situation?

They pretend that there is no problem: they ignore correspondence, stop answering calls. Meanwhile, the problem not only exists but even worse, it builds up.

There are additional fees usually provided for in the agreement or regulations, interest for late repayments, in the further perspective – entries in the Credit Checker. Meanwhile, it can often be solved literally in a dozen or so minutes and avoid most of the associated unpleasant – and negative for business – consequences.

Restructuring

Restructuring

We perfectly understand that the prospect of talking to a creditor, to whom you can not give the money according to an earlier agreement, is not particularly nice. Not because it takes place in a bad atmosphere (because it usually doesn’t), but because many of us treat this type of conversation as an admission of failure. And this is, of course, nothing pleasant.

Meanwhile, your problems may be the result of circumstances beyond your control, you could not foresee them or you could not prepare for them.

So there is no reason for them to somehow weigh on what you do as an entrepreneur. Anyway, even if you owe your troubles to some extent, our role in Good Finance is not to inquire about how you found yourself in a difficult situation. Our role is to help you get out of it. Not because we are selfless. Quite the opposite: we just want you to pay back the loan.

We understand that from your perspective

Unpaid debt can be an emergency. It may sound strange, but for Good Finance it is the opposite: it is an integral part of our business. It can be said without exaggeration that it is everyday life for us. To the extent that the regulations, which are part of the Good Finance loan agreement, even contain provisions regarding the restructuring of the loan (point 9), i.e. our response to any problems with the repayment of the loan.

Like the entire regulations, the restructuring issue is also brief, but for the purposes of this text we will cover it even shorter: if you have problems with repayment of installments, we are ready to extend your repayment date. This means that the monthly installment will also decrease, so the debt will be easier to handle.

In exchange for extending the repayment period, the Good Finance charges an additional fee of 2.0% of the outstanding balance. Installment of a restructured loan is, therefore, a smaller burden on your company’s finances (because the number of installments is higher), but the total cost of the loan is higher.

A condition for restructuring is also partial repayment of the current debt – at least 10% of the balance.

And that’s all. We really want you to repay the loan, not to charge you more fees for prompts or penalty interest on late repayments.

It is not worth avoiding the problem

It is not worth avoiding the problem

Since we’re already at the fees, they are another reason why you should stay in touch with us. Contact is not only a necessary condition for restructuring. The next prompts on our part involve costs, both financial (fees) and business.

What’s more, in extreme cases we can direct the debt for recovery, sell it or finally – if necessary – take the case to court. In the latter case, we will not only seek debt repayment together with due fees, interest, and interest for overdue repayment but also, provided for in the regulations, possible reimbursement of costs of external legal advisors.

Therefore – let’s talk. Even if the repayment deadline is approaching, but you know it may have a payment problem, please contact us yourself. We will try to tell you which strategy to deal with the problem will be best. After all, restructuring does not have to be it – if your problems are temporary, for example, you are waiting for late payment for large orders yourself – then maybe simply delaying one repayment will be a better solution. However, we should know about it. Not having any contact with you, we must assume a pessimistic scenario.

Meanwhile, we really don’t care about making money on outstanding loans. We are not a debt collection company, but a credit company. And we want to make money on repaid loans.

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