We care for long-term and sustainable cooperation with our customers.
We stay together at the time of success and when it is necessary to overcome the challenges or problems faced. We know that in order to overcome temporary difficulties the most important thing is mutual trust, openness and willingness to act jointly.
Even in most difficult situations cooperation and seeking a solution with the Bank’s specialist helps avoid loan default consequences. Each credit institution is interested in maintaining the customer solvency, and the main goal is to ensure long-term financial stability and to maintain good borrowing history for the customer. We would like to note that the credit history of the customer has a direct influence on the credit terms and sometimes can reduce possibility of obtaining a credit in future.
What can you do yourselves?
Consider the existing situation responsibly. It is necessary to assess personal and family situation, i.e. income, expenses and financial obligations as well as the balance of funds remaining for subsistence.
Assess your possibilities to reduce expenses, i.e. prepare an action plan. Often, preparation of such a plan might lead to at least minimum changes in your lifestyle, but financial discipline, when introduced in good time, can help avoid larger problems in the longer run. You can always find recommendations on management of private finances on the page of Swedbank Institute of Private Finances.
Apply to the Bank’s specialist
When significant deterioration of financial situation (reduced income, loss of job) causes financial tension in your private budget, in addition to preparing an action plan it is also recommended to apply to the Bank’s specialist and discuss the existing situation and planned actions. When the Bank’s specialist starts clarifying the situation, he can ask you to submit different documents that are relevant in such case. For example, the Bank’s specialist can ask you to submit documents demonstrating your income, etc. These documents are necessary for the assessment of the current situation with maximum objectivity and finding the most appropriate solution. If it is agreed to restructure loan conditions, amendments to the loan agreement will be signed.
