One of the most common questions we are asked to ask ourselves in times of economic difficulty is to understand whether or not it is possible to extend a loan already previously agreed upon.
That is, in essence, if it is possible to extend the repayment times in such a way as to allow a reduction in monthly installments.
In this sense, there is no precise rule and every financial instrument has its own tools with which to implement an extension, if allowed. The law does not impose certain mandatory measures in this regard unless it concerns other specific measures such as the transfer of the fifth, which we have already discussed separately. There is therefore a free market that leaves the pallino in the hands of the financial and the banks that can adopt even diametrically opposed choices. That’s why, in case you find yourself asking this question, the best thing to do is to ask the options on this possibility directly from the finance company that took care of your financing . Generally, if the financial grants a dilution, it does so to its advantage and therefore poses worse conditions on interest rates, recalculating them to a higher level for the remaining installments and sometimes applying them even considering the installments already paid. It is a good idea, to avoid any misunderstanding, to ask what happens in case of extension of the loan already at the stage of stipulation of the original loan. In this way, you will know immediately what would happen and this could also be decisive in choosing one loan over another.
Everything can be granted, obviously, subject to approval of the motivations that lead you to a lengthening and after further checking at the Crif on the status of good or bad payer.
Since there is no type of restriction, however, the choice to grant or not the extension is exclusively the prerogative of the lender, who once verified the reasons and made their own assessments may also decide not to grant any extension. This is one of the reasons why, it is appropriate to say, sincerity pays : providing the financial real reasons for your request (for example, not being able to meet the payment of the monthly payment) can reflexively encourage you to accept your request if it verifies that indeed with a dilution you could pay the entire credit without becoming insolvent. Whenever possible, anyone prefers to avoid facing long-standing legal conflicts.
One of the financial instruments that guarantees a certain flexibility in the payment of loans, limited to a maximum of € 30,000. In particular, from a wide choice between these possibilities: choose between different solutions of installments and duration, choose later whether to extend the repayment plan, reduce the installment amounts or skip an installment per year. An insurance linked to unfavorable events may also be required. The amount of the loan requested, with due guarantees, is provided without any loss of time, even within twenty-four hours. At the link you will find all the complete information.