Tulyaks explained how to survive the loss of income and prevent the growth of debts

Losing a job can quickly take a toll on a family’s budget, especially if a person has credit. Tulyaks who find themselves in such a situation are advised not to wait for the first delay, but to deal with costs in advance and possible ways to reduce the payment burden. Financial expert of one of the largest banks Georgy Khokhlov told what steps will help to survive the period without income and not to increase debts.

The first thing to do is to assess your financial situation. It is necessary to collect documents confirming the loss of a job or a decrease in income, check the terms of loans and insurance, and find out whether payments from the employer are due. After that, it is worth making a budget for at least the next few months, leaving only the necessary expenses in it - housing, groceries, utilities, medicines, transport and loan payments.

Tulyaks should not just stop paying on the loan if there is not enough money for the next installment. It is better to contact the bank in advance and tell about the changed situation. Depending on the circumstances, the financial institution may offer a credit holiday, restructuring or other schedule change option. It is better to issue an appeal officially and attach documents confirming the decrease in income.

Credit holidays allow for a certain period to reduce or suspend payments. For certain categories of borrowers, they are available if the income has decreased by more than 30% compared to the average monthly income for the previous 12 months, or the person was injured due to an emergency. The grace period can last up to six months. At the same time, the debt does not disappear: interest continues to accrue, and after the holidays, payments are resumed.

If insurance was issued along with the loan, residents of the Tula region should also check its conditions. Some policies provide for job losses and may temporarily offset some of the payments. It all depends on the specific contract.

There are separate rules for mortgages. Mortgage holidays can also be granted for up to six months in difficult life circumstances, including the loss of a job. It is important for the borrower to take into account that this is a separate mechanism and its conditions are different from the rules of credit holidays for consumer loans.

Another option for residents of the Tula region is to discuss restructuring with the bank. For example, extending the loan term can reduce the monthly payment. But at the same time, the total amount of payments can grow, so before changing the conditions, it is worth assessing not only the size of the new payment, but also the final overpayment.

Taking a new loan to repay the old one in the absence of income experts do not advise to consider as a simple solution to the problem. The new loan will temporarily close the financial hole, but will increase the debt burden. This option makes sense to evaluate only when you understand the source of future income.

Losing a job does not mean that a delay is inevitable. In such a situation, it is important for Tulyaks to review the budget as soon as possible, contact the lender and figure out what options are available to them. An additional protection can be a financial cushion: it is desirable to have savings for at least two to three months of ordinary expenses.

Speaking of finance... Today, MK in Tula wrote that inflation in the Tula region was 7.1%. But not everything is so pessimistic - some products, for example, vegetables and eggs for residents of the "arms region" fell in price.