High credit and suddenly lost your job?
Even if it is not a real estate loan that creates debts, a personal loan of CHF 30,000 can also be a problem if suddenly unemployment occurs and the installments can no longer be paid.
Now it is important to act quickly, because talking to the bank or the lender is always the first step in solving the problem. Some banks offer a deferred payment and suspend the installments. Then only the interest has to be paid, the repayment portion can sometimes even be suspended for several months.
A new payment plan is usually negotiated for the time after the deferred payment, because now the term of the loan is extended. This, in turn, is associated with higher costs in terms of interest, which the borrower makes as minus by the deferment.
Also important: if you are already in arrears with your installment payments, you will receive a specific code from the Central Office for Credit Information (ZEK). All borrowers are listed here anyway, so that information about the creditworthiness of the applicant can be obtained when applying for a loan again or for other reasons.
If a lender reports a so-called slow payment, this is noted and the person concerned receives the code in his profile. The code remains even when the loan is fully paid off and is an important reference for other lenders. The creditworthiness is permanently deteriorated, it becomes much more difficult to get a personal loan or a lease.
Hence the tip: It is essential to ensure that there is no slow payment in the first place! Borrowers should definitely seek a conversation with the bank in good time and ask for possible solutions.
Replace credit as an opportunity?
Theoretically, there is the possibility that the current loan will be replaced by a cheaper loan if this is significantly cheaper or if the installments can be adjusted downwards according to your own financial possibilities. This is really only possible in theory, because if you are unemployed, you will not get another personal loan.
When taking out a loan, it should therefore always be assumed that only around 70 percent of the income is available due to sudden unemployment. The installments should then still be payable! It is therefore worthwhile as a borrower to insure yourself in the event of unemployment, which is possible through residual debt insurance.
However, not all banks and financiers offer this type of protection. Other providers only insure certain risks such as incapacity for work due to illness or due to an accident. Unemployment is often not insured here. Tip: It is essential to read the details in the small print, the exclusions from residual debt insurance are listed here.
As long as there is no unemployment and the financial means are available, more than the actually agreed rate can be paid back. This allows the borrower to get a head start that allows them to skip an installment payment.
It is important, however, that there is no delay in relation to the actual underlying payment plan. Additional payments even lower the interest costs because the loan can be paid off more quickly and interest is usually only calculated on the basis of the outstanding amount.
Conclusion: If you are unemployed, quickly look for personal loan solutions
In the event of sudden unemployment, the borrower should quickly look for possible solutions if a personal loan is running. You just did not get into arrears, this is a corresponding note at the ZEK, whereby the entered code remains even after the repayment and permanently deteriorates the creditworthiness of the person concerned.
