Augusta
VIP Contributor
When you approach a financial institution for a huge loan you would be granted especially if you are a long standing customer. Banks always want to assist their customers especially those with huge deposit because such deposit shows that you are credit worthy. So when you asked for a loan especially a large one, they would want to oblige but you would have to deposit an asset with them as a collateral. Most times it is always the certificate of occupancy for a land. So if you default in payment your collateral will be auctioned. But you can avoid this by doing the following
Start making your repayment as when scheduled. If you follow the routine you were given for repayment you would finish the payment on time.
Reach out to the bank anytime you can't make payments. This will show that you are thinking about making your repayment and you would consider when you can't meet up
If you don't have the full repayment amount at a time you can make a payment with what you have. This way you are still contributing towards reducing your debt than leaving it still high. The most thing is that your debt is reducing and it wouldn't warrant the bank auctioning your collateral even at the due date.
What's your view?
Start making your repayment as when scheduled. If you follow the routine you were given for repayment you would finish the payment on time.
Reach out to the bank anytime you can't make payments. This will show that you are thinking about making your repayment and you would consider when you can't meet up
If you don't have the full repayment amount at a time you can make a payment with what you have. This way you are still contributing towards reducing your debt than leaving it still high. The most thing is that your debt is reducing and it wouldn't warrant the bank auctioning your collateral even at the due date.
What's your view?
