Interest cancellation – application. How to write and is it worth it?
Commitment, chasing another commitment, spiral of debts, new, unexpected expenses, increasing obligations, increasing difficulty in timely repayment, life and expectations at the end of the month. Do you know this feeling? If so, you are probably looking for solutions to alleviate this difficult situation. The so-called interest remission. Although this sounds very promising and interesting, not many borrowers know about this possibility. So how do you write an application for redemption? Is it worth using this option and is it really attractive?
Trying to find a solution for our debts is necessary for several reasons. First, the growing liabilities create a spiral of debts, which are deepening with the lack of another repayment. Secondly – there is a considerable risk of entering our data into national registers, which in turn may cause difficulties in making further commitments. And thirdly – debt is a serious stress stimulus, contributing to worries and relationship difficulties. The cancellation of interest has a broad dimension and can help not only in the current financial situation.
Specimen letter to write off interest on liabilities
Did you know that over 75% of Poles took credit in their lives? This means that sooner or later the decision on the loan also awaits us. Interestingly, 25% of those borrowed do not analyze their financial capabilities before, creating a difficult situation. Perhaps that is why, more and more often and more willingly, we decide to repay the receivables after earlier cancellation of interest. To obtain this possibility, we must have specific justification for submitting the application. In this element there are:
- the debtor’s interest, i.e. any events beyond our control that make repayments difficult. This element may be an accident, death of a family member, illness or sudden, other expenses resulting from e.g. a natural disaster.
- reason dictated by the public interest, i.e. the collection of funds that are the only source of survival and which were not delivered within the prescribed period (e.g. funds from social assistance)
Providing a key, valid and real reason is an obligatory aspect and really translates into the success of the submitted application. All documents resulting from our inaction, lack of willingness to repay, or from a mere attempt to obtain such a privilege will be rejected by the verification party. Importantly, giving one of the above reasons, we must clearly prove the right and actual state of this situation. When talking about the death of a loved one, it is necessary to show a death certificate, and in the case of a sudden illness – medical certificates and its description. Applications which take into account the above reasons and are confirmed by evidence are very rarely rejected. A positive decision forgives the repayment of receivables, abolishing the need to pay interest in the future.
How do you write the correct application?
So how do you write an application to be sure of its positive consideration? First of all – it should be clearly indicated whether we want to be exempted from payment or only suspension in their settlement. Secondly – the document we submit must have the most important information, such as:
- debtor’s details – address, phone number, check-in
- date of submitted application
- creditor, i.e. bank or non-bank company details
- legal status – i.e. the type of binding contract, along with the period of repayment and calculation of interest
- reason – that is, evidence and issues entitling us to postpone or write off
- attachments proving the real reasons given above (the more the better)
- position in the matter – if we declare willingness to repay, we must provide a deadline that will apply to us
- request to review the application
- signature with name and surname (not from the parish)