How can I change the repayment schedule of my loan?
Let us know if your situation has changed
If your situation in life has changed so that you cannot pay your invoice or credit, contact us or your other creditors in good time. This way you will avoid high default and collection costs. Usually you can agree on a revised repayment schedule.
Companies and banks value customers who will contact them in time if they need payment arrangements. This way you can also avoid negative entries in your credit history.
Collection and execution proceedings
When a borrower fails to pay, the creditors will first send reminders. If the borrower does not react to them, the creditor can transfer the matter to a collection agency, which will send collection letters to the borrower.
The total sum of the invoice will increase because the borrower also has to pay the default and collection expenses. If the parties cannot reach an agreement on payment, the next stage will be execution proceedings based on a district court's judgement.
Payment default to credit history
If you fail to pay a debt or an invoice, the default will be registered in your credit history. The entry will remain there for 2-5 years. A bad credit history will make your life more difficult in various ways.
Your credit history will usually be checked when you apply for a bank loan, a credit card, a hire purchase contract and even a new job or a rental flat.
Advice on loans and credits
Choosing Nordea for all your banking will be worth your while.
You can balance your finances by calculating your regular income and expenses.