Archive December 17, 2019

Debt and loan – Creative Finance

As you know, it is not a problem to borrow, but a much bigger problem is to give back, the more on time and even more so than we borrowed.

As you know, there is nothing for free at banks or loan companies. No one will give us a loan without an additional commission or interest rate.

There are promotional offers


For payday loans for PLN 0, but only once. Such a client, once he uses the services of a given company remains his client, gets encouraging information to take another loan. Of course, we do not have to use such offers, but I know from experience that most use. Well, because if someone gives, someone offers us to borrow cash, why not use it?

Unfortunately, a lot of us do not know moderation and they are in debt too much. As a result, there are problems with the repayment of loans, we do not always regulate repayment on time and therefore we have to bear additional costs and fees.

We take one payday loan, then the next, then we see the installment loan offer available immediately and we also take it. This is how the debt loop is created, from which it is very difficult to get out.

In the case of debts

The form of several bank liabilities, there is not such a tragedy because we can get a special consolidation loan to repay several different bank loans or debits. All such commitments are combined and thus we pay one and lower installments. In the case of non-bank loans and payday loans it is not so easy. There are some non-bank consolidation loans, but they are extremely expensive to pay back.

The only option that I would recommend in such a situation are companies granting loans with an additional giraffe or loan guarantor. Such companies grant high non-bank loans to pay their liabilities, but these loans are not that expensive to pay back. It is due to the fact that two people are responsible for repayment of the loan, i.e. both the borrower and the resident / guarantor of the loan.

The most sensible solution

To getting out of debt is to look for alternative ways to raise money to pay back the debt. Maybe extra work, some extra classes after working hours that will provide us with additional income enabling repayment of debt even in installments.

It’s worth looking for additional earning opportunities on the internet. Maybe we just find an occupation that suits us and which we can do without major problems?

What is an annex to the loan agreement and when should it be drawn up?

When changing the terms of our contract, we must remember that everything will be properly created and approved. Companies apply changes in the form of an annex to an already concluded contract. The annex must be created in the same form as specified in the contract concluded with the borrower.

What is an annex to the loan agreement?

There are situations when you need to revise an existing loan agreement. The annex to the contract is a special document that allows you to make changes to an existing contract. The lender may correct its content and add new provisions. In the case of loan companies, an annex to the contract may be, e.g. a new loan repayment schedule. In the contract itself, the changes may concern loan fees, commissions or changes in the currency of the loan. The Annex may also correct errors that were previously introduced in the contract. Importantly, there are no limited number of annexes to one loan agreement. By creating an appropriate annex to the contract, the parties do not have to sign a new, correctly updated contract.

What should the annex to the cash loan agreement contain?

loan agreement

Each document must be properly prepared. The annex to the contract should contain the following data:

  • loan agreement number,
  • date and place of creating the annex to the contract,
  • parties to the contract (lender, borrower),
  • the date from which the annex will become valid,
  • signatures of the parties,
  • changes to be made in the annex.

Annex to the loan agreement, extension of the repayment date

Each of us may experience a situation when it is not enough for us to repay the commitment made in the loan company. In such a situation, it is worth considering extending the loan repayment date. The first thing we need to do is contact customer service. This situation should be reported immediately to avoid any unnecessary problems. If the company makes it possible to extend the repayment, we are saved. In the absence of a record of payment, the lender has the right to initiate debt collection and court proceedings as well as to charge additional fees in the form of interest and commissions. An indebted person who has not been contacted to explain why the loan is not repaid may be entered in the register of debtors. In the future, this may result in you being denied if you want to apply for another loan from both a banking and non-banking company. If we agree with the loan company to extend the repayment of the liability, an additional document will be prepared for us in the form of an annex to the contract.

How to write an annex to the contract?

How to write an annex to the contract?

The annex to the loan agreement must be properly written, so it is important not to forget about a few important elements. As provided in the Civil Code, Article 77, the annex to the contract should be prepared in the same form in which the contract was created. The annex to the contract must contain the elements that have been introduced for the change. The date of the annex and the signatures of both parties are also important. If the contract is created incorrectly, it will be legally invalid.

Withdrawal from the loan agreement

Withdrawal from the loan agreement

If we took out a loan from a non-bank company, we must know that we have the right to withdraw from the loan agreement within 14 days of signing the agreement with the lender. Every customer has the right to change their mind. One of the attachments of the received contract should be the withdrawal from the loan contract. The document should contain the personal data of the person resigning from the contract with the loan company, the date of receipt of money from the loan on the bank account, and information on the amount borrowed. Withdrawal from the loan agreement may be delivered by post, e-mail or in person by the customer. We must remember that within 30 days all receivables should be returned to the lender’s bank account. A non-banking company has the right to charge additional interest from the moment the money is received to the borrower’s bank account.

Termination of the loan agreement

Termination of the loan agreement

Termination of the loan agreement is completely different from the abovementioned withdrawal from the loan agreement. The lender has the right to terminate the contract with the client if he fails to comply with it. A non-banking company also has the right to terminate the contract if the indebted person becomes insolvent. If the customer has no problem with regular repayment, he will certainly not encounter such a situation. In the event of withdrawal from the loan agreement or termination of the contract, an annex to the contract may be drawn up.