Can You Get Out Of Debt Without Paying or Can I withdraw credit without paying it?
What should I do when I really have no opportunity to repay the loan?
Sometimes, due to the circumstances, a person becomes insolvent and unable to service the loan. The advice of most professionals and consultants is in such a situation is that you be proactive, not the financial institution.
You must be the person looking for the bank (or non-banking company) and report that there are problems with servicing the loan. It is not in your best interest to disappear from the bank’s sight and not be able to be found. Remember that, in the end, it is the bank that has an interest in taking out the loan and being flexible with you and the circumstances.