In difficult times, when you face unforeseen expenses, or incidents of life, you may need to suspend your credit maturities. This suspension of credit maturities is also called the credit due date. But before thinking about the postponement, if you have taken out insurance, look carefully at the clauses of this insurance. This insurance could possibly cover the reasons why you want to postpone your credit dates (unemployment, illness, loss of autonomy, death …).
We strongly advise you to contact the lender as soon as difficulties arise, and even to take the lead. It is better to postpone its credit maturities than to be in default of payment for its deadlines. If you have defaulted on a payment due date, the lender will be less inclined to grant you a maturity extension. After several deadlines in default, he could claim the refund of the credit in its entirety.
Consumer credit agreements may or may not have a term extension clause. Deferment clauses may relate to a partial or total deferral.
The due date procedure
To obtain the deferral, you must send a request for a deferral of payment to the financial institution from which you acquired your credit. In this mail, you will of course have to specify the references of your loan file, the postponement period that you request. We strongly advise you to specify the reasons why you wish to benefit from a deadline extension.
If your financial institution refuses to grant you the postponement that you request, you still have the possibility to appeal to the district court. Indeed, this possibility is provided by the code of consumption.
Thus, according to Article L312-13 of the Consumer Code: “The execution of the obligations of the borrower may be, in particular in the event of dismissal, suspended by order of the magistrate under the conditions laid down in the Article L343-5 of the Civil Code. The order may decide that, during the grace period, the sums due will not produce interest. In addition, the judge may determine in his order the terms of payment of the sums that will be payable at the end of the period of suspension, without the last payment may exceed by more than two years the term initially provided for the repayment of the loan; he may, however, defer to decide on these modalities until the end of the period of suspension. “
These legal provisions concern, in particular, holders of consumer credit of less than € 21,500. If the total amount of the remaining deadlines is less than 4 000 €, you simply need to make a statement at the registry to file a case with the district court. If the amount is more than 4000 €, you will have to assign the credit institution via a bailiff. The cost of this procedure will be around 70 €.
Consequences of the delay
When the credit institution accepts your deadline, it may still charge you a management fee. We advise you to check your contract. Depending on the type of maturity deferral, you can delay the payment of principal and interest, or only the payment of principal.