How to postpone the maturity of a personal loan?

When you take out a personal loan, you must repay it on specific dates, fixed upstream by the loan contract. However, if you face difficulties in repaying your personal loan on these deadlines, you have the option of postponing it under certain conditions. Let’s see how to postpone the maturity of a personal loan.

Why defer a personal loan ?

The average duration for a personal or real estate loan is 20 years. In fact, the duration can be reduced to less than 10 years. But this remains for a long time, during which you may encounter unforeseen financial difficulties which make it difficult to repay the loan as agreed in the contract.

It could be an unforeseen event that requires a large investment, such as a marriage or birth, or an event that upsets your financial capacity, such as a layoff.

If you find yourself in this situation, rather than arriving at the default (severely sanctioned), you can ask for a postponement of the due date. This means that you are simply going to pause your monthly payment payments, for 1 to several months.

How does the monthly payment deferral work?

The postponement of monthly payment is granted by the lender to the borrower under certain conditions.

  • The borrower cannot benefit from more than two expiry dates per year, and the duration of the monthly payment deferral will vary depending on the contract and the lender.
  • To get a deferral of monthly payments, you must file a request with the lender. In general, the deferral of the monthly payment is associated with penalties (interest or management fees); however, this is not always the case depending on the terms of the departure contract.
  • You have the choice between a total monthly payment deferral or one partial deferral of monthly payments.

The total postponement consists of pausing the payment of installments for a defined period: you do not repay the capital and you do not pay any interest during this period.

For partial postponement, you must stop repaying the principal but continue to repay the interest for the defined period. Note that in both cases, you continue to pay the loan insurance.

The partial repayment of your personal loan causes an extension of the duration of the loan and therefore an increase in the cost of credit.

If you opt for a full deferral, be aware that at the start of a loan, the deferral will cost you more, because the maturities are then mainly made up of interest.

How to postpone the maturity of his loan?

To extend the maturity of your personal loan, you must send your request for postponement to the lender (the bank or any other financial institution).

From your customer area

When you took out your loan, the lender organization necessarily gave you access to your customer area, by giving you a personal number and a login password.

The customer area is a super practical tool for monitoring the repayment of your credit, but also for requesting the postponement of your loan deadline.

In a few clicks, and by finding the appropriate approach, you can, yourself, postpone your monthly payments, without leaving your home.

By post or email

You can also postpone your loan deadline by mail or by simply sending an email to your bank advisor. This will forward your request to the affiliated lender organization.

Anyway, a handwritten request is recommended, specifying the following information:

  • the file reference,
  • the reasons for the postponement,
  • and the desired delay time.

Upon receipt of your mail, you should receive a confirmation of the assumption of responsibility for the postponement of the monthly payment.

By telephone

Each credit agency has a customer service. If you want to save time by not writing an email, and if you are afraid of doing something stupid by logging in from your customer area, you still have another way, call.

You will find on your last reimbursement statement, for example, the number of the customer relationship center that you must contact to request your monthly payment deferral. It should not take more than a few minutes to be put in touch with a specialist advisor, who will take care of the manipulation for you.

The advisor can even give you other information, such as the date of resumption of your main deadline.

What you need to know about postponing your personal loan deadline.

  • The lender is entitled to refuse the request for an extension of the deadline.In this case, you can always go to the district court, according to the Consumer Code (article L312-13). If you request the deferral of the loan following a dismissal in particular, the judge can grant you the deferral of the loan.
  • If the lender accepts your request for postponement of a personal loan, he may charge you management fees or interest: read your loan agreement carefully before you start.
  • Please note that not all loans are eligible for deferral of monthly payments. The loan in fine, the zero rate loan, the PEL loan and the social accession loan cannot be subject to a postponement of maturity. Also note that some banks limit deferrals over the term of the loan, for example up to 3 deferrals, or set a waiting period of 12 to 24 months before being able to request a deferral of monthly payments.

How long will it take for my personal loan deadline to be postponed?

When you request the postponement of your consumer credit due date, the effective date does not depend on the date on which you requested the deferral, but on the debit date of your next installment.

It is also necessary to count on a time of support of 4 to 5 working days so that the credit organization has time to set up your deferral.

Concretely, if you are withdrawn on the 5th of each month, but you have requested the postponement of your due date on the 2nd of the month. The monthly break will not be effective until the 5th of the following month.

It is up to you, therefore, to anticipate your loan deferral request, so that it corresponds perfectly to your cash flow needs.