In banking practice, there are situations when a borrower transfers a debt to another person. The most common case is a divorce of spouses, in which common financial obligations are divided, and both want to formalize this officially. The service is also used in the event of a borrower moving to another country, loss of solvency. We tell you how credit obligations are usually transferred from one person to another.
Is it possible to transfer a loan to another person?
The law does not prohibit the transfer of debt from one person to another. According to Article 391 of the Civil Code of the Russian Federation, such registration is possible if two conditions are met:
the previous and new borrowers came to an agreement;
The bank approved the application.
The final word is up to the bank. Although in theory everything is spain mobile database possible, in reality loans are rarely reissued. The reason for the transfer must be really compelling. If the previous borrower is physically able to repay the debt, the probability of refusal is high.
Some loan agreements include a clause stating that the obligations cannot be transferred to another person. Such loans are not reissued, and there is no point in submitting an application.
Under what conditions is the debt transferred?
Banks will accommodate and rewrite the debt only if the new borrower meets certain requirements. These should be found out in a specific credit institution, but on average they look like this:
age - from 18 to 70 years (the upper limit is set at the time of repayment of the debt under the agreement);
citizenship of the Russian Federation;
registration in the area of the bank's presence;
a permanent source of income that can be documented;
total work experience of 1-4 years and experience of at least six months at the current place of work.
The person you are transferring the loan to must agree to this. In some cases, a notarized consent may be required, but usually an application to the bank is sufficient.