Things to do when you are unable to pay your loan
There are steps that you can take to ensure that this does not happen and that you are protected.
If you think you will miss a loan payment, talk to your lender as soon as you realize this.
If you think this will be a short term situation, then the lender will usually restructure your loan to help you catch up with your payments
If you think that this will be a long term situation for example, you have lost most of your harvest due to adverse weather conditions or any other situation, then you can ask your lender for a break as you work out how you will be able to pay this debt. The lender will usually require a recovery plan for you and might even assign a loan officer to help you develop a recovery plan.
You might also want to think about prioritizing your debts. There are some debts that might be less urgent than others and you can use money intended to pay for such debts to pay off the most urgent debts like a bank loan.
