In this case, the decisions of how to deal with the outstanding loan, are more than one. One such solution, namely, a way out of a difficult credit situation is the translation of the credit debt at a third person, or assignment of credit, which releases the debtor from all obligations under the loan to the financial institution. As many may seem, there is nothing complicated in this, but in reality, the process of debt transfer is complex and time-consuming procedure. In this case, it is necessary to thoroughly understand the situation.
Initially, a debtor who wants to transfer the debt on the loan to a third party, is required to apply to the bank that is a lender, to obtain from it a special permission to carry out such a procedure. In general, without such permission is rather hard and even impossible to transfer the debt officially to a third party, unless, of course, we are not talking about getting a debt legacy.
Despite certain difficulties, that are associated with the transfer of loan debt to a third party, the banking organizations still welcome this kind of behavior, as their main goal, and maybe even a challenge - a return of issued to the borrower cash and it is all the same, who will do it. In case of refusal of debt, the bank risks not just to get its money back, but also to incur additional costs - commissions to collectors, court costs, and more.
For this reason, credit and financial organizations sometimes even offer to transfer the credit debt at a third person, especially when it comes to so-called "mortgage loan."
In those cases, when it comes to consumer credit, it is used a slightly different scheme to transfer the debt to a third party. Here, the essence boils down to the fact that from the very beginning, the banking organization provides written authorization to transfer the debt to a third party. Then, between the original debtor and the new debtor, is made a corresponding agreement on the assignment of credit debt, at the basis of which, a new borrower fully accepts all the obligations and rights on the old outstanding loans of the debtor. This contract is necessarily certified by a notary in the presence of each of the parties, then the assignment of loan debt comes into effect.