Reduction of outstanding loan debt from 12,899.95 UAH to 6,400 UAH

Case Summary

A client contacted LLC «PRAVOVYI LIDER» regarding debt under a loan agreement with a microfinance organization.

The total amount of debt at the time of negotiations was UAH 12,899.95, of which UAH 3,606.40 was the principal loan amount, and UAH 9,293.55 was accrued interest.

Due to the significant amount of accrued interest, it became necessary to negotiate with the creditor and achieve a reduction of the financial burden on the client.

Client’s Problem

The main problem was that the amount of accrued interest was more than twice the remaining principal loan amount. The creditor demanded repayment of the total debt in the amount of UAH 12,899.95, which created a significant financial burden for the client.

To resolve the situation, it was necessary to carry out legal work with the creditor and agree on acceptable debt repayment terms.

What the Lawyers Did

The lawyers of LLC «PRAVOVYI LIDER» analyzed the client’s credit obligations, the amount of the principal debt, and the accrued interest.

After that, the lawyers:

• analyzed documents regarding the credit debt;
• checked the structure of the debt amount claimed by the creditor;
• prepared and sent the relevant request to the creditor;
• conducted negotiations with the creditor regarding debt settlement;
• proposed terms aimed at reducing the amount payable;
• agreed on the possibility of repaying the debt in installments.

Result

As a result of the negotiations, the creditor agreed to reduce the amount the client had to pay from UAH 12,899.95 to UAH 6,400.

Thus, the amount payable was reduced by UAH 6,499.95, that is, almost by half.

In addition, the client was granted the possibility to pay UAH 6,400 in two payments.

Provided that the agreed terms are fulfilled, the creditor confirmed the absence of further financial claims against the client under the relevant loan agreement.

Thanks to the professional legal support of LLC «PRAVOVYI LIDER», it was possible to significantly reduce the financial burden on the client, agree on acceptable repayment terms, and settle the issue of credit debt without paying the full amount claimed by the creditor.

Official Documents

The case involved documents regarding the credit debt, the request to the creditor, and the creditor’s written proposal regarding repayment of the debt in the amount of UAH 6,400 with confirmation of the absence of further financial claims after the agreed terms are fulfilled.