Feels like you're suffocated by the PRGF? Don't worry, there's a lot of strategies to help you improve this situation. When you find yourself stagnating on a pool loan and late payment, we have several routes to follow。

How do we handle the debt overhang

First, to try to apply for a deferred payment. If you are unable to make the last payment because of irresistible circumstances, such as sudden unemployment, you have the courage to contact the Provident Fund Centre to talk about the possibility of applying for a deferred payment. They may consider your request as appropriate. In order to improve your pass rate, as far as possible, documents such as unemployment certificates, letters of credit reports and personal asset certificates will be provided, so that the centres can put their concerns behind them。

We have other options if there are no requests for extensions. That's the boldness to borrow money from your family and friends and to cross the overdue. As long as you're well-connected, this approach usually works。

And you can try to dig up your assets and see if you can use them to pay off. If you have items in your hands that can be sold, such as vehicles, property, etc., you can consider selling them to raise money. This decision is made on the assumption that you have some economic power, something that can be easily realized。

Second, it is also a path to find someone or an institution from a third party to vouch for you. When they are willing to share the burden of repayment with you, the risk to the Provident Fund Centre will be reduced accordingly, and it will be possible for you to successfully apply for a deferred payment。

Note that there are considerable consequences of delays in the provision of Provident Fund loans. First, banks will report your overdue records to the central bank, which will be an obstacle to your future loans. At the same time, the overpayment would result in high rates of interest, which would only accumulate more if they were not paid. Finally, due to your poor credit records, you may encounter considerable problems in applying for credit cards and loans in the future。