Solutions to temporary payment problems
If you are having temporary payment difficulties, for example due to illness, accidents or unemployment, and you are not able to make a payment agreement, we have a few solutions.
You can:
postpone payments
restructure your loan (add the debt to the principal amount)
extend the loan term
Conditions
The payment problem is due to unexpected temporary difficulties such as illness, accidents, reduced income, unemployment or other unforeseen events.
Your other lenders also agree to assist.
Your payment burden (according to your credit rating) is higher than your ability to pay, or is expected to be.
You have the payment ability that fits the solution in question.
Application
You apply on HMS My pages. In the application you can tick in the box for the solution you think you need, but a consultant will ultimately assess which solution is suitable in each case.
Supporting documents
Confirmation of a temporary problem, for example a medical certificate or confirmation of unemployment.
A statement of why you need the solution and how you think it will help.
Following the application you will need to undergo a credit rating.
A HMS consultant will assess which solution is best in your situation. This will then go before the HMS loan committee which has to confirm the decision. Once a decision has been made you will be notified by email that the result is available on HMS My pages.
Application approved
You will receive an email when the loan documents with the new terms are ready.
If there is a loan on the property with a back lien (from another credit institution), that credit institution must sign for its agreement to the change of terms.
You pick the documents up during our opening hours in Borgartún 21, Reykjavík and take them to the District Commissioner’s office (Sýslumaður) for registration (þinglýsing).
When the loan documents have been registered at the District Commissioner’s office (Sýslumaður), you return them to HMS and the change of terms will be processed.
The cost of changing the terms will be added to the next due date of the loan.
Cost
Change of terms: 3.250 ISK.
Registration fee at the District Commissioner’s office (Sýslumaður): 2.700 ISK.
Application denied
If an application for a solution to a payment problem is denied, you will receive an email with information on the reason for the rejection. If any data is missing you can apply for a revision and provide new information.
If you disagree with our decision, you can appeal your case to the Welfare Appeals Committee.
Service provider
Housing & Construction Authority