First, communicate with Zhaolian Finance and try to negotiate to reduce the penalty interest. You can propose a plan to pay off the principal to Zhaolian Finance, and request to reduce the penalty interest. Through active communication and reasonable explanation, it is possible to get some relief.
Second, seek the help of a third party for debt restructuring. We can cooperate with professional debt restructuring institutions to reduce the penalty interest burden by adjusting the repayment plan and interest rate. This way can help the borrower reduce the repayment pressure and finally repay the debt.
Third, consider filing for personal bankruptcy. If the above measures fail to solve the problem, the borrower can seek legal relief and apply to the court for personal bankruptcy. Bankruptcy procedure can help the borrower solve the debt problem, reset the debt relationship, and enable the borrower to start over.
To sum up, the borrower can take measures such as communicating with Zhaolian Finance, seeking the help of a third party for debt restructuring, or considering filing for personal bankruptcy to deal with the problem that the penalty interest of Zhaolian Finance exceeds twice the principal for three years overdue. In the specific operation, you can choose the most suitable scheme according to your specific situation.
In addition, supplementary information, it is assumed that Zhaolian Finance clearly stipulated the calculation rules and interest rate of overdue penalty interest in the loan contract. It is also assumed that the borrower has only one loan in Zhaolian Finance Office, and there are no other relevant contracts or agreements. According to these assumptions, the solution proposed above is relatively applicable.
I hope the above information will be helpful to deal with the problem of three-year overdue penalty interest of Zhaolian Finance.