Restructuring private debts, what to do? Too many installments in progress? Debt restructuring can be the solution. We see in this article 3 useful tips on how to best manage this situation.
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Let’s see how to behave in the presence of many debts.
Restructuring of private debts, the first step
The first thing to do in these cases is to quantify the total debts in progress, writing a real list of those who are entitled to what. Realizing the indebtedness is the first step to get rid of debts in order to settle your financial and debt situation.
It often happens that people estimate debts less than the actual exposure with banks, financial institutions, and revenue, all to live the situation in a lighter way. Once a complete list has been drawn up, the next step is to evaluate how to draw up a debt restructuring agreement proposal.
How to get out of debts
We distinguish at this point two macro categories, who is a good payer and who instead is reported on the list of bad payers for late payments.
For good payers, debt restructuring can be requested through:
- the debt consolidation loan, with which the new financial company or bank will close all current commitments in order to guarantee the customer the grouping of all the installments into a single lower one.
- a mutual consolidation. By guaranteeing the credit institution with the mortgage on the property, it will be possible to receive a sum of money with which all the positions in progress will be settled.
For bad payers instead, the debt renegotiation solutions are:
- employee loans
- delegation of payment
- loan with bills
If it is not possible to proceed with one of these financial products, we will try to show you alternative routes.
Debt remediation for bad payers, here’s how to pay off debts
As we saw in the previous paragraph, it is possible to request one of the three loans listed above for the repayment of debts. In the event that it is not possible to access these solutions, it is advisable to seek a financial restructuring agreement with the various financial companies or banks, proposing:
- a repayment plan, then deferring the residual debt over a longer period than the expiry of the loan contract
- alternatively, if the institution does not accept the previous proposal, evaluate an offer to balance and write off, or pay in a single solution an amount lower than the outstanding debt. For example, Agos debt of 15,000 euros, proposed in the excerpt of 8000 euros.
Both solutions are suggested even when the loan is non-performing, or when the bank or financial ceded its claims to a debt collection company or if you have already taken action to foreclosure.
Debt assistance, why rely on Globalfin?
We are a credit brokerage firm that is regularly registered with the mortgage broker at the OAM (registration number M359). Our company, which has agreements with numerous banks and financial institutions, is able to handle complex requests.
The service is absolutely free, without costs or additional costs. We deal with:
- analyze your position
- identify which road is best to travel
- to seek and obtain the financing resolution, if you intend to continue with this solution