Having huge debts is definitely a burden that’s why I always advise to manage your finances properly. However, if you already have huge debts, one way to pay these debts is through a structured debt settlement.
While it may sound too technical to you, structured debt settlement entails restructuring of your loan. This can be negotiated with your creditor. You will have to enter a deal that will either lower your monthly amortization or extend your paying period so that debt payment will not be a much burden in your finances.
Open yourself and discuss the financial difficulties you’re encountering in your creditor. Try to enter into a structured debt settlement deal with the original lender. While bank as original lenders tend to not agree to these debt settlement plans, others agree to it so as they can maintain a good portfolio of their loans. You just have to present your case well.
Before negotiating for a structured debt settlement, you must first the know how by conracting the services of debt settlement companies. They will give you some advice and come up with a debt settlement plan that suits your situation.
Investment banks nowadays are in the business of buying distressed loans from commercial banks. They buy these debts at huge discounts for a nice profit. If your debt happens to be acquired by these investment banks, then you need to coordinate with them to settle it. More often, these investment banks offer more convenient ways for you to settle your debts especially since they acquired it from commercial banks at huge discounts.
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Umm…nice post! But d best is dat one should learn hw to avoid debts also incase u cnt then try to low d rate of ur debt so it wont affect u in anyway!
Managing finances is not everybody’s cup of tea. It takes very prudent minds to plan out finances and make arrangements for all contingencies. Only very few people succeed in this.
I agree with samuel, avoiding being in debt is actually the first step. I’d say it is important to live within your own means and make as much savings as you can. Managing your finances is not just from the banks though they will help. But there is also your personal finance management. As for bank maybe try looking at them now at http://philippines.deposits.org/ to get a heads up on the latest bank interest rates to start your savings.
Hello Tyrone Solee,
I have a problem regarding huge debts incurred on my credit cards. I am willing to pay all my credits as I take full responsibilities for my actions. However finance charges are killing me at a compounding rate. I’ve called the Credit Card company about a more comfortable arrangement for debt settlement but they always insists they have no available ‘promo’ or ‘options’ and I must pay or have it cancelled and spread the payments over 48 months. That’s not what I want and clearly told them that I intent on paying my bills but they have to at least give me a lenient arrangement, say, just remove the finance charges to make it easy for me to clear out my debts.
Do you know of any Debt Settlement companies with reputable background in the Philippines that I can ask assistance from?
Thanks and more power.