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.