Credit debt restructuring
Microfinance lending and foreign currency loans issued before the 2008 crisis led to the situation, in which a lot of people faced the problem of credit debt.
The settlement of the procedure and the repayment period of the loan, the change in the size of the monthly payment, the approval of new conditions for repayment of the debt – all this can be attributed to debt restructuring.
If you don’t have loan delinquency yet, but your financial conditions have worsened and it is difficult to make the payments in time, or if you have a delay, you can offer the lender (bank or financial company) to restructure your loan.
To do this, the lender should apply with a statement of the conditions that you would like to receive from the bank and that you are able to actually fulfill.
You can also attach copies of documents indicating a deterioration in your financial conditions (illness, job loss, etc.) to the application.
The restructuring of the loan is a right, not an obligation of a financial institution, in fact, the approval of the restructuring is a voluntary agreement of the parties to change the contract terms.
To properly exercise this right, contact ADVA for expert advice. Our lawyers will help you write an application for the restructuring of credit debt taking into account your interests.