When we can’t deal with paying our debts, we can fall into arrears that can cause interest on our debts to go up and our credit rating to change. This is not good for our financial health, so it is good to know what options exist if we have problems paying the monthly payments on our loans or credits.
Refinancing my debt
One of the options that exist, when you have already fallen into default, is refinancing. But what steps must be followed to refinance a debt?
Go to the bank
The first step is to go to the bank. This is important since it will allow the financial institution to know that we want to regulate our situation and pay the debt. It is necessary that when we go we be as honest as possible about our current economic situation and our needs. That way, they will be able to offer us a refinancing alternative that we can afford.
Wait for the bank to do a new financial evaluation
After going to the bank to present our case (the reasons why it has fallen into default or why we request a refinancing) we must wait for the bank to make a new financial evaluation (for which it will consider all our pending accounts) and establish a new payment schedule.
Respect the new payment schedule
With the new schedule provided, we must organize ourselves to pay each installment on time. It is important that, while we regulate our situation, we do not request any new loan or credit, as this could further harm our financial situation.
Are there other options when it comes to refinancing my debt?
Refinancing is not the only option you have when you cannot pay a debt. Another alternative is Pool. But, what is it about? Pool is an alDía program that allows debtors to cancel their debt in a single payment. For this reason, it is necessary for the person to have the total amount so that alDía’s advisers can negotiate better payment conditions with banks, through collective negotiation of debts. If you want to know more about this alternative, compared to refinancing, contact us!