4 Simple and systematic ways to solve personal debt to escape the debt trap permanently … or choose to apply for a legal personal loan, apply online, get a lump sum here!!!
Anyone who starts to feel uncomfortable finding money to repay debts, or starts to pay debts later than scheduled, or starts to default on debts, or even starts to ignore the existing debt repayment schedule must immediately contact the financial institution that is the creditor.Do not hang up the phone or run away from the creditor because that may make the problematic debt become a bigger problem.
On the contrary, you must dare to confront the commercial bank or financial institution that is the creditor to negotiate debt repayment by trying not to become a bad debt.
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In fact, each commercial bank or financial institution
usually has various approaches and conditions to help debtors who are experiencing financial problems,
such as debt restructuring,
temporary debt suspension,
debt repayment extension
, interest rate reduction
, installment repayment reduction, or others, depending on mutual negotiation.
The following 4 methods may help those who feel that their debt is becoming a problem or have already become a problem debtor to solve their debt easily, systematically and permanently.
1. Increasing the amount of debt repayment in each installment
This approach is the most straightforward and easiest way to solve the debt problem, which can be called a hammer-and-pound approach.
The borrower or debtor may find ways to reduce expenses, such as reducing water and electricity bills
by saving water and electricity
, reducing food costs by buying inexpensive ingredients to cook for themselves,
and reducing shopping. In addition, the borrower or debtor may find ways to increase income according to their skills, such as tutoring,
selling things online, creating content
on social media to generate additional income to pay off debts.
2. Extending the debt repayment period is another way that debtors may contact commercial banks or financial institutions that are creditors to request an extension of the debt or an extension of the debt repayment period.
For debtors who may not have enough income to pay off the debt in each installment as usual, which may occur due to reduced income or higher interest rates. In addition, debtors may negotiate to suspend principal payments for debtors who may have problems with having to leave their jobs, have no income, or have to spend on various emergencies. However, this method of extending the debt repayment period may cause the debtor or borrower to have to pay more interest. However, for debtors who have problems amidst various economic crises, it was found that some financial institutions may have measures to temporarily suspend repayment of both principal and interest. Therefore, contacting commercial banks or financial institutions that are creditors will help debtors find a solution to the problem more than avoiding or avoiding contacting creditors.
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3. Principal reduction
The principal reduction can start with a survey of current assets
to see which assets can be sold for cash to pay off debts. Evaluate the expected selling price today and consider selling current assets that are no longer needed to reduce debt burdens.
When the principal balance is reduced, the interest to be paid in the future will also be reduced. After surveying current assets, the debtor may use a haircut to close the debt with a lump sum. This is a debt restructuring by asking for a discount from the creditor and paying the entire amount to close the account immediately. This is suitable for people who have a lump sum from bonuses, savings, compensation from leaving work or selling assets, but it may not be enough to pay off the entire outstanding amount. They may contact a commercial bank or financial institution that is a creditor to negotiate a debt restructuring by negotiating a discount to close the debt with a lump sum that is less than the total outstanding debt. Such a haircut may help the debtor to be free from the monthly installment burden and be able to manage the remaining debt better. However, in reducing the principal, debtors who feel that their existing debts are becoming a problem can easily create encouragement to manage debts by prioritizing debt repayments and choosing to deal with the debt with the smallest remaining balance first.
In addition to being a source of encouragement that some debts can be paid off, it also leaves us with money left over to pay off other debts.
4. Interest rate reduction: This approach may solve debt problems easily.
By prioritizing debt repayment by choosing to resolve debts with the highest interest rate first to save money on interest payments. In addition, borrowers or debtors may contact commercial banks or financial institutions that are creditors to cancel or ease overdue interest rates and negotiate to reduce interest rates for existing debts. Another way to reduce interest rates for debt repayment is to change the type of debt from debts with high interest rates to debts with lower interest rates, such as converting credit card debts that are not paid in full and on time, which will be charged interest at a rate of 16% per year, into term loans, which are loans with a clearer repayment period. In addition, debtors may use the method of changing creditors or refinancing to reduce interest rates by contacting new creditors with lower interest rates and using the money to pay off the original debts with the original creditors. Currently, various financial institutions offer refinancing for home loans, credit card loans, cash card loans, and other personal loans. However, before deciding to accept an offer to resolve debt problems with a creditor, the debtor should consider their own debt repayment ability first. Do not rush to accept conditions that they cannot meet because it may result in becoming a problematic debt in the future as before.
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Contact us
Siam Digital Lending Co., Ltd. is a financial service provider with personal loan products that are suitable and in line with customer needs. It also helps customers access legal loans more easily, which is in line with the Bank of Thailand’s mission to help solve the problem of borrowing money from informal sources and high household debt ratios.
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- Address : 8th floor, Dr. Gerhard Link Building 5, Soi Krungthep Kreetha 7, Huamark, Bangkapi, Bangkok 10240
- Tel: 02 016 9300
- Business hours: 08:30 – 17:30
- Email: [email protected]
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