2006-07-21 01:07:00 · 3 answers · asked by skdenia 1 in Education & Reference ➔ Homework Help
debt consolidation
getting out of debt is pretty easy with a debt consolidation plan
however it may get a bit tricky at times, I suggest you get as much information as possible online on this first,
a good place to start in my humble opinion is:
http://umgarticles.atspace.com/debt-consolidation.htm
2006-07-24 23:49:26 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Let's assume that you have to pay $15,000 per month on your debt. But you can only afford to pay $11,800 due to financial issues. As opposed to going into bankruptcy, you could do a debt restructuring, which means re-working things to deal with this financial crisis.
However, it does NOT get you out of paying the full amount you owe, but rather works around it.
It's similiar to your being unable to repay your credit card debts. You could work out a new payment schedule, say $10 per month instead of the $20 they really want. Still have to pay them back, but they'll have to wait a little longer for it. Same concept here!
2006-07-21 12:19:59 · answer #2 · answered by msoexpert 6 · 0⤊ 0⤋
Rescheduling: deferment of payments of principal and/or
interest due on loans, by agreement with creditors.
Basically your payments or debts are rescheduled to either give you time to generate a stable income or allow you time to reorganize your business structure.
2006-07-21 09:00:39 · answer #3 · answered by Carlton73 5 · 0⤊ 0⤋