Credit spiral – how to get out

This is another article about the credit spiral and exiting it.
Over the past few weeks, many anxious borrowers who have either fallen into debt or are approaching their solvency limit have written to me. Many people took advice directly.

Writing letters to banks asking for restructuring of loans


I am in the office and today I know that I am writing letters to banks asking for restructuring of loans brought positive effects in the form of a decision to change the contractual terms, consisting in lowering interest rates, reducing loan installments, suspending repayments for 3-6 months, etc.

But there were also people who tried to write their applications themselves and it turned out that they received answers refusals. Because the letters were simply poorly written, the borrowers had no idea what the bank could ask for. Therefore, it is important to address people who work as financial or legal advisers on a daily basis.

If anyone of you has a question for me regarding the possibility of restructuring in one way or another, e.g. through a debt loan, please write boldly.

Please write in the e-mails such information as

Amount of debt, value of monthly installments, whether loans are repaid on time or not, if not, how long are delays. Please do not forget about the information whether there is a possibility of a mortgage in the case of a debt loan.

Finally, a suggestion. The “Golden thoughts” publishing house has published a very good guidebook: “Invest in your own debt”.
It shows in a very accessible way how to step out of difficult loans step by step. I think this is an inexpensive source of knowledge and by implementing your debt recovery plan based on the author’s recommendations you can
become a man free of bad credit, which I wish to all my readers.