Restructuring

hi it's Patti her shop marketplace so if you find yourself in a hole of debt like this / fella here there are a couple of things you need to do firstly reduce your expenses secondly increase your income either by selling some stuff or maybe by getting another job but if you've cut your expenses to the bone if you work on all the arts that God sends but maybe what you need to do is go to the bank and ask for a restructuring so here's how a restructuring works imagine a large family living in a big house in the country this house is so big it's got two wings on it all right my mum and dad say to themselves one day look we can't afford to be running this house like this all right there's the expense of the electricity there's the heating there's all the maintenance we just can't handle it so what they decide to do is restructure by closing the two wings and moving everybody who lives in there into the main building that's a bit of a squeeze in there and I but at least they can afford to run the house the same thing goes with your debt you go to the bank and you say look I'm having problems running my finances they may say well look maybe we can restructure your debt by consolidating some of the loans maybe we'll reduce some of the interest on these loans maybe we'll give you more time to pay by you know pushing out the maturity they may even reduce some of your principal and this isn't pie in the sky consumers do this all the time and so do corporations so if you haven't troubled with your money go to the bank behave like a company and say look can you help me with the restructuring because it's in the bank's interest to listen to you and to help you right because if you fail to make those payments if you go into default if you fail to pay the loan back that's going to leave you and maybe the bank very badly needing a drink

Channel: paddy hirsch

Views: 27,431

Keywords: restructuring, debt, leverge, loans, finance, personal finance, Personal Finance (Column Genre), money

Id: aPH_2z0Xf1M

Length: 1min 38sec (98 seconds)

Published: Fri Dec 19 2014