You can also extend the repayment period

Three repaying loans and monthly load for you is so high that it would reduce payments needed. How to do it? The solution may be a so-called consolidation loans, thus consolidating all loans and advances into one product. The benefit of consolidation is undisputed, reduce excessive expenditures family budget and get an overview of what you pay. At the same time you save on monthly fees for maintaining multiple credit accounts.

In this case, it is preferable to apply a consolidation or merger of these three loans into one with a new lower installment in a single body. For one creditor it’s easier to reduce installments just enter only once. It is also possible to consolidate loans with different companies. The important thing is that you can associate when not properly pay off – not when you’re with installments overdue.

Consolidation is a good place for a reputable financial institution that can provide direct repayment of loans by the original lender. Upon consolidation, you can also extend the repayment period; sometimes even manage to negotiate a better interest rate than the original ones.

Personal bankruptcy, I think really the last, last resort. The result of the insolvency proceedings is uncertain and the impact on the debtor’s pretty serious. Therefore, I tried before this step as the already mentioned consolidation. In the ideal case, the court decides on discharge permits but it is important to note that not all borrowers meet the specified conditions.