Loan restructuring is a process aimed at modifying the terms of repayment existing credit commitment by adapting them to the borrower's current financial situation, particularly in the event of repayment difficulties or loss of ability to pay.
The restructuring of a loan may involve different directions of change, such as:
- extending the repayment period - which can reduce the monthly instalments.
- reducing the amount of the instalment - e.g. by changing the interest rate
- a change in the currency of the loan - if the loan was taken out in a foreign currency.
- write-off of part of the debt - in exceptional justified cases, the bank may decide to write off part of the debt.
Where there are multiple loan commitments or other titles, the negotiation process can be difficult, It is therefore worthwhile to take advantage of the solutions offered by the restructuring law in the form of one of the four proceedings restructuring. Within such proceedings, it is possible to conduct comprehensive negotiations covering all creditors with the participation of an advisor restructuring and conclusion of a comprehensive agreement adjusting the amount of monthly charges to the financial possibilities of the debtor.
Restructuring proceedings also allows a number of corrective actions to be taken of an internal nature contributing in the long term to the recovery of the borrower's situation. Importantly, the restructuring of debt (liabilities), can take place within the framework of a partial arrangement, i.e. we can restructure our debt and discuss restructuring only with a selected group of creditors such as financial creditors (Banks, Loan Funds, Leasing or others).https://pmr-restrukturyzacje.pl/doradca-restrukturyzacyjny-nowy-zawod-prawniczy/
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