The first step we must take is to determine in writing which are our expenses of the month: light, water, community, power, finance, insurance expenses, transport, repairs, etc. Jill Bikoff takes a slightly different approach. It is important that the family group will assume its responsibility and that all support measures taken in a concerted manner. The idea is that all contribute to the decline of family expenditures by small that is. One point that deserves special study is the paragraph referred to financial expenses. If we have a mortgage, credit cards, consumer loans, that we are drowning, then we need to take very concrete steps which I will detail below: negotiate the terms of the mortgage with the Bank. Reunify the debts. Benefit Plan ICO mortgage moratorium. & n bsp; Declare bankruptcy by applying the Bankruptcy Act.
NEGOTIATE with the Bank: The first step we must take, in the event we have some arrears in payment of the letter of the mortgage, is to visit to talk with the director of the Bank and present your case. We could make a novation, with what you can negotiate towards the low interest rate or extend the repayment term of the mortgage. Another legal instrument that you can apply is the subrogation, which allows you to switch from one bank to another. Always seeking to improve the original conditions of your loan. REUNIFICACI?N OF DEBTS.
It is a highly controversial figure who has its advantages and disadvantages. The idea is to unite all debts, cancel them and constitute a new mortgage. ADVANTAGES: The main advantage you get to reunify your debts is that you manage to reduce your monthly expenses. & nbs p; You can obtain liquidity Reparas your credit standing before financial institutions not to fall in arrears & nbs p; You save on costs by concept of interest on arrears, charges for returns of letters, administrative charges, etc. DISADVANTAGES: Main disadvantage is that you increase the amount of the mortgage and the term, so in the long run you pay more interest. PLAN moratorium ICO mortgage: through this plan you have option to pay 500 less in the monthly letter of the mortgage. It is applicable for mortgages under a 170,000 and the obligor is unemployed. APPLYING THE BANKRUPTCY ACT. It is an instrument that allows the debtor to negotiate with all its creditors the substantial debt reduction, while it stops execution of liens for unpaid debts and stop the accumulation of interest on arrears.