Are you looking out for help with loan restructuring program? How can you apply for restructuring? Your loan installment is a purpose of your loan amount, repayment term and interest rate. As a borrower, the objective shouldn’t be to get as big a loan as you can entitle for. You must look at your personal financial situations to start with, like the other financial obligations you have, how long you can afford to be tied up repaying the loan as well as so on.
Even choosing for a buyout loan can be perilous if you are already overextended financially. The loan takeovers in your case not only amplified your loan repayment tenure, but also offered you access to added funds by increasing your original loan amount. And since the prime attraction for you was the ninety-day payment holiday, possibilities are you didn’t evaluate your options vigilantly to go with the lowest interest rate one either.
Now that you are stuck with a vast outstanding loan amount and are swimming in unsafe waters with exceptional debt on two credit cards, it is time to get your (economic) ducks in a row. There’s no point raising this subject with the Central Bank of the UAE since the bank isn’t actually at fault here – most banks take into thought the borrower’s total monthly income inclusive of housing grant, particularly when it is credited as part of the monthly salary. Contact with your primary lender again, and explain to them how you are struggling to reimburse your current instalments. If you don’t get wherever with the bank loan restructuring request, you could speak to a qualified debt management company to negotiate with the bank on your behalf.
Since the loan repayments have become a substantial financial burden for you, you should also look into liquidating some of your savings or assets back home to partly repay the lender. This may become essential if you are unable to bargain more relaxed repayment terms on the current loan. Your savings can also assist you repay and get rid of your outstanding credit card debt, which can rapidly multiply if it’s left unpaid.
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