Debt Management is mostly focused on organizations and individuals who are struggling to meet their financial obligations. We lend a hand and recommend the best options for easing your financial problems.
Debt Consolidation, Debt Restructuring, Debt Settlement, Bankruptcy, and putting forward defiance via legal methods are the five debt solution strategies we use most frequently.
Each of these may be a viable option for getting out of debt, depending on your situation and resources. Any of these can help you get out of debt by properly applying and executing them, but they all have different effects on your wallet and credit record.
Government bodies, corporations, banks, financial institutions, and people are among the clients we advise and serve. We devise effective strategies and consistently achieve the desired result, which may warm your heart.
Consolidation of Debts
Debt consolidation services are a type of specialized refinancing facility that an individual or business chooses. To avoid multiple interest on many scattered loans/cards, it consolidates all debts or administers many loans/cards from various institutions or individuals into a single aggregated loan. A single payment replaces many payments to multiple creditors, but with lower interest than the former. Debt consolidation can help you become more organized, pay off your debts more quickly while saving money on interest, and provide many other advantages.
You can avoid the dreaded debt collection calls by enrolling in a consolidation plan, and you may be eligible for various cost waivers, as well as a reduction in financing charges and over-limit fees. When comparing Debt Consolidation with a Buyout Loan to Debt Restructuring and Debt Settlement, Debt Consolidation with a Buyout Loan comes out on top. If you are convinced that you will be able to make your installment payments on time, we, Legal Solutions ME, can certainly assist you in consolidating your debts into a single one.
Restructuring of Debts
Debt restructuring is one of the most common debt relief methods used by businesses and individuals to pay off loans and credit cards. Debt restructuring eliminates the risk of default, but it may raise the interest rate and lengthen the repayment period. When a person has past dues on his credit card, it is usually preferable to pay the balance in full at once, but if he is unable to do so, he must consider debt restructuring as a possible option. As a result, he can pay a set installment amount for a certain length of time and be free of credit card debt, and this debt restructuring process can be viewed as a blessing in disguise.
Settlement of Debts
Debt settlement is an offer made by a creditor to a debtor who is willing to pay all of his or her debts at once or in installments. It’s always a negotiating procedure between the debtor and the creditor to minimize the amount owed to the creditor. Obviously, a desperate creditor offers to forgive a considerable portion of the amount, which varies from case to case. Our debt management professionals engage with creditors on our clients’ behalf and may be able to achieve an agreement with the creditor that is very cost-effective. When compared to Debt Consolidation and Debt Restructuring, debt settlement in one go will be significantly more cost-effective.
If the restructuring can be done at a lower interest rate and for a longer period of time, it will surely be more profitable than debt consolidation and debt settlement. If your income is sufficient to support the monthly payments, we can help you restructure your debt.
Business Bankruptcy
Bankruptcy allows a business owner to start again by writing off his obligations that he is unable to pay, while creditors have the option to receive certain amounts based on the debtor’s assets that are available for liquidation. In theory, the right to file for bankruptcy can help the economy by providing firms a second chance to get consumer credit and by allowing creditors to accept partial payments. The bankrupt is released from any debt commitments accumulated prior to filing bankruptcy after the bankruptcy is successfully completed. In comparison to debt negotiation, consolidation, and restructuring, bankruptcy is one of your greatest options if your liabilities are large. Legal Solutions is regarded as an expert in bankruptcy-related cases, with a 100% success rate.
Personal Insolvency
According to the Federal Decree-Law No. 19 of 2019 on Insolvency, which governs insolvency proceedings involving natural people. This law intends to make things easier for people who are having financial troubles and to protect those who are unable to pay their bills due to insolvency. The key provisions of the law are as follows:
Individuals who are experiencing or anticipating financial difficulties that prevent them from paying their debts will be helped by the law.
Individuals will be able to reschedule their debts and take out new concessional loans as a result of the law.
The new law will protect debtors from legal action, decriminalize bankrupt person’s financial obligations, and let them work, be productive, and provide for their families.
If you are in such a dire circumstance that you are unable to make loan or credit card payments, the best option is to enforce it legally, as in ‘desperate conditions call for desperate measures.’ Our professional staff can assist you in permanently escaping debt traps, but your credit history will be harmed for up to four years. If none of the other choices, such as Debt Settlement, Debt Consolidation, Debt Restructuring, Bankruptcy, or Personal Insolvency, work out for you, this is the last resort.
