What alternatives do I have to deal with a situation of high debt?

The first step ahead is to identify in writing what our expenditures of the month: light, water, community, food, financial expenses, insurance, transportation, repairs, etc.. It is important for the family to assume its responsibility and support all measures taken in concert. The idea is that all contribute to lowering the cost per family is small.

One point that deserves special study section is referred to the financial costs. If you have a mortgage, credit cards, consumer loans, we are drowning, then we need to take very concrete way to describe below:

* Negotiate with the bank the terms of the mortgage.
* Reunifying debts.
* Reception for Plan ICO foreclosure moratorium.
* Declare bankruptcy to apply the Act.

NEGOTIATE WITH THE BANK:

The first step ahead, if you have any arrears in the payment of the letter of the mortgage, it's closer to talk to the director of the bank and explain your case. We could make a novation, which can negotiate the interest rate downward or extend the term of the mortgage.

Another legal instrument that can apply is that of subrogation, which allows you to switch from one bank to another. Always seeking to improve the original terms of your loan.

JOIN DEBT.

It is a very controversial figure that has its advantages and disadvantages.

The idea is to combine all debts and cancel them and form a new mortgage.

ADVANTAGES:

* The main advantage you get your debts is to reunite you get lower your monthly expense.
* You can obtain liquidity
* Reparas your credit position with financial institutions to avoid falling into arrears
* Saves on cost of interest on arrears, refunds of fees for letters, administrative fees, etc..

DISADVANTAGES:

L * a major disadvantage is that you increase the amount of the mortgage and the term, which will ultimately pay more interest.


ICO PLAN MORTGAGE MORATORIUM:

Through this option you plan to pay € 500 less in monthly mortgage letter. It applies to mortgages under € 170,000 and that is forced on the dole.

IMPLEMENT the Insolvency Act.

It is a tool that allows the debtor to negotiate with its creditors on the substantial reduction of its debts, while stopping the implementation of embargoes by bad debts and interrupts the accumulation of interest arrears.