The effects that a pandemic has on everyone can be different. For example, for online businesses, the pandemic can increase sales because many people prefer to shop online without having to leave the house. But the opposite effect is for other types of businesses, especially offline-type businesses that rely more on profits generated from buying in person or eating on the spot. With the pandemic, of course, these types of businesses have experienced a very significant decline in profits, even bankruptcy. For this reason, those who are either workers or business actors who have debts such as home installments to business capital, of course, find it very difficult to make debt repayments because the maximum credit score has decreased.
There are several types of credit restructuring that will be offered by the bank you are applying for that can be tailored to the needs, urgency, and type of credit that is being undertaken. This restructuring program is given to debtors who want to pay directly all bank loans in one payment. In this restructuring, the debtor will be given a discount which will make the total debt smaller. Besides, debtors are also free from bank bills because their debts have been paid off. However, the drawback of this restructuring is that the debtor is required to have a large amount of money at once or following the total debt to be repaid because this program is only valid for one payment only. This restructuring is suitable for customers who currently have minimal funds. Debtors can apply for this program to extend the installment tenor to make it lighter.
This restructuring program is a combination of the two previous restructuring programs. Debtors can get an installment discount and an extension of the installment tenor at once. But unfortunately, this restructuring program is not available in every bank. Don’t just rely on credit restructuring. Keep thinking about other backup plans so that if your application is rejected, you still have other strategies to help your credit installment burden which is getting more difficult due to the pandemic.