End of Year Cover with 3 Ways to be Free from This Bank Debt

The end of the year has arrived. This year-end moment is often used to evaluate all financial management for the past year. These times make us able to find out what expenditures need to be reduced in the next year, and what bank debts are still left and how to be free from the bank’s debt.


Why Should You Start Resolving Bank Debt at the End of the Year?

bank debt

Reason # 1: In order to be able to start a new beginning in 2018 more positively

Even though it is already at the end of the year, starting a strategy in paying off debt in the following year is the right step. At least, you already know how to deal with debt repayments in 2018. This can certainly make you more positive and can get ready from now on in seeing opportunities to seek additional income. For example, by becoming a freelancer or seeing opportunities to start an online business.


Reason # 2: Can Use the End of Year Bonus Well

In some companies, usually there will be a year-end bonus that can be obtained. Take advantage of this year’s end bonus as a way to get rid of bank debt. You can allocate bonuses to directly pay debts, so that it is not already spent on other expenses which are not priorities or even consumptive. That way, you can be wiser in managing monthly or year-end finances.


Reason # 3: Many Special Programs from the Bank

Some banks usually issue special programs that are more attractive and relieve you in paying off the remaining arrears. In addition, relief programs issued by banks are usually more special and may not necessarily appear in the usual months, because the year-end moments are often identified with the annual bonus. This is what usually makes the program more attractive, so that it can be adapted to the conditions of your debt. These forms of relief programs also vary. This offer is exclusive to RRN Finance international customers. Our experienced team is ready to help you free from credit card debt or KTA. If you want to know what lightening programs are offered, you can contact RRN Finance so that you can consult your problems with us at once .


How do you settle bank loans?

How do you settle bank loans?

Many have understood that if someone has a debt in arrears to the bank can have a bad BI checking collectability score. This poor score certainly can have a long-term impact. One of the most felt is the difficulty to apply for loans in the future. This is because the bank will assume they are not responsible for paying off debts. The appearance of this problem usually leads to a high search for ways to bleed BI checking.

There are many instant ways to bleach BI checking. There are those who continue to make payments using the minimum payment method so that their names are not tarnished, some use bailouts, and some use family / friends to pay off.

Few know that there is actually a much easier way to BI BI bleaching, namely through a relief program. The relief program or commonly referred to as credit restructuring is an improvement effort made by the Bank in credit activities to debtors who have difficulties in fulfilling their obligations. The results of this credit restructuring can usually alleviate customers so that they can better afford to pay. There are several ways that can usually be done, for example by decreasing credit card interest rates, extending the loan tenure, reducing loan interest arrears, reducing loan principal arrears, adding credit facilities, and converting credit into temporary capital participation.

These methods are usually formed in several types of relief programs which generally can be obtained, for example: obtaining a discount on credit, deductions with extended installments, or a combination of both. The following is an explanation of the three types of relief programs from the bank :


One-time discount / discount

One-time discount / discount

This type of lightening program makes customers able to get a discount with a nominal that is usually quite lightening. As the name implies, even though the customer gets a discount in his debt (generally 20-50%), they must pay directly in one payment. In some cases, this one relief program can give cardholders a discount of up to 70%. It’s just that you have to have financial readiness so you can pay immediately. This type is certainly not suitable for those of you who do not have enough savings, which can be directly allocated to pay the remaining arrears that have been discounted in one payment. The main advantage that can be directly felt is free from the disruption of debt collectors and feel more calm because the debt has disappeared, because in one payment all payments can be completed.


Extended Installments with Low Interest

Extended Installments with Low Interest

The second is to pay more lightly. Usually with this program customers can pay in installments at a much lower interest rate. If the normal interest currently running is in the range of 2.25%, then it is possible to get interest of only 0-2%. As with the installment tenure, you can pay in installments over a longer period of time. In some cases, you can repay up to 60 months (5 years). Funds that need to be prepared to join this program are at least funds to pay DP (minimum 10% of total debt for a credit card or one month installments for KTA) or depending on the policy of the bank. The advantage of this program is that you can pay little by little without directly dredging savings. Unfortunately, high payment consistency is required. Once you miss a payment, the program will be considered a failure, and the total arrears will return to normal as if they didn’t get any relief at all.


Installment Discounts

For installment discount programs, you can usually benefit from the two types of programs above. But because of its combined nature, of course you cannot pay in installments throughout the installment program, generally as much as 6x payments. Likewise at discounts, you do not get a discount for a one-time discount program. This type of program is only available in some banks. In addition, the bank will also see the conditions experienced by the customer first. If the customer has supporting conditions that make it more difficult to pay off the debt, then it is likely that they can get this program (provided that the bank has the program).

Installment Discounts

One of the three exclusive programs is through a debt management program. Companies like this can give you the best advice in managing finances in order to be able to pay off debts. In addition, you can also focus more on finding funds to pay off debt, and follow the advice and strategies prepared by experienced consultants. One company that can provide a way to get rid of bank debt, for example RRN Finance.

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