Anonymous asked 11 years ago
Due to certain circumstances, I need to ask the bank to restructure the personal loan (RM36k) that I made.
(Since I bought to an advice that say “If you are not able to pay your loan installment, you should contact your financier first”).
They ask me what I want, so I ask for restructuring of payment which eventually will have higher outstanding balance, longer tenure but sliiightly lower monthly installment. (convert from 5 years to 7 years – at the 7th month of payment term)
All of the 7th month, my payment complied with the due date.
My questions are:
– Since the application are still in process, do I need to pay for the 8th month? (I ask them, and they said, wait until the results come out)
– Does restructuring my loan payment and tenure will get me ‘blacklisted’? Will I not be able to apply any other loans in the future (if necessary)
– What does this restructuring action reflect my financial health?
– What is actually the correct and best move to solve this problem?
Hope you will be able to provide US the best advice.
Thank you for your time, and all of your newsletter. 🙂