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In these difficult situations, some people may make negative choices due to large amounts of debt. Today, we are going to learn about pre-workout conditions and personal workout conditions, which are one of the solutions to overcome this situation.
Free Workout is a system that supports debt adjustment for individuals or companies. This is a program to help people who are having trouble repaying their debt and is suitable for people who have been delinquent on their debt for a certain period of time and need a long-term repayment plan.
The cost of applying for a free workout is relatively cheap, around 50,000 won.
You can also find psychological stability because collection stops the day after you apply for free workout. Additionally, if you make your payments faithfully for two years or more, your credit information may be removed from public records, making it easier to rebuild your credit.
Preworkout is a way to adjust interest rate debt and is a beneficial option for people who are repaying long-term installments or experiencing temporary difficulties. If the delinquency period is more than 31 days but less than 89 days, interest rate debt adjustment may be considered.
After applying for free workout, you will not be registered as a financial debt defaulter, which will help restore your credit and make it easy to submit application documents. The application fee is still low at 50,000 won, and has the advantage that collections for you and your guarantor will immediately stop the day after application.
For debt restructuring, the consent of more than half of the creditor institutions based on the amount of the debt must be obtained, and overdue interest may be reduced and the repayment period may be extended by up to 10 years. The adjustable interest rate is reduced within the range of 30-70% of the agreed interest rate, with the highest interest rate being 8% per year and the lowest interest rate being 3.25% per year. If the agreed interest rate is less than 3.25% per annum, it will be applied as is.
When adjusting debt through the free workout method, there is a disadvantage that the initial interest burden is large if the repayment period is long.
However, the following cases may be excluded from debt adjustment:
Personal workout means debt restructuring. This applies to cases where debt is excessive relative to income, and those who are three months or more in arrears and are able to repay in long-term installments can receive support for credit recovery.
You can find psychological stability because collections stop the day after you apply for personal workouts. Additionally, if you repay faithfully for more than two years, your credit information will be deleted from public records, helping you rebuild your credit. Once the personal workout conditions are confirmed, interest is reduced, and the principal can be reduced by up to 90% depending on repayment.
Eligibility requirements for applicants who meet the individual workout conditions are as follows. You must meet these conditions to use the Credit Recovery Committee’s personal workout program.
Among the debts subject to debt restructuring, unsecured debts of creditor finance companies that have signed up to the agreement are eligible. Excluded cases are as follows.
The Credit Recovery Committee is an organization that provides debt adjustment and debt repayment support to individuals who adjust their debt before delinquency or meet the pre-workout conditions. In addition, the court also provides support such as personal rehabilitation and bankruptcy exemption.
This institution is a private system that adjusts debt based on the credit recovery support agreement signed with financial companies in accordance with the law supporting the financial life of the common people. If you receive debt adjustment from the Credit Recovery Committee, debt collection will stop immediately the day after application, and the application fee is only 50,000 won.
Additionally, the application process at this institution is simple and the required documents are also simple, so you can apply quickly and easily. If it is difficult to visit in person, you can also apply through the Internet, so please take advantage of this convenience.
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