There are more and more people who are considering free workouts due to excessive debt or delinquency, while they are afraid that they will be disadvantaged if they are supported by the credit recovery system. Today, we will have time to learn about pre-workout qualifications, application methods, and pros and cons so that we can shake this fear to some extent.
The Free Workout, run by the Credit Recovery Commission, is a debt adjustment system. There are two systems: a personal workout and a free workout. There is a slight difference between the reduction and the overdue period.
preworkout qualification and application
You must have more than two armies to qualify for a free work out. Also, the delinquency period must be 31 to 89 days. If the annual income is less than 40 million won, you can apply even if the delinquency period is within 30 days.
preworkout limit condition
The property owned by the owner of the owner is less than 1 billion won
The total amount of debt is less than 1.5 billion won (500 million won in unsecured debt and 1 billion won in secured debt)
The amount of new debts within 6 months of the application date is less than 30% of the total debt amount
During normal income activities, annual debt repayment amount is more than 30% of total income
preworkout application method
You need to get a consultation first to apply for a free workout. (Counseling Phone 1600-5500) After telephone consultation, you must visit the National Financial Integration Support Center or the Credit Recovery Committee and submit the documents necessary for the examination.
free workout advantage
call and collection interruption
Legally, free workouts play a role in preventing bond repair and urging, and can also prevent foreclosure of property, so there are cases where you apply for free workouts to protect your family and family.
interest rate reduction
If you apply for a free workout qualification, you can get a 5 ~ 10% reduction in the existing debt interest rate and a maximum 50% reduction. To help you understand, for example, if the interest rate on debt is 20%, you can get a 10% reduction.
extension of repayment period
It can prevent the delinquency that is difficult to repay interest principal. It can extend the repayment period up to 10 years, which can reduce the difficulty of repayment of interest and principal.
No redemption fee
If you have extra funds during the pre-workout period, you can repay your debt at any time without any reimbursement fee.
credit information not listed
The biggest difference between individual free workout and free workout is whether or not credit is listed. Personal free work out is listed on the public system for workout, but free work out has the advantage of not being listed. Therefore, if you use free work out, you can view credit information and you do not get workout records.
free workout disadvantage
Not all debts are applicable
The debt of the banknote that is concluded with the Credit Recovery Committee is the only one subject to pre-workout debt adjustment. In general, financial institutions have many agreements, but some countries or telecom companies do not have agreements, so taxes and cell phone charges are excluded from the exemption. In addition, some bonds or loan company debts are not included in debt adjustment.
If you are using a guarantee institution such as a Sitstone loan, a sunshine loan, or a change dream loan, you may be eligible for a free workout after the captain’s payment. The counterpoint means repaying the debt to the bank that executed the loan when the delinquency period is three to six months instead of the debtor.
interest burdens can be great
The repayment method is proceeded 폰테크 by the equal repayment method. The equal repayment method of the principal is disadvantageous that the burden on the total amount of interest is higher than the equal repayment method of the principal.
Assuming the repayment period is 10 years, it is a small amount considering interest. Fortunately, free workouts are free to repay at any time because the commission is exempted if you have made a mid-term repayment.
cash flow improvement need
The biggest reason for doing free workout is to improve the life that is currently experiencing difficulties due to expectations. Monthly income – Improving the negative from spending to plus to eliminate the vicious cycle of loans or delinquency.
However, if cash flow does not improve after the pre-workout, it does not mean much. Therefore, you should keep your consumption pattern in a good direction by thoroughly managing money.
Today, I learned about the qualifications, application methods, and pros and cons of the free workout. If you are still in a pre-workout, you may be restricted by economic activities or other problems, so if you are worried or have a delinquency, I recommend you to consult the Credit Recovery Committee immediately.
And sincerely ill patients are given additional benefits to reduce interest rates, which can be reduced by 20% to the current interest rate on a two-year, four-year basis. If you are thinking about applying for a free workout, you should make a decision based on the above mentioned contents.I hope that the contents of today’s summary will help those who are looking for a free workout.