DEBT RESCHEDULING

A practice that involves restructuring the terms of an existing loan in order to extend the repayment period. Debt rescheduling may mean a delay in the due date of required payments or reducing payment amounts by extending the payment period and increasing the number of payments. Debt rescheduling is one way to provide a borrower with relief when needed due to an economic downturn or other unforeseen personal event job loss, illness etc.