Depending on the circumstances, a financial advisor will be able to negotiate a reduction of your debt. The creditor may agree to lower to amount of the debt, the interest rate or simply postpone the final payment date in exchange to the promise that you will pay off your debt in the terms and time agreed on. It is important to highlight that these negotiations are done privately and directly with the financial institution.
Loan extension - consists in obtaining extra time to pay. Some creditors do not require payment during this period; others may demand partial payments or ask you to pay interest or service charges. Find out if the extension will be reported as a late payment and if it would affect your credit history.
Loan Revision - The creditor might be willing to reduce your monthly payments by extending your loan term. You will probably pay additional interest, but with lower payments, you will be able to make them on time.
Loan Refinance - A refinance loan is a new loan, not simply a revision. The new loan will have a new payment schedule and a new interest rate.
Loan Consolidation - This is a new loan, designed to pay in full all of your current debt. The new monthly payment will be less than the total amount you’re paying now, because you will be extending your payments through a longer period of time.
Loans over housing or credit line - If you owe a house, your loan company could get you a credit line or a warranted loan over the value of your house. These usually have lower interest rates and the interests are tax deductible. However you must be careful since if you get into more debt, you could lose your house.