Loan restructuring means changing repayment terms with the lender's consent: a longer term and lower payment, a deferral or written-off penalties.
Loan restructuring means changing repayment terms by agreement with the lender when the borrower cannot pay on the old schedule. Most often the term is extended to lower the monthly payment, payments are deferred for a few months or part of the fines is written off.
Restructuring is the lender's right, not an obligation, so a request is best backed by a realistic plan and documents showing the change in circumstances. Extending the term lowers the payment but raises the total overpayment, because interest accrues for longer.
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