How to pay off debts?
What to do and how to pay off debts if there is no money? This question is asked by many people who find themselves in this situation. After all, lenders are not asleep, and interest often grows like a snowball. And I still want to pay it off to sleep in my apartment, and not at the station, hitting the run from collectors and bankers.
We are looking for a rational way out
First of all, you should sit down and weigh everything again, and try to make a balanced and reasonable decision, gathering the will into a fist and read the agreement again. So you can finally figure out what threatens you not to return loans, as well as what penalties will be accrued and whether there is a possibility to avoid them. Only in this way can one learn first hand all the peculiarities of working with debtors. Of course, many may object and ask, but what exactly this knowledge can help to repay? Of course, this may not add you money, but the next time you think a few times before taking out a loan. And now you just have to go through this annoying situation and try to find a way out of it with the least loss.If you still could not find even the slightest loophole in the contract that would help you to delay the payment, but there is no money because you have lost your job, then you should go to the bank.
We go to the bank
Many people, looking for an answer to the question of how to pay off debts, often refuse to go to the bank, considering it to be the worst of the enemies, who selects the last crumbs. But in this case, you and the bank are on one side of the barricades. After all, a borrower who honestly admitted to a temporary lack of money, and in this situation does not try to cheat and wriggle out of paying a loan, does not hide his financial difficulties and does not hide from bank employees, in some cases can count on small concessions from the bank. True, if you are not a regular customer of the bank and have taken a small loan, then you should not expect any serious concessions. However, to achieve a small deferment of payments for several months, with interest accrual, but without the accrual of penalties is quite realistic. It should be noted that while this situation does not spoil your credit history. And in the absence of work, such concessions are no longer enough.
And if you took a big loan for the purchase of real estate, and so far you have been a disciplined payer, then in this case it will be much easier to negotiate a deferment of payments. Of course, the interest on the loan for these months you can not avoid, but during this period your financial situation may significantly improve. You can find a job or a part-time job, or both, and you can continue to pay your debt. If you have several loans, you should make at least some payments on all, then you will not be charged a huge penalty for late payments.
Sell mortgaged property
Sometimes there are such cases when you know for sure that there are no incomes, and are not foreseen in the near future, then the only answer to the question of how to pay off debts will be to sell mortgaged property. To do this, you should pull yourself together, go to the bank and honestly tell the manager about your financial situation and try to arrange for the bank to lift the ban on the sale of pledged property. Indeed, in this case, the bank will only benefit, because it will receive their money in full. And you can sell the mortgaged property with the maximum benefit and with the help of the same bank, you only need to first ask if it can assist in the sale, advertising or registration of the transaction. It often happens that banks constantly cooperate with a real estate agency, or they may have a good connection with notaries, such measures can ease your lot. In addition, you can ask the bank to monitor the purity of the transaction. By doing so, you will be sure that you will get money in your hands, not fake money, and quickly pay off your debts to the bank. After completion of the sale of collateral and registration of all formalities for the return of the loan, it is mandatory to take a certificate from the bank about the full repayment of the debt, and that the bank does not have any claims to you.
We seek funds
Reflecting on how to pay off debts, you should think about what you have of things that could be sold. It can be both household appliances, and a car or a bicycle, which gather dust in the garage, and which you drive about five times. You shouldn’t regret things, especially if you are threatened with homelessness, because when your financial situation improves, you can buy new ones. In the meantime, you can pay at least some bank fees.You should also minimize your costs. It is better, of course, to draw up a budget and strictly adhere to it, so you protect yourself from unnecessary spending. You can, for example, not go to a friend's birthday party or to a friend's wedding, and thereby pay at least part of the installment to the bank. Moreover, if you explain to friends what situation you are in, they will surely be able to understand you, and perhaps offer their help, for example, lend money to a critical situation, or give you a part-time job or inform you about a vacancy.