Initially it was stable, safe. Short-term or long-term loan – it was an exemplary cooperation between you and the lender. Repaid on time, without problems.
Most payday loans can be obtained by phone contact alone. It is an easy and quick process. Complications arise when the loan repayment is short of funds …
So how do you pay back a loan if you have income but not enough to settle your debt?
First of all – do not delay contact with the lender
In most cases, the outstanding loan amount can be spread over time. New installments, convenient for repayment, for a period of time corresponding to us. It all depends on your personal financial capacity and the contract between the lender and the borrower. Such deferral is usually paid, but these are not colossal amounts. For sure it will also be a cheaper solution than growing interest on late repayment. Spreading the installments over a longer period will make it much easier for us to overcome the embarrassment.
Rejecting or ignoring telephones will only cause frustration to the lender and accruing interest, which is completely unnecessary. Both parties care about the clarity of the situation and its resolution. The lender is not meant to threaten you. Stand face to face with your problems and start acting. Dare and answer the phone ringing for a week. Do not allow further accrual of interest.
It will be even better if you take the initiative yourself. Call and listen to what the consultant can offer you in case of anticipated problems with timely repayment of installments.
Secondly – do not take any more loans
You have no money to pay back again? Maybe another payday payday ?
Remember, however, that you cannot do this indefinitely. This is a vicious circle that will solve the matter, but only for a short time. Very soon the deadline for payment will come again, which we have increased, and the income situation will remain unchanged and it will turn out that you really stand still.
The most important thing is paying off the debt. If your income does not allow it, you must think about increasing it.
Get organized. Take care of your financial balance
Your task is to get out of debt. Consider this goal as the most important. You should plan your money flow so that you collect the amount needed to pay your monthly installment on time. Even if it would involve a lowering of living standards or the sale of material goods. After stabilizing your situation, you can return to the state before the problems with paying off debts. If you do not do this, debt collection processes may be initiated, subpoenas, entry into the register of debtors. All this negatively affects your credit history. Your passivity in the future can lead to complications with buying ordinary electronic equipment in installments. This cannot be undone.
If, despite your efforts, you are still unable to collect the amount you need every month, it is worth contacting a credit advisor. It may turn out that in your situation, the only solution will be consolidation of payday loans . Sometimes, only joining all liabilities into one and thus reducing the amount of the monthly installment will give us the opportunity to repay the loan on time.
Do not let a bailiff have to intervene in your life. Start acting rationally and think until it’s too late.