Do You Fight Your Creditor if You are Unable to Settle Your Debt?

[Jasz]

Oftentimes, it's sweet getting a loan, but most times it turns out bad paying back the money, especially when the unforeseen happens. We can see this in our world today. It happens to us. So what do we do? We don't have to fight!

If you are unable to settle your debt on time, here's what you can do:

1. Meet with your creditors in person
2. Ask for a payment extension
3. Come up with a realistic repayment plan
4. Try to negotiate the interest rates and the total amount of your debt
5. If you have been late with recent payments, contact your creditors as soon as you know this is the case
6. Discuss your financial situation with them and ask for an affordable payment plan that can help you deal with high interest rates or other issues related to collection practices.
7. You can get a loan expert to help you, if you can still afford it, it will help.
8. Decide to go into total bankruptcy. At least, you will know you have only one problem left, which is to try to rise again.

The above-mentioned steps are only some of the things you can do if you are not able to settle your debt on time.

 

[Abigael]

Those are very good points you have mentioned. We don't have to find the creditor for sure if we are unable to pay back the loan on time. We can just be adults and talk things out with the creditor.

I am sure that they will understand if you meet up with them and explain your situation. The reason why you are unable to pay it back now and how log it will take you. Of which you can also negotiate on the interest rates.

Then it becomes your duty now to stick with what you agreed on with the creditor. If you promised to pay it at a certain time, work hard so as to actually have the money when that time comes.

 

[Kendy]

It is saddening that most debtors will always fight with their creditors when they are unable to refund the loan. I recently watched a live video of how a creditor charged his debtor to court for refusal to repay him for over 24months, and not even surprising because I have had such experiences, the debtor was so rude and pompous plus he was claiming rights and even the Judge was perplexed and highly dissapointed with his public display of ingratitude. The habit of debtors refusing to pay their debts at when due is alarming and even in some cases, if the creditor keeps reminding them, they get angry and turn violent. One common reason these debtors choose to remain in bad debts is because the only prioritize their welfare, forgetting that the debtor too has a need for his or her money. It is always appealing to take loans but difficult to repay and that is the more reason I find it difficult to loan out money because of the exploitation people bank on it. I had loaned money to someone I thought was a friend and when the time for repayment had elapsed, she acted like she was not owing me and she kept waiting for me to remind her and when I eventually did, she decided to turn to a sworn enemy and refused to pay back till date.

 

[xanine]

Paying our debt on time is our main responsibility the moment we borrowed certain amount of money but sometimes there were circumstances that can't be avoided in result we tend to give false hope to our creditors to pay the certain amount in due time. If this is the case, asking consideration to the creditors is not bad at all only if it happens only once but if by repeated by many times, we are losing our brand slowly and that's our INTEGRITY. When the time comes we need them, no one will help us and no one will lend money to us because we are not good payer.