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It seems too difficult for you to pay yourself back and you would like to find someone who can help you get out of debt? There are a number of institutions at your disposal to help you get out of debt – they are commonly called debt relief companies. How can they help?
- they reduce installments,
- are able to help write off interest,
- can help in debt cancellation,
- consolidate debt.
It would seem that this is what you need to get out of the debt spiral. However, it turns out that you can do all these activities yourself. A debt relief company can, of course, do it for you, but not for free – as a result, you’ll get another amount that will increase the total amount of your debts.
If the amount of debt is not yet high and has not had time to affect your credit standing, you may want to consider debt consolidation. This is especially beneficial if, for example, you have a cash loan, credit card and quick loan, and you pay each debt separately. Thanks to the consolidation they will be combined into one debt – so you will pay one installment per month and the loan period will be extended.
Getting out of debt – is a bailiff loan a good idea?
How do you get out of debt without money? Certainly, the first idea that will come to your mind will be to take another loan to obtain funds to pay off old debts. Be careful though, because in this way you can easily fall into another spiral of debts – and getting out of it will cause you even more difficulties. The first rule to borrow money is: borrow wisely.
Of course, a quick loan sometimes works as an aid in getting out of debt – as long as you do it wisely. Read how to get out of debt by taking a secure cash loan.
How to get out of debt collection – tips
Although you still pay the installments, your debt hardly decreases? Don’t you have any idea how to get out of debt? Below are some tips that can help you regain liquidity – maybe one will work in your situation?
1. Negotiate repayment terms with the creditor
Remember that your debt is just as uncomfortable for a creditor as it is for you – so it’s worth trying to negotiate more favorable repayment terms. All you need is a bit of good will on both sides and you will reach an agreement. During negotiations, you can ask the creditor to:
- planning a new repayment schedule with installments in an amount that will not exceed your financial capabilities,
- cancellation of part or even all of the interest accrued for late repayment,
- withdrawal of a lawsuit submitted to court – in this way you will save on high court costs.
2. Check whether the debt is expired
Before you start worrying that you don’t have the money to pay the bailiff, make sure your debt is not time-barred. If your debt has expired, there are two situations you can do:
- if the creditor begins to assert his rights in court and you prove the limitation period, the application will be rejected. This means that although the debt will not be canceled, it cannot be claimed before the court if the creditor tries to enforce the claim amicably, you can try to determine that the claim does not exist due to its limitation period. If the court decides the application in your favor, you will get rid of the debt.
Remember that the claim’s limitation period depends on the particular situation. If you are not sure how long your debt will expire, get advice from a lawyer.
3. Report consumer bankruptcy
Consumer bankruptcy is nothing but a lawsuit in which a natural person is insolvent towards creditors. What does this mean in practice? The debt repayment plan will be spread over 3 years or more, and you will free yourself from the bailiff and debt collection companies – you will gain more freedom in making money and it will be easier to return the outstanding balance within the set time limit.
Do you know that…?
The court will grant your request only if you have led to your situation unintentionally, and not as a result of an intentional act or gross negligence. However, you must prove it.
4. Get rid of the bailiff
The bailiff’s action may make it harder for you to get out of debt – it’s not enough that your salary will be seized, you will also have to bear the costs of bailiff’s enforcement. Therefore, during negotiations with the creditor, it is worth raising the topic of termination or even suspension of bailiff proceedings. Here are some arguments you can use to convince him to do it:
- the amounts charged by the bailiff are small and mostly cover the cost of his work. Effect? Debt recovery will be slow and cumbersome
- if the bailiff seizes your salary, your life situation has worsened. Therefore, you are not able to function normally and earn money.
As you can see, getting out of debt collection is a process that can take quite a long time. However, if you approach this issue wisely and plan your repayment schedule well, you will be able to get out of the spiral of debt and rebuild your credit standing.