Money matters are not always plain sailing, but the good news is that when you hit stormy weather with your debt repayments, it is almost always possible to make a plan when you work with your credit providers. Let’s look at the debt solutions available to you.
Even people who work carefully and cleverly with their money can end up with a cash flow problem when something unforeseen happens. The choice between which bills to pay and which to ignore for a month or two can then be very difficult.
The first thing to remember in such a situation is that it is always better to look reality in the eye, rather than trying to hide from it and hoping that it will go away. When you have debt to repay, the problem will not magically solve itself.
The second thing to remember is that credit providers always prefer to know what is going on so that they can make a plan that will get them as much of their money back as possible. Even if you cannot repay all your debt, a debt solution that benefits you and the credit provider is better than a situation where the credit provider loses a lot of money and you end up with legal findings against you and a negative credit record.
Given these two facts, you should contact your credit provider(s) as soon as you realise that you may not be able to honour your repayments. Here are some of the options to discuss with them:
As you can see, you do have options when tough times make it difficult for you to honour your debt obligations. The best course of action is always to acknowledge the situation and to ask for help.