Practical tips for debtors
On a daily basis we go through many things and many things happen to us. Some of us work or study during the day and at some point, we come home and have to do chores. No matter what your marital status is and what you do in your life, there are those things that happen to you and affect you and there are those things you can just ignore and let slip. Sometimes the smallest thing happens to us and this is then engrained in our hearts and refuses to disappear for a long time.
Adv. Daniel Yanovsky
There are physical and mental things which happen to us, in many cases the physical things which happen to us affect us mentally and we cannot go on with our regular lives; debts for instance. When a person falls into copious amounts of debt, they are allegedly going through something that has nothing to do with their mental state. They are short on money and it is directly associated to worldliness and their financial state. If you have debts you probably know that even the smallest debts can affect your mental well-being and prevent you from resting.
Do not worry! Even if you are deep in debt, know that you have an option to start recovering from any situation and lift yourselves mentally towards erasure of debts. There are many practical tips for debtors for a quick recovery, and with anything that we want to change, first, we have to be aware of what’s actually going on in this situation.
Knowing the debt
Had you been unwell and did not know the reason, you would probably run from doctor to doctor, trying to figure out what the issue is. After finding the source of the problem, you would investigate, check its magnitude and the best way to deal with it. So, with debts – to take care of the problem, you have to find out about the debts, their level, who you owe money to, when the debts are due and anything that can affect the situation.
It’s important to know that early preparation and realization about the sums you owe, who you owe to, how late you are with payment etc. affect your time of recovery because if you know and plan your debt payment correctly, there is a higher chance of getting out of debt more quickly.
After you know how much you owe and to whom, you have to differentiate between your different debts, you have to distinguish between debts to individuals and debts you owe to the local authorities, service providers, banks etc. Additionally, don’t scatter checks, service providers will not fall for it easily, they will turn to the process of debt collection and you will eventually pay interest fees.
Don’t ignore letters and applications regarding your debts
Many people think that if they ignore the letters regarding their debts, the debts will disappear and they will not have to pay this, however, this is a grave mistake which can be costly, and on the other hand, giving attention to the first letters will save them a lot of aggravation. Therefore, from the first time that the creditors turn to you to warn you about a debt you have, give full attention to the matter with all it entails and begin with the procedures so you don’t sink into many debts.
On many occasions, we tend to repress things which are hard for us to deal with and we then pay a high price for that, in this case, the price can be the accumulation of an additional debt due to the delay of the first payment. In addition, we must know that many authorities can take actions which will make our life harder if we don’t pay our debts to them.
The most important thing in the situation of debts is to seek external help, for it is very difficult to get out of debt without it
If you have completed the first two stages, which are estimating the situation and giving full attention to the warnings regarding your debts, the next and the most imperative stage you must complete would be seeking external help to get you out of your debts and help you rehabilitate economically. It is very important not just to rely on articles, lectures and advice from experts, but also to personally consult on your matter since every matter is different and has different complexities which affect the outcome of the given situation.
It is of great importance, even in such a difficult situation where you have hit rock bottom, to take into consideration choosing a professional who will help you only after you have found out about them and you know that they are and will be honest, to get you out of debt.
In such situations, where everything seems dark and you cannot see the light at the end of the tunnel, you must gather up your strength and know that even if you don’t see how you’re going to be without debts one day, it can happen, with a lot of effort and hard work.
*The above article is by no means a legal advice; any use of this information is solely under the reader’s responsibility.