I know that seems like a lot of money to you right now but honestly, big picture, that's not much money at all.
People normally would resort to filing bankruptcy when they're hundreds of thousands, or even millions, down the hole.
It's not worth it for such a small amount of money. Just call all of the people you owe money to (the bank that holds your main account should be your first priority) and explain to them that you're in trouble financially and can only afford to repay small amounts per month. Be honest about your household budget and agree to an affordable repayment plan. DO NOT LET THEM BULLY YOU INTO AGREEING TO SOMETHING YOU CAN'T AFFORD. Stand your ground. They don't have any authority to force you to do anything until you're in a court of law.
If they refuse this and demand more money than you can afford then all that will happen is they will take you to court, the court will assess your financial situation and conclude that you can only afford to make the small repayments that you suggested in the first place. The court will not force you to keep up impossible repayments, it's counter productive.
Being in debt is absolutely awful, I really feel for you because I've been there myself and it feels like it's taking over everything and stealing your future. Don't let it! It's just numbers on a screen. Debt collectors are assholes who have very little power and they make a living out of trying to intimidate people. Stay strong, study up on your rights and just face this shit head on. Remember that as soon as you decide to face your debts, that's the last time you'll owe that much money. It shrinks a bit every month, and so do your worries :)
I need financial advice
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I know that seems like a lot of money to you right now but honestly, big picture, that's not much money at all.
People normally would resort to filing bankruptcy when they're hundreds of thousands, or even millions, down the hole.
It's not worth it for such a small amount of money. Just call all of the people you owe money to (the bank that holds your main account should be your first priority) and explain to them that you're in trouble financially and can only afford to repay small amounts per month. Be honest about your household budget and agree to an affordable repayment plan. DO NOT LET THEM BULLY YOU INTO AGREEING TO SOMETHING YOU CAN'T AFFORD. Stand your ground. They don't have any authority to force you to do anything until you're in a court of law.
If they refuse this and demand more money than you can afford then all that will happen is they will take you to court, the court will assess your financial situation and conclude that you can only afford to make the small repayments that you suggested in the first place. The court will not force you to keep up impossible repayments, it's counter productive.
Being in debt is absolutely awful, I really feel for you because I've been there myself and it feels like it's taking over everything and stealing your future. Don't let it! It's just numbers on a screen. Debt collectors are assholes who have very little power and they make a living out of trying to intimidate people. Stay strong, study up on your rights and just face this shit head on. Remember that as soon as you decide to face your debts, that's the last time you'll owe that much money. It shrinks a bit every month, and so do your worries :)
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Tato
4 years ago
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I don't think there's too much to be added. +1