Although there is more and more news in the press about the well-being of Poles is growing, there is still a significant number of indebted people in the country who are interested in how to get out of debt quickly and easily. Honestly dealing with financial issues, we decided to explain what to do when we are in a state of financial hole or even worse – when our case is referred to the bailiff.
How to live with unpaid debts
If you don’t have the money to pay off your debts on time, you live under constant stress, and worse – you don’t know how to deal with it. The first and most important rule of a person living with unpaid debts – do not panic. Conversely, you need cool prudence to rethink your action plan and find optimal solutions to help you get out of debt and enjoy life.
We organize our debts
Before you start paying off debts, you should explain what, to whom and in what amount you owe. All data on your loans and debts that you have to get rid of should be recorded in tabular form. The most convenient solution is to create such a table first on paper, and then transfer it to Excel.
Then you need to analyze the work done. Basically, when you arrange your debts, it will become clear exactly how much you pay in a given month and how long you should still make deposits. In a simple way you will also have access to the most expensive loans (with high interest rates) and loans with the highest overpayment (the rate may be lower, but due to the long loan period the overpayment will be higher). Which loan repayment strategy will be best for you – let’s talk about it later.
Creating a repayment calendar
The next step is to create a payout calendar. You can mark the payment date on any wall calendar or draw a special mark. The latter is convenient because in addition to loans you will be able to enter into the table any other mandatory expenses – for example rent, as well as income – salary, advance payment, etc. It is especially convenient to use such a table when you have a lot of payments. Then there will be no mistakes and you will not be late for the next installment.
We do not forget about the strategy
The next step is to define your debt repayment strategy. The most optimal are the following three schemes:
- First the largest loan is repaid, then the second according to the size, then the third, etc. The method is good because monthly payments are reduced, additional money is released. The disadvantage is that it will take quite a long time before the first loan is repaid.
- First of all, small debts should be repaid, followed by the largest ones. The method is good because it is easier to “close” small loans, while the borrower has a growing sense of satisfaction in reducing the number of payments. Disadvantage: higher overpayment
- All loans are repaid evenly. For example, a monthly debt of 1-2 thousand is paid out. over payment amount. Advantage: systematic reduction of payments. Disadvantage: in some cases, the earlier repayment of installments is associated with the payment of additional (although small) commissions.
The choice of the optimal solution depends only on you, and to make the debt repayment really effective, it is worth consistently sticking to the chosen strategy.
How to get out of debt without money
However, the situation of some borrowers is so bad that they simply do not know how to get out of debt. Their cases are usually referred to bailiffs, but even this does not help solve the problem, because the amount of fines has long exceeded the loan itself. How to behave in such a situation? Is there any chance to get out of debt without money?
The best solution would be open admission of financial insolvency and negotiating with creditors. If you have borrowed money from friends and relatives, you can arrange a refund without interest and installments or pay them off later. If you have a lot of loans, you can ask banks to postpone or refinance. To this end, it is worth writing a letter to the bank to spread the debt in installments.
If there are a lot of payments and the interest on them is large enough, refinancing is necessary. There are several ways to do this:
- take part in a special creditor bank program;
- participate in a third party refinancing program;
- independently borrow with lower interest and repay current debts with the funds received.
Of course, if the situation is critical and the amount of monthly payments is too large, any method of reducing the financial burden is appropriate. A good solution in this situation may be submitting to the bank a request to extend the loan period: in this case the total amount of overpayment will increase, but the monthly payments will be smaller.
If you do not have enough money to pay off the debt, it is also worth ensuring that you get even a small amount of money that will help you get out of financial difficulties. Here are just a few simple recommendations that are actually available to every Pole:
- Eliminate all unnecessary repayments, for example for mobile internet;
- Make a list of necessary expenses;
- Save water and energy;
- Do not make unnecessary purchases.
It is also worth ensuring to increase the amount you earn, for example by:
- Looking for extra work (you can find good solutions on the Internet, for example);
- Opening your own small business;
- Sale of unnecessary items;
- Renting a room in an apartment etc.
How to get out of debt collection
Fighting debts is not a simple matter and it often happens that the affairs of people who have fallen into a spiral of debt are transferred to bailiffs. Yes, this is not the best scenario, but at the same time we advise you not to panic. If it turned out that your debt began to take care of the bailiff, the first question you should ask yourself is whether the bailiff can split the debt in installments. It turns out that it is quite possible, you do not only have to avoid contact with the official, and take all subsequent actions in accordance with Polish law.
The algorithm of your actions in this case may look like this:
- As soon as you find out that your debt has been dealt with by a bailiff, contact him;
- Try to negotiate, accurately describing the life situation you are in;
- Make every effort to spread your debt into installments and then pay them back in due time;
- Since your bank account will be blocked, it is worth thinking about reaching for a non-bank loan;
- In the most critical situation, declare your consumer bankruptcy – in this case enforcement proceedings initiated against you will be suspended;
- After paying off your debt, make every effort to learn how to manage your money, especially credit cards.
Loan to get out of debt
Bankate offers a fairly effective solution for all those who want to get out of debt quickly and efficiently. A free loan allows you to refinance a loan on more favorable terms, including the offer for our clients:
- The possibility of obtaining a loan online using a personal account;
- Loans up to $ 7,000;
- Granting money based on an ID card to Polish citizens aged 18 to 60;
- Transfer of funds to the customer’s bank card in a few minutes;
- Spending the loan received in its sole discretion;
- Telephone support service from qualified consultants;
- Ensuring the privacy of personal data provided to us.
Microcredit from Bankate is a fast, secure and very convenient way to get money. We have already helped many Poles get out of debt and we guarantee that we will also help you solve financial problems.
Everyone happens to succumb to emotions and desires. We borrow privately without thinking about what threatens us. We remain safe for some time. However, when we get into the debt trap, the task of getting out of it should become your main goal.
As you can deduce from our article, anyone who is interested in how quickly to get out of debt can find the most suitable solutions for them and even restore their financial independence in the short term. The most commonly used solutions in Poland are spreading the debt into installments or reaching for a microfinance loan, but we also recommend using the other options proposed above. It is important not to panic and consistently stick to your chosen debt elimination plan.
Therefore, we wish readers a quick exit from the debt spiral and regain their own financial stability!