As for debts, this consists of one very large loan in the amount of $ 87,000 WellRaise Bank, S-Right Choice Bank $ 28,000, and the rest in the amount of approx. $ 90,000 are loans in Parabanks.
I am 68 years old, my income is a pension in the amount of $ 2,650 + additional work, income: 2,200. Please help me, I know that this is probably a dead end, I have unpaid debts, I count on your help anyway.
I have unpaid debts – what to do?
Following the path you have decided to follow, ie paying off debts with new loans from parabanks, is to pull into the future something that will come sooner or later.
The only difference is that with each subsequent loan or payday loan, you increase your debt even more. This, of course, does not make sense, because you fall into a debt loop.
I think that you do not fully understand your situation, which is why I recommend you to read Ms. Alona Rendell’s guidebook, which will open your eyes to many things you miss.
“This is my own program. I created it myself, but I passed it myself. I was looking for help everywhere and I was checking on myself which advice works and which ones don’t. I was looking for sources of problems and ways to deal with them. I implemented what worked. I continued what was effective. I noticed that excessive debt has a lot to do with alcoholism and began to study how alcoholics are doing. This is how 12 necessary steps were created. “
How to formulate a debt recovery plan?
I think it’s worth starting with your two largest debts, ie $ 87,000 WellRaise Bank and S-Right Choice Bank $ 28,000. Since these are loans, you have 3 options:
- Credit restructuring
- Credit holidays
- A visit to the bank and admitting financial problems
However, I would choose a bank visit and admit my financial problems from these 3 options. I don’t know how Raiffeisen- Polbank and S-Right Choice Bank will approach you as a person with financial problems, but it’s definitely worth trying to find a solution that you can deal with financially.
What about parabanks?
Borrowing money from parabanks is a very bad idea, you can’t do anything about it. You should write down all your quick loans to get an overall picture of how your debts look like, how many are there and what APRC has.
To start with, you need to start paying off loans with the largest APRC, then you will slow down the debt loop tightening ever more tightly in your portfolio.
Manage your debts properly!
You can’t panic and feel helpless. Focus on the most expensive debts and focus your attention on them. You will see how much fun it will be for you to delete the next repaid loan from the list of debts.
Make a list of your debts and put it in a visible place, if possible, subsequent deletions of repaid loans will give you confidence and belief that you are able to cope with your debts!