Get Out Of Debt - Business - Nairaland
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| Get Out Of Debt by disnow(f): 12:53am On Mar 15, 2010 |
Hey I would like to hear form some other people on getting out of debt. Tell me what you think. Thanks. |
| Re: Get Out Of Debt by OgaMadam(f): 11:09am On Mar 15, 2010 |
It depends what debt. If its credit cards etc. 1. Inform all your creditors that you are making a plan to pay them, when and how much. 2. Then you start paying off your lowest debt - complete that one and move to the next and so forth. Ofcourse dont commit to pay all your debt too much, as long as you have an agreement - the excess amounts should go into building your emergency and other funds (developed personal assets are more important) - so just pay off minimum / agreed and the savings should be invested. |
| Re: Get Out Of Debt by madlady(f): 11:14am On Mar 15, 2010 |
disnow: I am not sure of your location, but is it possible to get a 2ND Job (if you are working) Do you have a hobby or skill that you can make some profit from Can you do hair, nails, cook for functions, are you artistic, can you paint, or even can you do manually labour such as house painting. All of the above I have turned my hands to, they have helped me to buy extras, holidays and even helped me to fund major things such as a home. Sometimes the quickest way to get out of debt is to increase your earnings. GOOD LUCK |
| Re: Get Out Of Debt by OgaMadam(f): 11:24am On Mar 15, 2010 |
ya thats good |
| Re: Get Out Of Debt by okenwa(m): 11:53am On Mar 15, 2010 |
best way out of debt is not to get into it  live within your means  it pays to do that |
| Re: Get Out Of Debt by member479760: 11:56am On Mar 15, 2010 |
@ poster, Please let us know why you wanna stay debt free? |
| Re: Get Out Of Debt by Freiburger(m): 12:18pm On Mar 15, 2010 |
okenwa: EXACTLY. And also develope a stromg will power of not spending of things that are not necessary. |
| Re: Get Out Of Debt by chyket(m): 12:59pm On Mar 15, 2010 |
First of all,make efforts to increase your income by anyway you think is feasible and practicable. Secondly never loose your confidence or become unecessarily paniky and edgy as it may send a wrong signal to your Creditors that you are going under, and then always be aware of your true position and have a credible recovery plan. Finally never avoid your Creditors or their calls at all times. |
| Re: Get Out Of Debt by madlady(f): 1:08pm On Mar 15, 2010 |
Freiburger: Yes your correct debt is best avoided, but sadly we can all get into debt for all sorts of reasons. Husband may have lost his job or need to re-train for a new field, parents my need financial assistance or even a death of a family member may lead to debt. |
| Re: Get Out Of Debt by browncocos(f): 1:48pm On Mar 15, 2010 |
pls does anyone in the u.K know how and if i can negotiate with a credit card coy i want to pay off my card this month and i want to know if i can negotiate say 30% off any advise is welcome thanks |
| Re: Get Out Of Debt by elderly: 2:15pm On Mar 15, 2010 |
browncocos: Call the card company to know what is available. Call several times. Not just onces at least 3 times ( you will get the required info by doing that ) |
| Re: Get Out Of Debt by MsTom(f): 3:55pm On Mar 15, 2010 |
browncocos: Depending on the credit card coy, you can negotiate as high as 40% off, but you need to pay them all within 90days. Not sure if they would want to negotiate if you are current on your payments though. Also, you can call some debt consolidation company. They help gather the debts together and and negotiate with the credit card coy to stop adding interest and possibly help reduce your total amount due. But then, you have have a debt to certain amount. My advice is call the credit card company first. ask if they can give you certain percentage off. If yes, tell them to get it in writing for you. They are crooks. they wont want to put the deal in writing so that they can come back and ask for the remaining. (it happened to me). So have it in writing or have the conversation recorded. Luckily, I had a witness who happened to be someone from my bank and she recorded the conversation. So, please be smart when dealing with these credit card coy. They actually want you to continue in the debt. If calling the credit card company does not work for you, try the debt consolidation company. There are a good number of them. You can google that to find them and talk to one of their counsellor. I tried the all the above once and now, I am debt free.  |
| Re: Get Out Of Debt by kufreabasi(m): 4:07pm On Mar 15, 2010 |
disnow: You can only get out of debt by paying back the debt you owe |
| Re: Get Out Of Debt by pappilo(m): 5:41pm On Mar 15, 2010 |
In some countries, it is impossible to live without getting into debt. Mortgage, car loan e.t.c. Credit card and loan debts are a different matter though as many people take out loans and money off their credit cards for non essential purchases or services. If your debts are such that you can afford the monthly minimum payments and your left over income can sustain you, then continue making your minimum payments and as long as you dont take on any other uneccesary debt, you should be fine. i.e. as you progress through you career and earn more you can start to reduce your debts by making substantial payments from your increased income. If your debt is such that you can barely make the monthly payments or have no income at all. Then the best thing will be to consider one of the arrangements out there to help people write off their debts. You may be worrying about your credit rating and stuff but if you are in this situation, your credit rating is probably already as low as can be and no lender will advance you new credit. It is better to get your debts written off and start afresh. In the UK, you have the option of an Indivisual Voluntary Arrangement (IVA) or staright up filing for Bankruptcy. An IVA is a Debt Forgiveness Scheme based on government legislation to help people who are struggling with their debts. You ad you creditors will agree for you to pay off a percentage of what you owe and the rest is written off. The IVA records stay on your credit file for 6 years after which you can start to apply for credit again. |
| Re: Get Out Of Debt by axeman85(m): 5:50pm On Mar 15, 2010 |
@poster in most countries. eg. uk and usa. most crditors have whats is called a settlement figure this is where you pay off a certain percentage of your debt owed to them and then the remainder is written off. all you have to do is phone them up and request for a settlement figure and ask them over how many month period they are prepare to take it over. most companies will probably ask you to pay it in 1 lump sum for usually in the uk its either over a 3month period or over 6months with 10% of the original settlment figure quoted to you. but you have to make sure you stick to the timelength or else if you default then you will loose the reduction and have to pay the full balance. this is the standard practice with most or all creditors in the uk its sometimes 60% or 50% but you have to give a ful income and expenditure known as a financial statement. |
| Re: Get Out Of Debt by erico2k2(m): 6:13pm On Mar 15, 2010 |
WEll I think most people here are getting it wrong, in the advance world or rather western world, there aint no way you can not get into debt,for example having a mortgage is getting into debt but its managable,now B4 you could get a mortgage you have to get a credit history which means credit cards and overdraft plus unsecured loans,now as you can see debt is an everyday thing I would wanna think that %80 of Legal adults in the Uk live on debt |
| Re: Get Out Of Debt by chelseabmw(m): 8:36pm On Mar 15, 2010 |
take a loan |
| Re: Get Out Of Debt by cheche2(m): 9:43pm On Mar 15, 2010 |
it depends on the kind of Dept your are talking about. if you are owing a local Garri seller take this advice OgaMadam: But if you are in other country then follow other advice. chikina. |
| Re: Get Out Of Debt by Nobody: 2:27am On Mar 16, 2010 |
OgaMadam: excellent advice. i have been there. I was $3,000 + in debt and got it CLEARED OFF To clear it follow the two listed above by OgaMadam, keep in mind that you want to know the interest rates! That is VERY important. I live in the US and interest is a MUST. some times collectors will offer you a minimum but in reality all you are paying is interest so in essence you wont ever get out of debt unless you can put down a LARGE lump sum. and ALWAYS ALWAYS ALWAYS SAVE! if its even 5 dollars a day/week, it will add up and pay off! Use a talent as somebody said, get another job and/ or work more hours do what is necessary to keep your credit report in great shape! |
| Re: Get Out Of Debt by Outstrip(f): 6:43am On Mar 16, 2010 |
Just keep in mind that with a settlement it will most likely affect your FICO score negatively. If you do not like a FICO score of more than 700 then go ahead and settle with them. In fact bankruptcy is an option if you do not mind ruining your credit and starting from scratch. Nobody can really advice you here without knowing your full financial background, amount of debt, secured vs unsecured, interest rate, income etc. For example asking you to pay the lowest amount does not make sense when your lowest amount has 2% apr and your highest amount has 17% apr. |
| Re: Get Out Of Debt by browncocos(f): 9:28am On Mar 16, 2010 |
thanks guys for all your advise |
| Re: Get Out Of Debt by OgaMadam(f): 2:51pm On Mar 16, 2010 |
And PLEASE. buy that book by Suzie Orman called - WOMEN AND MONEY it is literally a financial goldmine. I am telling you it will help you climb out of debt, save, do a will, choose if to marry in or out of community of property - all that. |
| Re: Get Out Of Debt by Dyt(f): 3:27pm On Mar 16, 2010 |
im sorry to say dis bt d best way i know is death dats y most creditors pray 4 dere debtors 2 live long so dey pay back |
| Re: Get Out Of Debt by Jaguar2(m): 11:38pm On Mar 16, 2010 |
US residents (or UK or any credit ridden land for that matter)- Dave Ramsey is your friend. Google and see for yourself. May not be easy but it's doable. Good luck!!!  |
| Re: Get Out Of Debt by MsTom(f): 4:42am On Mar 17, 2010 |
browncocos: Seems like a good idea. Pay it off ASAP. with all these figures you stated, if you are not careful, you would still be paying for it after 5yrs. Once it is paid off, destroy the card. If you are worried about building your credit, try secured credit cards. Your limit is what you put in there. |
| Re: Get Out Of Debt by Nobody: 6:18am On Mar 17, 2010 |
Dyt:  |
| Re: Get Out Of Debt by Dyt(f): 12:34pm On Mar 17, 2010 |
@MzDarkSkin y cry now abi no b tru i talk |
| Re: Get Out Of Debt by MsTom(f): 2:07pm On Mar 17, 2010 |
Dyt: what a funny concept but Not necessarily true. For example, if you live in a state that practices community property law, the spouse inherits the debt. In some cases, the debtor's estate inherits it. While some companies just counts it as their loss |
| Re: Get Out Of Debt by sley4life(m): 5:58pm On May 02, 2010 |
dont borrow. live withing ur income |
| Re: Get Out Of Debt by debtrelief: 6:54pm On May 29, 2010 |
Find out the ways to get relief from debt. Get to know about bankruptcy protection and to file bankruptcy only on ohio debt relief |
| Re: Get Out Of Debt by gbontop(m): 7:17pm On May 30, 2010 |
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