Topic: [ASK] How are you going to handle too much debt? - page 24. (Read 2678 times)

In my region we have best solution for this one. The financial support that we get from it is almost free but it works completely on the mutual understanding and trust. With that said people who are very very trusted will gather together. Fro example, close friend, family members etc. There will be at least 20 members in this scheme. The scheme started at first date of every month where the names of every member involved into the scheme are written on cheats and then one by one the names are explored. These are written down in the same manner as they were picked and explored.

The terms are decided like this:

Amount will be declared for the schemes: For example : $ 10,000 (USD is not my currency but for better understanding keeping it that way)

Rules:

Each member will pay monthly instalment as per the norms. If the scheme is in 20 member then it will run for 20 months. Each month every person will pay $500 as instalment. The owner of the scheme will collect this money and will give it to the person whose number is 1st in the list.

Thus there will be no extra charge, no interest rate on this but you just get the money with mutual understanding. This way every 20 member get their turn one by one after each month for the next 20 months.

What you have to pay is just 500 bucks and you can get the 10,000 USD right away and can reduce the debts and its interest immediately. This is great help for you.

TRY IT IN YOUR LOCALITY YOU WILL SEE GOOD RESULTS.

Stop borrowing or Lend,pay your debts first buy installment if you cant pay it in a one time.Do some business so that it helps u to pay your debts,do something it is worhty so that you will get good reward.

There is only one way to solve it, if your income and assets are really not sufficient to service your debt. You have to restructure it or file for bankruptcy. Bankruptcy might not be suitable in all jurisdictions - you could go to jail in a few countries. If the lenders are understanding enough to give you a payment holiday, you can try to increase your income before repayment starts.

Just be responsible pay it in small amount. Discipline your self, the reason why people always run out of money is because their expenses exceed their income. So, it is best to adjust your budget and control your money properly.

what would you do if you had so much debt and that your income was not enough to repay your debt installment?
how will you deal with it?
how to solve it?