I owe so many people money, they arent companies, it is like my mom, my sister and a few personal loan companies, how do I repay. It seems like I will never get out of this..
2006-07-25 07:31:07 · 12 answers · asked by lightthenight 2 in Business & Finance ➔ Personal Finance
Setup payment plans for each person one at a time. Try cutting back on things you don't need. In time you will reduce what you owe each person.
2006-07-25 07:35:19 · answer #1 · answered by Crazy girl 2 · 1⤊ 1⤋
Make sure your relatives know how serious you are about repaying them and make a plan. Get a job and pay off however much you can every month until all the money has been returned. If you talk it through, everyone you owe will recognise that you're trying your best and will hopefully understand your predicament and be patient. The loan companies won't be so understanding, so it's important you pay them first and foremost.
Other than that, good luck and don't let this happen to you again. Whatever you do, don't get a loan in the future, it just makes things worse!
2006-07-25 14:38:11 · answer #2 · answered by Lauren 1 · 0⤊ 0⤋
#1 Stop asking for money
#2 Spend less (cut out the internet, cell phone, eating out).
#3 Work extra hours
#4 With the extra money you now have, pay the person off that you owe the least.
#5 Then work on the next least amount... and so on until they are all paid off.
#6 Then start saving $ so you will have it when you need it.
2006-07-25 14:38:02 · answer #3 · answered by jinmajay 2 · 0⤊ 0⤋
I assume you have a job, thus have an income. And the secret is to live within your means. Which = NOT to spend MORE than you make. (I know easier said than done)
Talley up all your living costs + these loans you mention.
One solution would be to make one loan, which would pay e/one off. The hard part is NOT to borrow. Because you need to pay off the consolidation loan. If that's not possible with your current wage, than perhaps you need to consider a 2nd job.
Once that loan is paid, create an emergency savings fund, so that you wont need to borrow. Then perhaps you'll be able to quit the 2nd job, and live WITHIN your means. Good luck!
2006-07-25 14:45:57 · answer #4 · answered by iyamacog 7 · 0⤊ 0⤋
Make written agreements to pay each person small payments like 5 dollars a week. This will make them feel better about you trying then not paying anything at all...
2006-07-25 14:34:44 · answer #5 · answered by Toure M 2 · 0⤊ 0⤋
A little at a time and don't borrow anymore. Since it's family, allow them to "gift" money to you. Also with family you can sometimes "work off" the debt. This trick kept me solvent till I was old enough to work.
If my ideas don't work, then refer to Immortal Dragon's suggestion (just kidding).
2006-07-25 14:35:56 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Someone like Dave Ramsey would be able to help you out. Check out his website: daveramsey dot com
2006-07-25 14:34:44 · answer #7 · answered by UserJoe9 3 · 0⤊ 0⤋
first of all, if you can not afford it, do not get it.
slowly but surely pay your debts one by one
try not to get yourself into this again
it may take awhile, but it will work
2006-07-25 14:35:23 · answer #8 · answered by alli 2 · 0⤊ 0⤋
just pay off one at a time
2006-07-25 14:34:01 · answer #9 · answered by A.Marie 5 · 0⤊ 0⤋
get a job
2006-07-25 14:34:23 · answer #10 · answered by grl4grlz06 3 · 0⤊ 0⤋