The debt in banks and in non-banking institutions fall in quite easily. A quick decision, an instant withdrawal time and the possibility of a 24-hour loan make it easy to get a borrowing habit.
Even if we do not need that money very much. We usually borrow for a short period of time, a month or two.
Usually, money goes to sudden expenses such as car repairs, small repairs or a new washing machine. Additional cash is often needed, but what if we are surprised by an unforeseen situation such as dismissal or no bonus from which we were supposed to pay off the loan?
A large proportion of people then take the next loan to repay the first indebtedness. Such a situation is a frequent start of the debt loop in payday loans.
How to deal with the loan loop?
The first and the most important point on the way to get out of the debt loop is to stop making new commitments. This is one of those things that “it’s easier to say than done”, especially if you’ve made a habit of borrowing new loans.
However, you have to say it hard “or until the end of my life I will pay off the loans, or now a few months will be harder, and then I will be a free man”.
There’s no other way. It is impossible to pay off debt and go straight on, incurring new obligations.
Second point. Debt repayment plan
“The plan is nothing, planning is everything”
These words were spoken by General Dwight Eisenhower after the largest “Overlord” landing operation throughout the Second World War, in which over 200,000 Allied soldiers took part.
This operation was planned for over two years. Despite this, most of the activities came out spontaneously, and the battle was a great success.
Just like during one of the largest descendants in the history of the world, it is worth writing out your plan for paying off your debts, which will allow you to adopt the best strategy.
Because even the weakest plan is better than groping. If you do not know in which companies you fall behind with liabilities, it is worth downloading your BIK report from the official https://www.bik.pl website.
The first report is for free, and each subsequent one costs PLN 36. They are not big money and in return we receive specific information about liabilities and we know what information banks and loan companies have about us.
Such a list is worth writing out, segregating from the repayment date that we have left. At the beginning of this list you should find payday loans and non-bank loans, because they are usually more expensive than bank loans. At the end, it is worth to put credit cards and possibly other liabilities. Which are not urgent.
The list of debt to repay, in order of the most urgent, may look like this:
Wonga – to repay PLN 1000 – 7 days left (06/08)
Creditstar – to repay PLN 500 – 11 days left (10.08)
Soho Credit – to repay PLN 750 (installment PLN 300) – 16 days left (15.08)
Millennium loan – to repay 3000 (installment 400) – 17 days have been left (16.08)
Ciocia Grażyna – to repay PLN 500 – no deadline
Where to get money to repay installments and payday loans?
The plan described above looks good, but where to get the money to repay it? First of all, if you do not make a loan repayment date, it is much better to choose the option of renewing in the company we use instead of saving you on the other.
Even if the website has no information about the extension, it is worth calling the helpline for customers and presenting your situation.
Contrary to appearances, the lender depends the same way as us to repay the loan and it is very easy to find a solution that is good for both parties. The worst thing you can do is stop receiving calls if you’re late with repayment.
If you work full time, ask for overtime or find additional work on weekends or afternoons. For example, cleaning flats, giving private lessons or babysitting.
If you have your own business and it does not go your way, maybe it will be a good idea for a while and a return to full-time employment or even going abroad to work? You can always go back to your own business, but with a clean account.
The next idea is to sell unnecessary things that lie in the closet, and help oil your home budget. Everyone has at least a few hundred zlotys at home, which they can get rid of and will not feel discomfort.
For example, a tablet that we do not use, an exercise bike that serves as a hanger or unwashed clothes.
Consolidation of loans is also a good solution, but the downside is that the company that provides the consolidation loan will charge an additional fee.
It’s best to reach for it if we’ve tried all the above-described methods, and it’s still not enough. Such a possibility is given by the well-known Ekassa company, which enables consolidation up to PLN 16,000 with a repayment period of 12 months.
Such an option, however, is quite expensive, because for a consolidation loan of PLN 10,000, Ekass wishes you six thousand. golden interest.
It is worth using this road only as a last resort, and at best use the consolidation loan provided by the bank, of course, as long as creditworthiness allows.
Take a loan easily, pay off hard
Exiting the debt loop in payday loans is not a short and pleasant process. The prize will wait at the end when we are free people.
Meanwhile, the road to debt repayment of several thousand does not have to be long and difficult. It is enough to go abroad for a year, tighten the belt and pay zloty’s zloty liabilities.
The problem starts from 50,000 and more. In this case, it will be more difficult, but it is also possible and real to pay off. Of course, it will not be easy.
The key will be to control yourself and change your current lifestyle from “going with the flow” to “going against the flow”. It will be necessary to learn time management to be able to work more, and who knows, can open your business after hours?
It will be difficult, but anyone who has already passed this path will certainly say: “it was worth it” and if he had the choice he would do it again.
For freedom, whether physical or financial, is inscribed in the nature of man, and the feeling that accompanies the recovery of this precious state is absolutely fantastic.