Spring appears to be finally springing in Delaware, Ohio. Which means we can wash away that dirty-salty mess that’s accumulated on our cars.
Wouldn’t it be nice if we could just wash away our debt?
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Of course, we can’t just “wash away” our debt like dirt. But that doesn’t mean that sometimes we run into problems in paying our mortgage.
The key is to be upfront with your debtor – no matter who you owe – about your financial situation. Be prepared to answer questions about how much money you make, what your bills are, and why you are in this situation.
photo by William Stadler and used with permission.
Be Honest!
It is all about being up-front with the lenders. They aren’t going to be happy, but keep it in mind, it isn’t personal. If I borrowed $50 from you and then told you I couldn’t pay you back, would you be frustrated? Of course.
If you say, “I’ll have a check in two weeks,” then get them a check in two weeks. Everything – and I mean everything – you say is being documented (if not recorded) and they are looking for good faith in your effort to pay.
Bury My Head in the Sand
The most common way to handle inability to pay debt and the worst possible way to handle the situation.
If you don’t go to work today do they shut the place down? Of course not. So why would you assume that if you don’t address your creditors it just will just go away?
I’m sorry to be the bearer of bad news. There is only one way to really address your financial situation and that is head on, with your chin up.
Good luck!
How often have we seen good people, in tough situations, simply give up and expect the world will fix itself.
You have to be strong, honest and handle your business with your debtors in such a way that it does not permanently effect how they see you. only then can you negotiate in a position of strength.