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18 July 2024

Debtors, you always have options…

Theda Muller

By Theda Muller

When you are facing a debt-crisis, or you know you will in the near future, then never lose your hope as there is a solution for every problem, you just need to know where to find it!

As humans we face many hurdles in life and if we had to turn our backs, walk away and take the easy way out then it means we could never grow, actually feel the taste of failure, which most times is necessary to learn invaluable lessons, where you will never be able to continue adding sediments of strength and courage to your being, enabling you to face anything negative that confronts you in the future.

Debt is no different to any other negative hurdle you face in life, where engulfing yourself in fear for a situation that will rarely happen, is a waste of good energy and invaluable time.

These are the keys and first steps when your mind is clouded with ‘what if’s’, when you feel that you don’t know where to turn and you don’t know if you will survive in the next years:
1. Setting your intention is a massive step, because you then must take ownership and responsibility for your debt-crisis.

2. Gaining the clarity you need, because then you can focus on your port of action that you must take.

3. Gather all your current outstanding debt liabilities and organize them in a file.

4. Gather your personal legal documentation copies, i.e. passport, visa, EID, 3m bank statements of your salary account up to the current date, salary pay-slip copies and a latest salary certificate and keep them ready for presenting.

5. Project what you can afford monthly in total EMI’s (Equated Monthly Installment) and be comfortable that you will be able to sustain yourself once you made your EMI’s each month.

6. Now go directly to your creditor’s office, ask to speak with the representative managing your account and if in default, go to the collections and ask for the same person.

7. Present your case and explain why you are in the situation and detail the help you need by presenting your total liabilities.

8. If you don’t get any positive feedback ask to speak with the manager and don’t justify your request, just remain firm and meet with the manager, as it is your right, default or not.

9. Once they inform you that they will review the request, ask for a date you should follow-up with them, diarize that date and promptly follow-up.

10. Before you go ensure that you can offer a reasonable down-payment if required, but you must be able to meet this commitment. This will help you secure approval for your requests but ensure you can deliver, because this is the moment to start rebuilding your credibility if you are in default.

11. Maintain new files with payment advices, new agreements etc..., because this time you must start being organized and have your finger on the button on your financial state of affairs.

12. Do not just pay down-payments without the confirmation and assurance of the approved restructure from your creditor, where you can secure proof thereof, i.e. typical proof is if you are asked to sign a new agreement and issue a replacement guarantee cheque.

13. Don’t forget to take copies of all guarantee cheques you have issued to your creditors including agreement copies where they approve and maintain those documents in your new files. Too often I ask debtors if they issued a guarantee cheque for any facility and they have no clue. Those are old habits; learn to acquire new habits that serve your life in a more organized manner.

14. If after trying and trying repeatedly with your creditors for remedial consideration and you do not succeed, then contact the most reliable remedial company where you have friends or associates who can refer you, who have dealt with them and achieved success. Take heed do not just take advice from anyone unless they have the proof that they are qualified to tender such advice, because if you don’t, then you will simply be throwing money that you cannot afford to waste, to a bad cause.

15. Remaining vigilant and being proactive during this phase of your life is key, learn that remaining complacent and dreaming that the nightmare will dissipate into thin air, is delusional, because you can only get onto a road of recovery by taking action, nothing else.

Options are always available when you are trying to find good solutions that will serve your situation best, because below is my encouragement for today:

Don’t let anyone convince you that you might as well ‘throw in the towel’ and give up, because there is no solution or light at the end of the tunnel, because there is.

Better people than you have made the same mistake, but they took the initiative to resolve their debt problems and today they are financially free, so if they can do it, you can!

This is going to cost you huge sacrifice so be prepared, because it did not take you one day or one month to accumulate this debt, so patience is key.

No, you will not be able to continue buying goods and services with money you have not earned, that is no 1 to be noted on your list.

Nothing is free, there are dues to pay, which dictates that if you have made wrong decisions in this facet of your life, then it is your responsibility to pay those dues, nobody else’s. So refrain from just blaming your creditors.

It’s not the end of the world, so lighten up and make use of your options.

Playing dead and living past this debt-crisis is not an option, neither is putting up a façade that all is ok when it’s not, learn to be authentic.

If you can encourage others to do the same when they are facing this situation, then it is your job, your responsibility to do the right thing so ‘send the lift down’ and start paying it forward!

Encouragement is my sole purpose in life to help save humanity from any form of dire situations, so my authenticity to be transparent, say it like it is, serves as a rude awakening for most people facing a debt-crisis.

My beliefs are that you should be shaken up, you need to get this wake-up call, because the time is now, you need to move yourself and take good advantage of the options available to you, where there is no excuse for not achieving this goal.

Don’t blame others for your debt situation, take ownership and responsibility because debt is always self-inflicted most of the time where we create our own reality, but by the same token we can remove that reality and create a new one.