In the past, I was deeply trapped in online loan debts and couldn't extricate myself, and when I recalled that experience, I couldn't help but die!
How to owe a high amount of online loans
At the beginning, I only had 2 credit cards in my hand, because I partnered with a friend to do a small business, the capital turnover could not come, and I opened 3 credit cards one after another, and I felt that the business was stable and could be paid off soon, who wanted to lose money in the business, and the ensuing rolling debts made me fall into a vicious circle, and I had to borrow new debts from the online loan platform to pay off the old debts, and finally the high interest rolled over the year, until the last overdue collection, I came to my senses.
During that time, I was alone with the heavy pressure of debt, afraid to let my family know, embarrassed to borrow money from friends around me, and lived in fear and anxiety every day. The collection of ** on the platform is constant, threatening, intimidating, and almost broke me. I've even thought about going to extremes. But every time I think of my elderly parents and two children, I can't bear to give up, and keep telling myself that there will be a way.
God saves the self-shelper
Maybe it was really the self-helper who saved it, and at that time I plucked up the courage and kept looking for a way to make money, hoping to find a way out. At the same time, I forced myself to face the reality, no longer escaped, made a list of the principal, interest, overdue fees and repayment deadlines of all my debts, and looked at the string of repayment data, I was really desperate at that time. But for the sake of my family and children, I have to save myself, and I have to have the courage to bear the consequences of the cause I planted.
Fortunately, a friend who is a lawyer heard me complain once, and gave me a suggestion, which is to find a professional to help me sort out my debts and see if there is a way to solve some of the debts and reduce the pressure. As a reminder, don't look for so-called professionals, I think lawyers, friends who work in banks, and acquaintances who do loan services can all be more reliable. With the help of this lawyer friend, I found a professional loan service provider for consultation.
After sorting out my income, debts, and repayment ability, I finally consulted the bank loan manager, who was also introduced by a friend, which is more reliable. Finally, the company's advice is debt restructuring.
Later, according to the debt restructuring plan they gave me, I was able to temporarily relieve the pressure of repayment. In fact, I was also worried at the beginning, whether there would be a pit. But after thinking about it, there was no other way but to give it a go.
To be honest, I believe that many people who are deeply involved in online loans can't take this step, don't dare to confess to their families, seek help from friends, and finally hope to borrow old debts to pay off new debts. Even now, I don't want to mention my previous experience to others, let alone those who are still in the quagmire of online loans, and they dare not confess to their relatives and friends.
Here, I would like to prudently advise friends who are deeply involved in online loans that they must cut through the mess quickly, never borrow old debts to repay new debts, and quickly seek help from family and friends, and must be determined to break the roots.
Is debt restructuring reliable?
Regarding debt restructuring, it is recommended that you also learn about it, and if it suits your own situation, go to an institution as soon as possible to help you come up with a plan, and don't carry it alone.
Debt consolidation, in simple terms, is the consolidation of multiple debts owed by an individual into one or a few debts. With consolidation, individuals can convert a high-interest rate loan to a low-interest loan, extend repayment terms, or get more flexible repayment terms. In this way, not only does it reduce the monthly repayment pressure, but it also reduces the overall interest expense.
There are several ways to restructure general debts, and you can compare them to see if they are appropriate.
Asset-backed low-interest swaps:If you have a mortgage like a property or a car, don't apply for it yourself, find an agent to get a lower interest rate loan. This benefit is to reduce the interest burden, extend the repayment period, and reduce the pressure on cash flow. The risk is that if you fail to repay your repayments on time, you may face the risk of your assets being recovered.
Negotiate with creditors to repay the loanNegotiate with creditors to adjust the principal, interest or repayment period of the debt, which can be done yourself. The advantage is that it is flexible and can customize the repayment plan according to the actual situation of the individual and avoid legal disputes. The disadvantage is that the personal experience is insufficient, and the negotiation is more difficult.
Authorizing a professional body to negotiate with creditors:Find a reliable debt restructuring agency and entrust them to negotiate a repayment plan with creditors. Professional institutions are more experienced than you and know how to negotiate to maximize the best repayment terms. This method requires a certain service fee, so find a reliable agency to avoid being deceived.
The last way is to find bridge funds to buy real estate, improve your assets and credit, and then make an operating loan to pay off the online loan, and repay the principal and interest of the operating loan every month. This method is more professional, you need to find a financial company to operate, you can get all the debts at once, but the service fee is relatively high, and the follow-up repayment pressure is also relatively large.
Because my income is relatively stable, I can barely afford the principal and interest of the business loan by purchasing real estate, so I chose this plan and got all the online loans, although the monthly repayment pressure is relatively large, but it is still much better than before, and I can have more energy to make money.
Debt restructuring is also risky, and it is necessary to assess one's ability to repay
Here I also emphasize with you that when doing debt restructuring, you should pay special attention to some hidden costs, interest risks, and the contract terms of the intermediary company, so you should pay special attention. Some intermediaries may use low interest rates as bait to hide high fees or other additional fees in the contract. Others may offer low interest rates at the beginning of the consolidation and then raise them significantly, leaving you in even greater trouble.
Again, debt restructuring only helps you postpone the pressure of repayment, not to solve all debts for you, and at the same time, everyone's ability to bear is limited, and for some people, it is also risky. I also sincerely advise you, in the face of what has happened, don't run away, don't break the jar, don't borrow old debts to repay new debts, show courage, find a reliable and professional intermediary company as soon as possible to help you come up with a plan, don't be afraid of being deceived, you have nothing to deceive.
Finally, I hope my experience will be helpful to you, and you can also communicate with me, if my experience can help everyone, it is also a good thing to do good deeds. I wish you all a speedy disembarkation and a return to normal life.