So you took out a loan in order to reorganize your personal finances and lost your job. How to pay off this financial commitment now? The first reaction we may have is one of despair, however, looking at the scenario calmly, we can see that it is not quite so.
Borrowico has outlined some suggestions to help you pay off your loan if you have lost your job or your monthly income source:
Analyze Your Loan
The first initiative in losing your job, or your source of monthly income, is to analyze how your loan is doing. Were the parcels already in days or in arrears? How much time is left to pay? If you were to pay it 100% today, how much would you shell out? By looking at these key points, you can map out a more accurate payment strategy that speaks to your pocket.
Had a wallet signed? Use the termination to pay off the loan!
In many cases, when a person has a signed job and is not fired for cause, he or she may use termination. The termination may be a way out to repay the financial commitment or to settle much of it, leaving only the final installments to be paid. In this way, opt for the next installments of the loan and at least three of them ahead. This can give you a break in the budget and more time to get the money you need to repay the loan.
Inform your creditors
Don’t be shy about saying that you have lost your job or source of your monthly income to your creditors. With this, you can even bargain a renegotiation so that the financial commitment does not become a nightmare and that you can catch up on the missing installments. It is important to notify them of default as this is a way to arrive at the solution for the payment of future installments.
Be creative and start extra income
Had a wallet signed? So, it’s time to roll up your sleeves and have a plan for managing an extra income. Do you have cooking skills? What do you think about starting to work in confectionery and making homemade cakes for parties and get-togethers? It can be a creative outlet at this time. Already had an extra income that way? What prevented you from continuing with this activity? Analyze the points that didn’t work out and redo your business strategy so that it starts to give you a positive rather than a negative return.