Debt help needed?
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How about geting another job? She borrowed the money now take responability and pay it back and stop waiting for the world to feel sorry for you.No one cares about your financial hardship.
Debt help needed?no they cant im in the same position... what she needs to do is write a letter to the bank explaining her situation also write out a list of her income and outgoings and say exactly how much she can afford to pay back each month or week etc! they will have to accept the offer as she has noway of paying it back otherwise..
good luck
Debt help needed?Banks do not have to accept a lesser amount. Some do, this is called settlement.
They will not willingly or easily state this. If this is a secured loan, they will not care what the situation is, you could attempt to make arrangements, but if not payments are made they will more than likely just take the item back.
In order to settle an account, most of the time, some sort of unforeseen hardship would have to happen...quitting a job no matter what the situation will probably not be seen as a hardship. This was a decision and best thing to do is find another job quickly. Try to get an extension on the loan, stay in constant contact with the bank and keep them updated. If you make a promise to the bank for a payment, keep the promise.
Debt help needed?Borrowing money to pay back money is never good advice and I would strongly advise against this. Your daughter needs to contact the Collections Department of her bank (they all have them and they are primarily concerned with collecting monies from loans, credit card debts etc). She needs to send a letter to them outlining - in full - her details concerning her current financial position and her much-reduced income at present. It will also help if she says she is putting all her efforts into finding a new job. Basically, honesty is the best policy and the more open and honest you are with the bank the more they will do to help.
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