Get Your Debt Settlement!
Get an overview, it’s the most important thing to bring down your debt. If you are the type who throws all window covers into the drawer without opening them, then you have to look at them.
Without an overview, you will not get your loan settled.
Excel is a good tool to use when you need a look. Because it is easy to set up, it even makes some calculations. If you are not the big Excel shark, then you can start with a good old-fashioned A4 block.
Get a list of your debts. All your debts, nothing to lie to yourself and “forget” something. Get it all done.
Get everything listed. Write everything down in columns. All the information you have on each debt. Eg. Loan size, installments per. months and not least interest.
You should be able to find all this information in Div. letters and loan certificates.
NOW you need to start looking at a budget. What do you have of fixed expenses and income?
If you have a plus on the account after everything is posted, find out how much you can pay off on loans.
Also, check if there are any expenses you can save or reduce. Can you get a cheap mobile subscription?
Remember that DKK 50 a month will be DKK 600 a year.
REMEMBER. You must always have a min. amount of the contingency account. You never know when to go to the dentist etc.
I want to estimate that DKK 4-5,000 must be for unforeseen expenses.
Now you need a look at your debt list. Do you, for example, have some loans where you pay eg. DKK 500 per month and DKK 700 is added in interest per month. Then you never get rid of your debt.
In such a case I would contact the lender and ask for a fixed agreement to pay more per. month to reduce interest rates.
Get paid off on your most expensive loans fastest.
If you get a good budget and a plan, bring it in your bank and have a good chat with them.
If you have done your homework well and you have a good plan, then they should be willing to help you.
Possibly. Get all your bank debt at a low-interest rate or at a rate lower than what you pay today.
If this fails, then you need to get hold of your creditors. Again talk to them, tell about your plan and try to get interested rates or interest rate cuts on your debt against paying a higher amount.
Remember, your creditors would like to have their money back so they must also be willing to give a little.
You find that when you settle a little on your debt with PBF settlement site and get some loans out of the world, then you will get more money to settle the last loans and can thus get it settled last debt faster.
If your debt, on the other hand, is so unmanageable that you are not going anywhere and that you really have no chance of ever paying your debt. Then it is a debt negotiation or a chord agreement that is needed.