It's a bad thing to lose your home. It's never easy when your credit starts to take away your things because you didn't pay your debts. It can mess up your life, your health, and your credit score. People who have to deal with things like being repossessed often suffer from depression and common illnesses caused by stress. Here are four tips to help you avoid embarrassment and the stress of losing things you care about.
Pay your bills when they're due.
The best way to keep your car from being taken away is to pay all your bills on time. Always keep in mind that as long as you pay your bills, no one will come to your house and take your things. Do not pay after the due date. Once you get behind, it will probably be hard to pay your bills on time the following month. Note that you shouldn't let your bills pile up on the kitchen table. If you let your bills pile up, things will get out of hand, and the companies that owe you money will send you letters asking for payment.
Make a payment plan and prepare the envelopes.
The best way to keep track of your financial obligations is to make a list of what you owe. Put the due date of each bill in your daily planner. This will help you keep track of everything. You can use a notebook or a piece of paper if you don't have a daily planner. Just make sure your lists are somewhere you can see them every day so you don't forget anything.
Prepare different envelopes for each type of financial obligation and put the right amount of money in each one. As soon as you get your pay check, you can start putting things in your envelopes. The money in these envelopes is meant to be used to pay certain bills. Don't use the cash in the envelopes for anything else.
Call the bank and ask for a deadline extension.
If you can't pay your monthly payments, you should call the financial institution and let them know. Don't wait for a demand letter from the bank or other financial institution before you call them. Always remember that banks and other financial institutions are willing to work with you, so make sure you call them and ask for a grace period. You might be surprised by how eager they are to help. But keep in mind that if you don't pay, they don't get paid.
Choose to sell your home.
If you can't pay your amortisation, it's best to sell your property and use the money to pay off your other debts. To avoid a conflict of interest, make sure you sell your property before the financial company starts the process of taking it back. The good thing about selling your property instead of letting the bank or other financial institution take it back is that you may still be able to make money from the sale.
