HAS DISASTER STRUCK YOUR BANK ACCOUNT AND INVESTMENTS!
Leaving you crying about your losses?
Sometimes, life sucks and bad things happen to some very good people.
Experts say that if you placed all other pressures and losses on one end of the scale, financial losses would outweigh everything else. I can personally support that . Not once but on several occasions. There are some simple rules to apply, to start moving forward.
1st Stop crying 'Coz you aint getting back what you lost !
Regardless of how much money you make from here on, what 's lost is not coming back! it's hard, and may even sound cold but, this is reality and you have to wake up to it. The sooner you do, the quicker you are going to get up and get going and i promise you, that you can make it. But this point of realization is absolutely fundamental for your future progress. This step cost me nearly five years and several of them in depression, that not many around noticed, including my own family members. My primary purpose in doing this blog is to save you this time & pain.
There are many steps involved here, and it is my intention to share with you and point out the pitfalls you can avoid along the way through a series of articles and informative sites. I promise you i will not be selling you anything , only sharing my journey to recovery.
beware of the pitfall that you are currently in. It cost me nearly 5 years of my life, & that no one can never get back. I'm blessed, many others never make it. So i look forward to sharing this journey with you!
Please take a moment, as you develop and you move from the zone you are & into the next, that you will send me an email or two, keeping me updated on your progress (remember your testimony could be what the next person who reads this blog is experiencing)
After you have stopped crying, this is the next major step that you will need to make,
Because from here we can only move forward. Remember if you are looking for a quick fix i cannot help you, but with the right guidance and a few good principles we can short cut the process to recovery and you can be free to relive your dreams once again to reality, in far less the time that it took you to get there in the first place, shredding years in the process, but it all depends on your desire to make it happen.
Let me encourage you that if you have come to this point where you are reading this article, that you have that desire and its is very much there, and it will take only a few matches to ignite that flame once again regardless of the loss that you are currently experiencing.(I'M REFERING TO FINANCIAL LOSSES)
It all starts with the first decision, that's why i say it's a move forward from here onwards.we have to keep the momentum going.
If you have hit rock or the clay base, then you can only move upwards, you cannot get any further down, to lay that solid foundation. this is where most solid houses are built on, a solid base that sees them through all kinds of storms that life brings.
So lets lay that foundation and evaluate your current financial position.
Lets not dwell on this topic, but you and need to evaluate where you are & what you have left, that you can move forward with.(in my case after selling all assets, i still had unregistered and personal debts over $500,000. Yours might be less or significantly more.)
Evaluation
Evaluate what your current financial position is, it's easy when you know how, but it's really like looking at everything that you own and reducing what you owe
Lets look at debt: (A)
credit cards, car loans, personal loans, mortgages or housing loans, store accounts, ie: bunnings, myer, david jones, fuel accounts, any card account add them all up..
Now to work out your Assets:(B)
look at property, investments (rental properties,shares, stock,bonds etc, and any other investments). Things of value that might have been overlooked, IE: stamp albums, coin,comic,spoon or antique collections or even family heirlooms that could be worth an absolute fortune......only if pushed and your are facing bankruptcy.
Sell the car and buy something that will just get u by and maybe something more fuel efficient, put a limit of say $2,000-3000 on it. Avoid bankruptcy at all cost, it's a process that now takes up to 12 years of your life! don't mess with it. Actually beware of the advice you get, many well meaning individuals, friends and even some professionals, either by lack of knowledge or misconception have suggested this option. Even, as a last resort aviod it!
My point is, what's the need for a family heirloom, fancy car or some great collection to you if you are facing massive legal action! You need to act fast. Debt is serious business. Banks and money lenders want their money + interest and every other concievable expense back at what ever the cost to you, so get them off your back. Because they will track you down and hound you.
It doesn't matter if you don't have any thing left to get rolling again.That is the easy part.
Consolidation By Negotiation
There are hundreds of debt consolidation companies that will help you pay off your bills by lowering your payments and interest rates. For a fee they will put you on a debt consolidation program to systematically pay off all of your debts.
What if you are about to lose your home to foreclosure?
This is where you may want to find a bank or lending institution where you can get your home remortgaged to catch up on your back payments and pay off your outstanding debts. You will also be paying one payment per month with no fees to pay. If you want to get your bills reduced and waive interest rates, sometimes the lender can help you with this, or you might be perfectly capable of negotiating with your creditors yourself.
By the time a debt is in collections, it is pretty much lost to the creditor. Other entities have purchased your debt and will try to get as much as they can out of it. When you contact them with a price you can afford to pay, the chances are that they will accept the offer. If you have quite a few bills in collections you may be able to pay these off at a fraction of what they are asking.
To see where you stand you should get your credit report, simply google credit reporting agency and follow prompts, there is an express system that will cost you $30(approx.), turnaround time is approx. 24 hr , and there is a free system, where you will have to wait about 2 weeks. when you receive it, review it.
There are times when items are added to credit reports that do not belong to the consumer. If you see anything that doesn't look right, you need to contact the credit reporting agency and let them know which of the items you dispute. They will have to prove that the debt is indeed yours. You may find that you don't owe as much as you thought.
There are also establishments that offer home mortgage loan rates and non profit debt consolidation. There are Finance Brokerage companies that specialise in debt consolidation, who will help you with a debt consolidation loan even if your credit is not perfect. Beware and always get a second & third opinion, as there are a lot of sharks around! The loan will be based on the equity you have in your home. They will help you get out of debt, and it will be up to you to stay out of debt and work on those bad credit habits you have picked up over the years.
Most of the time bad credit is occurred when we attempt to buy on time those things we feel we cannot do without. Most of the time we don't take into consideration the interest that is tacked on for the privilege of paying on time. Credit cards are another way we slip so deep into debt. Plastic is a convenience that allows us to play now and pay later. By doing so we are adding on more debt at higher interest rates. Soon we find we are so overwhelmed by debt we can't see any way out.
That is when it is time to turn to a company with low home mortgage rates and non profit debt consolidation to get straightened out financially before your credit is ruined.
If you select to do this yourself, you will find Home Loans with banks or legal entities are generally not negotiable because they are secured against property.Most other unsecured loans can be negotiated.
Say if you have a debt of $10,000 and display no means being able to maintain it, one could negotiate a payout. generally the best place to start is at a 30% level, which might not be accepted, but you then have room to make a slightly better offer. you need ensure that you get this in writing and noting that this payment cancells the entire debt and that no further action of recovery will be taken.The funds available to make this happen must be from an outside source, like a family member or good friend lending you the funds to clear this or other debts.(a bank account in your name with plenty of liquid funds would be a sitting duck for the lender).
there is no restriction on the amount of debt, the principle is the same.
Face the fear and do it any way
It is an absolute tough process, especially when you are receiving treats of legal action, sometimes from all sides.It is hard to stay positive and calm. The objective of the lender is to threaten legal action and they are well trained in this arena, but you have to stand firm, be bold (no need to be rude or nasty, even if they become unprofessional, this gives you leverage). Negotiate time as much time as possible. stretch the time to meet your convenience as much as you can. Most utility companies will be very accommodating and its when you have past that point and you receive those letters of demand and the pressure is really on that you come up with the offer to negotiate.
Meet your Creditors face on, be firm & stand strong and you will come out of this a stronger person. Remember the storms in life brings out the hidden character in us all. sometimes revealing strength that we never knew existed.That's to those who stay on this path, because the other only leeds to depression and despair. you are now in the right zone, you have taken responsibility. Communicate with them. As long as you maintain communication, they cannot shut you down, it's only when they are ignored that they get their backs up.
You are now moving forward. Many individuals keep ignoring their creditors and suddenly they find themselves having a debt that was say $1500, in some cases increased to as much as $20,000.Then there have been cases of individuals, houses been sold from under their feet for a credit card debt of $5000-$7,000.
Next article covers employment Vs self employed(creating streams of income, getting into business for yourself, doing what you enjoy.)
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