Chat with us, powered by LiveChat

Trouble Paying Back Loans: A Comprehensive Guide

Finding yourself unable to make minimum payments on loans or other debts can feel scary and overwhelming. But you don’t have to tackle it alone. There are resources available to help you get back on track financially.

Assess Your Current Financial Situation

The first step is to clearly understand your total debts owed, minimum payments, interest rates, and due dates. Put together a spreadsheet or use an online debt tracker like Mint to organize this information in one place. This allows you to see the full picture and identify which debts are highest priority.

Construct a Detailed Budget

Next, construct a detailed budget showing your average monthly income and expenses. Account for everything from housing, food, transportation to subscriptions and leisure activities. This helps uncover any areas where you can cut back spending to direct more cash towards debt payments.

Communicate with Lenders

Contact your lenders directly, especially if you anticipate missing payments or have already missed due dates. Explain your situation honestly and ask about hardship options. Many lenders allow short-term arrangements like reduced or suspended payments.

Consider Debt Management Services

Reputable nonprofit credit counseling agencies offer debt management services to consolidate balances into one monthly payment. They negotiate with creditors to waive fees, reduce interest rates, and create affordable payment plans.

Explore Debt Relief Options

Several legal debt relief options exist for those struggling with excessive balances and burdensome repayment terms. The strategy best suited depends on your specific situation.

Seek Legal Help If Necessary

If you receive lawsuits, garnishment threats, or aggressive collection calls, consult consumer defense attorneys right away. They send official letters invoking consumer rights that require collectors to deal directly with them versus contacting you further. Attorneys also defend against any illegal or abusive collection practices.

Don’t Lose Hope – You Can Overcome Debt

The process of fixing personal finances after falling behind on obligations feels intimidating. But taking decisive action lightens the burden over time. Establishing realistic budgets, communicating with creditors, and utilizing relief programs/services makes progress possible.

Additional Resources

With some effort and outside support, you can resolve debt troubles and regain financial stability. Don’t hesitate to call on others for guidance during the process.

Articles

Delancey Street is here for you

Our team is available always to help you. Regardless of whether you need advice, or just want to run a scenario by us. We take pride in the fact our team loves working with our clients - and truly cares about their financial and mental wellbeing.

"Super fast, and super courteous, Delancey Street is amazing"
Leo
$500,000 MCA Restructured Over 3 Years
"Thanks for helping me in literally 24 hours"
Jason
$250,000 SBA Loan Offer in Compromise
"Great choice for business owners who need a trustworthy partner"
Mary
$350,000 MCA Restructured Over 2 Years

In The Media

Delancey Street CEO discusses ways to reward employees
Delancey Street CEO discusses the benefits of franchising on Forbes.
Delancey Street CEO discusses management on AMEX.
How Do I Stop Paying An MCA Advance

How Do I Stop Paying An MCA Merchant cash advances…

What Should I Do If OneMain Financial Is Taking Me to Court?

What Should I Do If OneMain Financial Is Taking Me…

How to Wind Down a Small Business With Too Much Debt

  How to Wind Down a Small Business With Too…

Coping With Debt-Related Marriage or Relationship Problems

  Coping With Debt-Related Marriage or Relationship Problems Money issues…

When Starting a Small Business to Pay Off Debt is Risky

When Starting a Small Business to Pay Off Debt is…

Delancey Street simply gets it. You're talking to experts.
Steven Norris
Get Help Today

Ready To Get Started?

If you have questions, feel free to shoot us an email, or fill out our live chat.

Schedule Consultation