Loan from friends?

While I was surfing I came across this interesting topic. When you are in too much of debt and struggling to get any sought of financial help from banks. Naturally your first choice that comes to mind after banks is 'friends'

Friends do lend depending upon the view that they have about you and the length of your relationship with the person.

If you know the person too well since childhood then he might most likely offer you help without any specific day to return the money. Basically he is only interested in the problem you are facing. So never lose these friends in life. Make sure you do part payments atleast to them.Failing to do will leave you lonely and the childhood friend's mind would take a different view on the kind of person you are making him stay away from you going forward.

Friends who came in your life pretty recently and have taken substantial help from you in terms of knowledge and job search then they would also lend you but with a condition that you should return the money within a specified time frame. In failing to do so you would lose a friend and trust.

Hence money between friends is a very tricky thing. You should be very careful in you commitments and make sure you adhere to it importantly.

Unable to clear credit card bills?

Dear friend,

If you are unable to clear your credit card bills. First thing do not panic and rush to obtain additional money by requesting friends and dear ones. As this would add additional debt on yourself and you would not be able to sustain this model of borrowing and paying the bills for long.

Instead keep calm and speak to the bank first saying you are unable to clear dues due to the problem you are facing. Now you have two options :

Go for a settlement: Which would make you unfavorable for all unsecured loans and credit cards in near future until you improve your credit score by showing some diligent repayment pattern over time. If you are very in young say below thirty's then try to avoid this situation.

Face the music and bargain at write-off time: Let the account move into the NPA (non performing assest) status (which requires three non-payments) and then wait foe six more months so the bank eventually decides this is an unrecoverable asset. Now when the bank decides to write off approach the bank and negotiate for a higher discounted settlement and obtain NOC. Again this method as well would make you unfavorable to all unsecured borrowings from banks. During this entire journey you would need to have courage and mental stability to face the debt recovery agents and calls that bombard you. No I am not scaring off but just letting you know the truth.

Better than all is do not own a credit card. If owning do not spend more than what you can repay considering your basic livelihood needs.

Do let me know if you have any questions so that I can answer them or find the best answer for you.

My email address: freelogosforu@gmail.com

Thanks!

Regards,
Kishore