A huge debt, need advice from someone who’s got out of it
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bryon
Apprentice
Joined: 28 Aug 2006
Posts: 9
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 Posted: 06/05/08 - 04:30 Post subject: |
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I have recently got into a debt and the lender has sent a debt collector several times now. I have already huge debt, and need advice from someone who’s got out of it. I would like to know just what can I do. If anyone could help me, that would be great. Thanks in advance.
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ringo
Apprentice
Joined: 21 Jan 2006
Posts: 5
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| Posted: 07/04/08 - 21:47 Post subject: |
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| There are various reasons why people get into insecure deals. People have loans or mortgages with payments they need to follow, but fail to do so. And, if they do not do that each month, the interest rates, which are basically not too high, will only accumulate and enlarge total debt significantly. The way to get out of a debt is filing for bankruptcy (chapter 7 or chapter 13). However, if you want to avoid such extreme measure, you should talk to your lender and try to restructure your debt and make it more easily payable. Hope you find the info helpful. |
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