SavingsPinay Series | Day 4: Tamang Pag-kausap sa Pinagkaka-utanganNovember 1, 2015
The SavingsPinay Series | Ayoko sa Utang! 5 Days To Be Debt-Free For Life is created and published first in this blog. Visit this LINK for the past SavingsPinay Series.
PS. Sorry Day 2-5 is one week delayed. Hope you will still learn and enjoy.
Day 4 | Tamang Pagka-usap sa Pinagkaka-utangan
Of course we would all want to pay our debts on time. Sino ba namang may ayaw nun? However due to unwanted circumstance, like our source of income might drop, an unexpected life event happen or there is a sudden change in the current cash flow, that cause to start of a downfall in our financial life. We can’t pay the bills on time and we fall short of amount to pay for people/company we owe.
If the communication went well your creditor might give you a pay only interest on the loan until you can resume making monthly payments, reduce the monthly payment and even drop the late charges.
Creditors may not be that willing to offer some payment alternatives but I’m sure mas magugustuhan nilang mabayaran paunti-unti kasiya hinde.
Make sure not to break the agreement anymore. Below are the tips I can share about negotiating.
1. Tell Your Story
2. Avoid the Drama
Be sincere as you tell you story but please avoid becoming too dramatic. Your goal is to negotiate and let the creditor understand the situation. You don’t want him/her to be confused.
3. Have a Written Agreement
Put everything down on a paper and let both parties sign as a sign of perfect agreement. You don’t want to be changed and soon have your words against theirs.
Izza of SavingsPinay promotes financial literacy for the young and young at heart by providing insights and tips on budgeting, saving, investing and online entrepreneurship. Aside from this blog she also writes at www.izzaglino.com, a beauty and lifestyle blog for frugal Pinays and manages, www.izzagevents.com, a wedding and event business since 2011. For inquiries, topic suggestions or future collaborations email her at firstname.lastname@example.org