Loans to a bank
I have a total debt of $30000 to the bank as personal personal line of credit. I have the account opened since 7 years ago and was paying the minimum all this time. Due to the family growth and and extended basic needs, It becomes closer to impossible to afford the minimum monthly payments or even a fraction of it. I started to get calls from the bank inquiring on reasons of not making the last payments (?). What are my options? please help.
Your options depend on how much of this debt you can afford to repay and what you might lose if you don’t.
Normally, we suggest you talk to the lender if you think new terms might help. If you’ve already done that (or they won’t renegotiate) then you need to consider credit counselling, a proposal or perhaps even bankruptcy.
All of this is a little premature – to get a useful answer you need to sit down with someone and review all of your debts, your assets, your income and your expenses. To give you useful advice we need to know a lot more about your situation.
I know we say this alot, but use the links to find a trustee near where you live and give them a call. That’s really the only way to get advice on your options.