Nowadays, almost every one of us has at least one or more debts, because life has become so expensive that without a loan it is hard to imagine buying a car, travel and not to mention a mortgage for home purchase. That is why people who have lost their jobs usually face the reality that they have to pay monthly loan payments, but the income has dropped or ended completely.
And so, in today’s article, let’s also look at what people should do if they have lost their jobs, but continue to pay off the loans.
First Phase If you have just lost your job and you are not able to find a new one at once, then you should collect all your credits and try to understand which of these loans are of higher priority and which are not of a high priority. for a few months without paying the loans, you will not be called by the debtors right away. The key is to arrange your loans so that it is clear which payments are simply not possible to pay. As a rule, it is imperative to postpone mortgage payments without which you may be deprived of your home, and often in this first priority you can put a car loan as the car is often needed to get a job far from home.
The key is to understand how much and what are the payments without which it is simply not possible to dispense, and what the threshold is, how much money is definitely needed to collect in a month. Certainly, credit card companies and fast creditors will be reminded of payment delays much faster than the mortgage issuer, but remember that you are fighting for your shelter rather than the few hundred you owe to your credit card or quick creditors.
The next step is to call all creditors in an attempt to reduce your monthly payments.
refinance your loans, or try to get a credit vacation for at least one month, because this way you can save your precious time for new jobs. Often creditors will categorically oppose any repairs and threats to you with debtors, unless all these monthly payments are paid. But in reality, their main task is to recover your money, so if you tell your situation and say if you are ready to do whatever it takes to repay this loan then you will be able to make some sort of discount. 3. Insurance? – It is also an important step to get your insurance if you are involved in mortgage insurance or some other form of insurance that reimburses monthly payments related to credit payments.
These types of insurance are very popular abroad, but it is also possible to get this type of service in Latvia, and if you are interested in it then, be interested in your insurers, but if you are already in such a situation, it will be too late! 4. Baskets at Budget Adjustment – If you have lost your job, you definitely need to get your budget and start to understand where and how you spend your money, because when you lose your income you hardly want to continue to pay for cable TV, entertainment and more. for similar things other than first priority.
You have to pull your budget as far as possible
From luxury goods and services and continuing with the second and first priority goods. Even eating costs can usually be greatly reduced, as buying bulk goods without having to go home and preparing food can save you a lot of money and reducing your costs in order to be able to repay your first-priority credits.
Capture Money for the Next Months – If you are receiving unemployment benefit or your employer has paid you money for a few months ahead, then this money is not spent immediately, but tilted to the forefront, because if you fail to find a job in a few months your income will shrink rapidly and then you will be able to cover the remaining difference with this money. The key is not to wait until the last minute, and if we know that you will soon be out of work, you should start collecting and reducing your spending in time, just as you will find a new job, because it will be better to survive this difficult period.