Keeping up with a strict management plan is not everyone’s cup of tea. Everyone must actively cope with the liabilities and payable for positive results. Strategies like IVA or debt management plan are necessary in case of massive arrears of both bank and other types of loans. But there may be some other steps to take as well.
Catalog the Details
Catalog the following details:
- Amount overdue
- Details of the Lenders
- Payable sums
- Details of payments you have to make every month
- Scheduled payment details
Make Timely Payments
Late fees are not a good sign if you want to throw off your debt. They can also put a serious dent in your payment schedule.
Schedule All Payments
It will be easier for you and your psyche to have a list of dates and amounts so you don’t accidentally forget and miss out on payments. This little trick can save you from all the late fees. Employ the advanced technology at your disposal and set alarms and reminders for each payment.
Pay the Minimum Amount
Paying something is absolutely better than paying nothing. It saves you from defaulting on your loans and keeps the balance of payments strong. It is also a favorable sign for the IVA creditors if you don’t miss payments.
Prioritize your Payable
There are many ways to pick which debt to pay off first. Many people pick the debt with the least amount, some suggest picking a debt with the most amount. The experts suggest going with a debt with the highest markup which in many cases is the credit card debt.
Plot a Backup Deposit
Put some money towards a reserve account to build up a reserve of five to six months of living expenses. Little money in the emergency fund every month can go a long way.
Know When to Ask for Assistance
If you find it hard to pay your debt and other bills month after month despite efforts, you may need to get help from a debt relief company. Solution2Debts is here for your needs. Contact us now!