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Question for the Money Doctors

Question submitted on Dec 16, 2018.

Question

I have 5 loans with collateral. I'm behind by a month with each of them and they aren't happy. I've explained that I'm short on cash because I've got too many loans and not enough income cover them all monthly. So payments will be delayed until I can catch up. Am I doing this the correct way? I just started a part time job to help. This is overwhelming.

Answer

Many ways to look for relief. First, look to consolidate and reduce interest rate or and expand length of the loans to reduce monthly payments. Also, a first is to call all the loan companies and ask for help in rate reduction or time extensions. Additionally keep current on as many loans as you can though many will tell you to pay all something monthly. Another way is to ask family or friends to help you out with some funds or holding these loans and pay off you current loan holders. This is a very common avenue if you have any one you can go to.

Most importantly, call and do not put your head in the sand, that will not help you. Call and talk, more than once if need be to continue to let them know you are trying, second job ect.

Good luck and stay on top of this issue till you can resolve.


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