Increased product prices in stores, a pandemic, job interruptions or health issues – all of this has an impact on our ability to settle existing obligations. And this, according to data from the Federation of Financial Corporations, has only improved slightly since the beginning of the year.
– In the study “The Situation in the Consumer Finance Market” for the second quarter of 2021, conducted by ZPF and IRG SGH, about 40 percent. Respondents admitted that they expected problems in paying obligations. Although the situation improved slightly compared to the previous quarter, when concerns about financial liquidity were expressed by 43%. Of the respondents, we continue to feel the negative impact of the pandemic on our families’ budgets. A job loss or unexpected, major expense can happen at any time as well as the burden of our finances strained by the pandemic. So let’s find out in advance what options we have for solving the growing debt problem – says Marcin Kjeujan, chairman of the Consortium of Financial Corporations.
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In the previous version of this survey, survey respondents admitted that rent payments, apart from utility bills, are often deferred “until later” when financial problems arise. However, in this case, the solution is at hand. Building managers or housing cooperatives often allow tenants to get rid of their debts.
It’s a particularly useful option for people who don’t temporarily work anywhere and can spend several hours a week doing simple cleaning, repair or administrative work. It is enough to report this desire and set the hourly rate. The bonus will be allocated to pay off outstanding debts. In this way we avoid the accumulation of debts and the addition of penalty interest.
Fear or shame often prevents us from admitting that we have financial problems. We avoid contacting banks or debt collection companies to which we have outstanding obligations. This is wrong, because there are also people who work in financial institutions who realize that we may find ourselves in a worse situation in life and that we are temporarily unable to pay off debt. Moreover, they also have measures suitable for such a circumstance, so that they can offer us options that allow us to survive the most difficult moment without dire consequences.
– When repaying loans, banks allow, for example, the option of credit leave, which consists in suspending the obligation to repay installments even for several months. Of course, these installments are not canceled, so we must take into account the extension of the total loan repayment period. In the case of obligations to debt collection companies, we have very similar options. We can apply for a payment to be suspended or reduced, or we can create a new schedule to suit the current life situation. Financial institutions want an agreement with the indebted person, which is why in many cases we can reach a compromise – Marcin adds as a married couple.
The rule of thumb for any kind of late payment is not to avoid contacting the companies or institutions to which we are owed. Agreement is always possible, but you need to be prepared and prepared for cooperation and dialogue. If we have fulfilled our obligations so far, then there is a good chance that the creditor will agree with us and suggest the optimal solution to the problem.
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