A repayment plan: what does this mean?
If you have taken out a loan, you must of course repay it. Everyone knows this when taking out a loan, but many people still fail to repay the loan to the credit company based on the terms of the credit. If you are unable to repay the money, you will be in debt.
With debts to the credit company
If you have debts, it is important to contact the credit company as soon as possible. It is important to let us know that you would like to pay back the debts, so that the credit company in question keeps confidence. In addition, it is important to agree a repayment arrangement with the credit company so that you can repay the debts that you have.
The payment plan: a short introduction
If you approach the credit company for a repayment arrangement, you will often receive an individual repayment plan. A repayment plan is a plan that is made based on your situation and in which you can read how much you still have to pay back, when you have to pay it back and in what amounts you have to pay back your total debt. In fact, it’s just a plan from the credit company that is presented to you for paying off your debts so that you can get out of debt.
Tips for going through a repayment plan
If you have received a payment plan, this does not mean that you have to agree to this. If the plan is not realistic, for example because you have more loans and / or debts and simply cannot miss out on so much money, then you must pass this on to the credit company. The credit company makes a new plan for this, which you must review.
When going through the repayment plan, pay attention to the following:
- The amount you have to pay back: is this correct?
- The term of the loan: is this realistic?
- The amount that you have to pay monthly: can you miss this?
You only agree if you think you can actually comply with the plan.