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Self Repayment Plans - Pay Your Debt Personally

Are you finding it hard to pay your medical bills and the debts that have been accumulated on the credit card? Well, if that is so, then it is high time that you get a solution to your debt related issues. You don't always need the help of a professional to resolve your issues; instead the good news is that you can solve the problem all by your own self. The only option that you have by your side is the choosing the self repayment program. By going in for this program you will come to know the exact amount that you will have to pay. Besides, you can also negotiate with the collection agency and creditors and come up with an alternative program.

A self repayment plan comprises six steps which are as follows:

  • With the help of a self repayment program you will be able to evaluate the household expenses as well as income. More simply put in, you need to chalk out a budget and find out what are the extra expenses that you are making. Once you are successful in finding out the same, you can slowly curtail those expenses. Besides, you can also look for ways to improve your income.
  • You need to also keep a check of the amount you owe. Ensure looking for the installments that you need to pay for clearing your outstanding debt.
  • Prepare a list of the names of the creditors and all the accounts that are running on debt. Some of the information that you need by your side are outstanding balance, account balance, APR, due payments, name and other details of the creditors etc.
  • Prioritizing your debt account forms an important part of the self repayment program. The largest debt needs to be cleared first. If you are making some extra cash, then make sure to keep it aside for clearing your debts. Once you have cleared one of your debts, start proceeding towards the second, third followed by the sequence.
  • If you are not able to make your payments on a monthly basis, then you can have a word with your creditors prior to sending the accounts for collection. You may also discuss your financial condition with the creditors. If you offer the creditors a realistic repayment program, then they are likely to work with you.
  • Prefer getting connected to the creditors through letters instead of negotiating upon phone. If you are not confident about writing letters to the collection agencies or creditors, you can always look for samples online.
  • There are many people who are reluctant to get in touch with the collection agencies. But then, this isn't the right approach to proceed with. Instead you need to negotiate with the collection agency and come up with a low rate that will help you pay the debts faster. You should also have a somewhat fair idea about the collection agency laws.

If you have already enrolled in a self repayment program, then make sure to follow a couple of tips for getting the best out of it.

  • Make sure to stop shopping using your credit card because this will never help you put a stop to your debt accumulation habit. By curtailing your use of credit cards, you will be able to lower your purchases.
  • Make sure not to transfer your outstanding bills to any card that has a low teaser rate. Similarly make sure not to transfer your balance from a single rate card to the other within a couple of months.
  • Make sure that you pay some extra amount in addition to the interest rate so that you can be free from the clutches of debt soon.
  • It would be unwise on your part to tap your retirement savings for paying your bill charges.

To conclude, it can be rightly said that self repayment program is an ideal way through which you can pay your bills and get a control over the finances. The only thing that you need by your side is adequate planning and superb negotiating skills. But then, if you are not skilled at the art of negotiation then you can always take help from a processional. Last, but not the least, it also depends on the level of your debt as well as your affordability capacity when it comes to making yourself debt free.

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