Quote from: Ctn on April 02, 2018, 06:41:51 AM

Quote from: usahaali03 on April 02, 2018, 06:14:00 AM

what would you do if you had so much debt and that your income was not enough to repay your debt installment?
how will you deal with it?
how to solve it?

In my region we have best solution for this one. The financial support that we get from it is almost free but it works completely on the mutual understanding and trust. With that said people who are very very trusted will gather together. Fro example, close friend, family members etc. There will be at least 20 members in this scheme. The scheme started at first date of every month where the names of every member involved into the scheme are written on cheats and then one by one the names are explored. These are written down in the same manner as they were picked and explored.

The terms are decided like this:

Amount will be declared for the schemes: For example : $ 10,000 (USD is not my currency but for better understanding keeping it that way)

Rules:

Each member will pay monthly instalment as per the norms. If the scheme is in 20 member then it will run for 20 months. Each month every person will pay $500 as instalment. The owner of the scheme will collect this money and will give it to the person whose number is 1st in the list.

Thus there will be no extra charge, no interest rate on this but you just get the money with mutual understanding. This way every 20 member get their turn one by one after each month for the next 20 months.

What you have to pay is just 500 bucks and you can get the 10,000 USD right away and can reduce the debts and its interest immediately. This is great help for you.

TRY IT IN YOUR LOCALITY YOU WILL SEE GOOD RESULTS.

We have that in our country, it is called "paluwagan". This is a bit risky. If it is already their turn and get the full amount of money. Suddenly they will stop paying their share. The next person in line will suffer and wont get the full amount when her turn comes. There is no assurance to this. Some people cannot be trusted. We have another one in the office where everyone who will join will choose how many shares they were able to pay. Every pay day they will pay that amount. Every member can also loan a certain amount. The interest earn for one year will be divided to all members. At the end of the year they will return all their shares including the interest their money earn. This is a big help to others.