A gap year is something that we all wish we could take. Just a moment from the everyday drib and drab of life to actually do what you want. Sailing the oceans, climbing the peaks, walking slowly through starry-lit streets or visiting some old ruins; these are the things that dreams are made of. So, when we are on our gap year, it’s not unreasonable to make the most of it. Even if you know you can’t technically afford it. Hey you’re here now and you may never get this chance again. So you take the plunge anyway.
Well when you finally get back home and you just want to lay on your bed, your creditors might skip over the pleasantries to remind you of what they’re owed. It’s called the financial hangover. You know you shouldn’t but you take out loans and credit cards anyway. When you get back you say to yourself “oops” because you know you have done goof’d. Okay, you’re not the first person to do this and financial institutions and companies are well aware of the craziness gap year folk go through. Here’s how to recover, and no it doesn’t include drinking more; unfortunately.
Start the conversation
Rather than the creditors having to pick up the phone and dial your number, you can cut them off. Contact the companies and banks that gave you loans and credit cards. Inform them that you’re back and life is getting back to normal. Contact them via phone and have a conversation about the money you owe. The person on the other line will actually be waiting for you to come back to them with a plan.
However, they themselves might set up a payment plan for you and you can work it out from there with regards to how much you can pay and how quickly. Do this in writing and or email as well, just so you have a record of what you sent and this way, the confirmation of your being back isn’t accidentally hidden. One thing to remember is that if you contact your creditors first after you’ve landed back home safely, they are much less likely to put pressure on you for the debt.
Back in position
Once your first payment goes in, the creditors will acknowledge your good intentions. What they have is your financial record that is shared with all other banks, institutions, and companies. This is so they can find out your credit history. But you’ve started clearing your debt now so it’s urgent that you ask for a reward in return.
It’s weird to ask for something in return for paying back a debt, but hey, the financial world has its own way of doing things. Credit repair companies work to rectify the reputation of people who have ever had a debt in their life. Since you were on a gap year you’re more likely to receive favorable treatment as you were on some gambling binge or living beyond your means for the fun of it. Take a look at the reviews of each company and see how they can once again, clear your name to be trustworthy.
A gap year is needed quite frankly. Life isn’t all about studies and work. The world is massive and if you spend some time exploring it and you’re ready to pay back those who helped you finance it. Then recovery should be straightforward.
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