How to pay my debts if I don’t have money
Rodrigo, a high school teacher in Mexico City, applied for a loan six months ago. However, he asked – and spent – an amount greater than what he needed. To try to solve that situation, he turned to another loan and now he had two debts but few resources to settle it. That was when he asked himself: how can I pay my debts if I don’t have money ?
He began by analyzing his personal finances. He reviewed his monthly expenses , payments to credit cards , a current personal loan and the debt he had with a relative.
Given this, he asked for advice to those he knew, until a co-worker explained that there was a way to get out of debt (and problems ) in the short term without major consequences or complicated requirements: it is about debt consolidation .
This tool – recognized by the National Commission for the Protection and Defense of Financial Service Users (Condusef) – allows a person to get out of debt by concentrating all of them in a single institution that offers interest rates and more favorable conditions. .
For government and unionized workers, it is easier to access the help they need to settle their debts, since their salary deposited via payroll is the guarantee. So his coworker told him about the settlement to third parties offered by Alceste.
This is a way to pay debts “without having money ” or with limited resources, which offers preferential conditions for the health, educational, retired or pensioner sector worker.
To formalize the process, you had to present the following requirements:
- Liquidation request to third parties
- Official identification
- Last 2 payroll vouchers
- Copy of account statement
- Liquidation letter of the financial to which it will be paid. This document will indicate the total amount to pay the debt
They also indicated that in the cases of IMSS employees seeking to consolidate debts , an IMSS letter of instruction is required. For the IMSS Sonora and Sinaloa, letter of accreditation
Some of the conditions Rodrigo found in these types of loans are
- There is no commission for opening this direct lenders
- Discounts are payroll, with a monthly, weekly or biweekly payment plan . You won’t have to worry about paying bills to a bank or running out of money at the end of the month
- You don’t need a guarantee, because your salary is your backup
- You will no longer receive collection calls
- When paying off debts in a single exhibition you will pay less in interest and commissions. This way you can reduce payments .
- This operation will not affect your credit history in the Bureau, on the contrary, it will improve your credit score unlike requesting, for example, a debt repair
Therefore, Rodrigo would make smaller contributions with a single interest rate and in a longer term. Situation that helped him so that his daily budget was not affected.
What are the benefits?
- You can transfer your debts from other financiers
- Your contributions may be less
- You have options to extend the term to settle the amount of your debt
- You will reduce the expenses you have on the different debts such as commissions or interest rates.
When obtaining a loan for third-party liquidation consider the following points:
- Interest rate offered
- Make a budget so you know your ability to pay
As a final tip, identify your unnecessary expenses and avoid them. The objective is that you have greater capacity to pay and finish paying off your debt soon.