The most common reasons for failure of loan repayment and accumulation of bad credit scores are loss of job, accidents or illness. These situations are inevitable and you can't predict them nor can you stop them from occurring. In case you had taken a Payment Protection Insurance it would have covered your monthly loan payments in situations like an accident, unemployment, illness or death. These are the reasons that stop a person from earning a salary and hence he is unable to pay back any loan.
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If you don't have any such payment protection insurance in place you can deal with your bad credit in the following ways:
Do you have multiple debts and bad credits accumulated? Firstly, consider those unpaid small bills. Your small bills may be in the form of credit card bills, utility bills, telephone bills, electric bills etc. Utility bills allow you to skip the payment in a financial crisis. Consider paying back after few weeks by asking their permission or else negotiate with your lenders on a smaller payment. If it involves a larger payment in case of a long term mortgage payment, you must reach out your lender. Enroll for lender's modification programme which will help you deal with such situations. In future consider savings and limit your monthly expenditure.
Develop a debt management plan, to club all your debts into one. This way you get a lowered monthly payment by consolidating all your multiple bills. If you have smaller credit card bills to pay, try and pay that in order to close the account. Do not hold too many cards, club them into one.
You can also resort to negotiating with the debt collection agencies. Your unpaid debts such as medical bills, library charges, video store charges and credit card bills are usually sold off to these agencies. In case you have debts in collection, you must make a move towards requesting your collectors to contact you by mail and not by phone. They will have to adhere to this request by law. By making your payments in smaller amounts you will soon get rid of your pending debts and gradually improve your bad credits.
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