The pandemic has hit the homes of many Peruvian families; who, with the decrease in their income, have had to prioritize their basic expenses over the payment of their debts; consequently, in the worst moments of the crisis, many ended up with past due debts that affected their credit history.
What to do to deal with past due debts?
If this is your case, it is important that you can deal with your past due debts, before their value increases further. For this reason, here are some tips:
Start by building a budget
Having your income and expenses organized will allow you to have better control of your finances and identify how much money per month you can allocate to pay your responsibilities. You can also identify unnecessary expenses that prevent you from growing.
Don’t increase your debts
Until you can regularize your situation with overdue debt, avoid accumulating debts with other financial entities, therefore, stop using your credit card until you pay off your overdue debt.
Start saving at home
Reduce some consumption at home and at work, in order to save more money to pay your debt. You can get more benefits if you can save the full amount of your debt and pay it off.
Talk to the financial institution to whom you owe money
That way you will be able to know what options you have to regularize your situation, pay off your debt and recover your credit score.
Choose one of Al Día’s past due debt programs
Finally, we also advise you to opt for one of the AlDía programs to pay your past due debts.
- If you have the total money you owe to the financial institution, we recommend the Pool program, thanks to which we can negotiate your overdue debt together with that of other clients. By bargaining collectively we obtain more benefits for you, for example, discounts, we also help you with the management of your non-debit letter.
- On the other hand, if you still need time to collect the total amount of your debt, we have the My Board program, with this program we bring together people in the same situation as you; then they can save monthly to a protected account generating an individual fund that allows them to pay their debt in a few months. Thanks to this fund we can negotiate better benefits with financial institutions.