By PETER KAMURI
What do you do when you get entangled into runaway debt?
Do you run away from your creditors? Do you switch off your mobile phone and try as much as you can to remain invisible?
Different people cope with debilitating debts differently. What many forget is that having debts is a way of life. We want money to pay for our utility bills, house rent, or even meet expenses for our children’s education.
As we continue to live in these lean times, it is possible to have multiple creditors.
Managing these debts at times is not easy. But with careful planning, you can come up with a better ways of dealing with your creditors.
The moment you fall into debt, what some people forget is that they should constantly appraise their creditors on what they are doing to ensue they pay up.
“Keeping of from your creditors cannot resolve your problems. You even create room for them to start speculating that you want to abscond repaying,” says Powell Olwanda, a debt collector working with a private city firm.
Olwanda says failing to keep in touch with your creditors, creates an impression of not wanting to repay debts or simply you do not care.
Keeping in touch with them creates confidence in them and remind them you are concerned and you will repay when situation improves.
“Never decline to take calls form your creditor. When they write to you, file the letters and where necessary reply to them and explain your situation.
Failure to do this is considered discourteous and your debtors can turn to sterner actions,” he adds.
Olwanda further advises, “As you plan to deal with your creditor, start by preparing a schedule of all the people or the institutions you owe money.