This advice is not intended to replace an attorney.
You should not take any legal decisions without first consulting a qualified attorney.
A WAY OUT
If you owe your creditors money and find yourself in a desperate situation where you cannot pay all your debts at once, there are a few options open to you:
MAKE AN OFFER
If at all possible, take the initiative by contacting your creditors or their attorneys to make an offer to settle the debt in reasonable affordable monthly installments.
Creditors are always willing to listen to any reasonable approach and would appreciate the fact that you have spoken to them before it became necessary to institute action.
However, if you do make an arrangement which is acceptable to the creditor, always ensure that you stick to that arrangement. If , for any reason, you are unable to pay, always contact the creditor in advance of the agreed date for payment and , if necessary, arrange that the payment date be deferred by a few days
If action has already been instituted against you and you are obliged to make an offer to the attorneys representing your creditor, please bear in mind that you will be obliged to pay the costs of collection. These include attorney and client costs, interest and collection commission. It is accordingly far better to settle directly with your creditor before the matter is handed over for collection, as, in this way, you will save yourself substantial legal costs.
If you require greater assistance regarding your financial difficulties, please do not hesitate to contact us.