Good day. I just found out that my brother has loans for over $ 50,000. He was indebted to around 40 different companies. At the beginning he would take payday loans and pay them back with subsequent payday loans, and then pay back again as subsequent payday loans.
Unfortunately, he also has debts in the bank, a loan of around $ 30,000, which unfortunately limits the chances of taking a consolidation loan. The brother is late with repayments by about 60 days in every loan company.
In some of them we managed to get along that he would pay them back in installments. Unfortunately, we can no longer ask the other branches for this, because now its monthly installment is about $ 2,000.
He has an extra job at fast food, but it’s not enough. Unfortunately, we can’t take a loan to help pay it back, because we have a home loan ourselves.
My brother thinks about going abroad to earn more and be able to pay his debts faster. However, each month, when he avoids fees, interest increases, there are prompts.
Together with parents, we do not know which loans to pay back first and which to leave for later. Is there a chance to avoid more serious consequences, such as going to jail for debts or seizing our home? can you recommend any debt consolidation companies? Thank you in advance for your answer.
Debt in payday loans
Certainly, going abroad is a very good idea, it will have a chance to catch up a little financially. Working in Poland for a low salary, it is very difficult to get out of debt.
Which loans pay off first?
Then you will know which loan must be repaid first, then you will slow down the ever more tightening debt loop. And here every zloty saved counts …
I think that going abroad will be your only salvation for your brother, it is extremely difficult to embrace 40 creditors and a debt of 60,000 USD. I can’t understand why my brother was in so much debt? and I’m even more surprised that the loan companies have allowed him to do so …
It is usually the case that a boy over 18 years old responds like an adult, so your parents, whom I suspect is the house you wrote about, are not responsible for their son’s debts. Therefore, I do not know the basics for anyone to claim property seizure.