This article seeks to help you with paying your debts — and any other person who has issues with paying debts. Sadly, manna from heaven ended with the Israelites in their sojourn to the promised land. Hence, you need to be intentional if you ever want to be debt-free.
Everyone has daydreams that take them to realms that are exciting. Realms that empower them with brilliant ideas they believe can change the world in an instant; such that they are willing to spend — even if it means taking a loan — any amount to spin such ideas into reality. Some are not committed enough to act upon these ideas while some do. Sadly, a good number of the latter group end up with excruciating debts that make them regret ever taking the step to act upon their dreams.
Interestingly, some argue that all dream chasers must face challenges which include debts. Inasmuch as the proponents of these arguments have strong points to defend their stance, we don’t fully agree as some of these debts return the dreamer back to the starting point. Sometimes debts are necessary but it is key that they inspire progress.
Common Mistakes of Debtors
1. Hole up somewhere and avoid everyone.
They avoid those they owe and do not owe. This is a wrong approach as peace cannot be found by avoiding life.
We cannot find peace by avoiding life- Virginia Woolf.
This is a pure truth you must understand as someone trying to pay their debt. You have to be accessible and open to those you owe, and avoid the temptation to hole up.
2. Take up further loans with promises of interest to pay up existing debts.
This only postpones the trouble, multiplying it as it does. Also, try to avoid money that is not yours in this period as you might be tempted to use it to settle your debts.
3. Not being open.
When you are open and accessible, negotiating with your creditors is way easier. To negotiate you would need to have or be working on an assured source of income. The source might not outrightly help in paying your debts but it must be able to help you build up towards paying back your debt.
4. Jumping on any new project that appeals to them.
They become quick to commit to them financially ignoring the fact that they are in debt. To tackle this, one needs an accountability partner that he or she respects to help check such commitments.
Further, on negotiating payback plans, after getting a sustainable income source; why not start up a periodic savings plan?
Working your Way Out
With a periodic savings plan, you are committed to settling the loans on your own terms. You can inform your creditors of your progress — say monthly — such that they would be able to actually see your committed efforts to pay them back. Creditors appreciate openness and commitment.
Hey dreamer, how about you start walking out of that debt today? Start here.
Stay winning with Cowrywise!
Financial Calculator
Does Cowrywise have 2FA on its app?
Yes Deji. https://cowrywise.com/blog/two-factor-authentication/
This is an amazing article, Cowrysiwe. Kudos to everyone who worked on it.
Really nice article, keep it up Cowrywise and thanks for the awareness.
Thanks for these eyes openers.
Guys you are the best always
But,you should have resolved Funmi’s complain before she made it public.so,was the court order gotten?If it took forever for a funmi to get her funds back, what happens to people without clout?
Let me explain. While Obama was at a rally, someone from the crowd shouted at him about how immigrants were been deported. The issue was that these were illegal immigrants who were working honestly but contributing to America’s workforce, and hence it’s development… But it was tough, they are still illegal immigrants, right? So Obama replied: We [America] are a country of immigrants, yet we are a country of law. How do these two things cohabitate? The answer is: reasonable compromise.
It might be hard to explain to you that it wasn’t the clout that made her get her money, it was months of hard work in tracing the suspected thieves and following the law. The funds were transferred in a normal way any funds will, and the best thing was to work with Funmi to get the money back… By following the law. Unfortunately it took more time than Funmi’s patience, but eventually.
As a Software Engineer myself, one requirement is to always think and be ahead of the intruders… But you’d be surprised that as much as we try to make things for consumers that make their lives easier, there are people somewhere who’s purpose is to destroy that work. It’s tough but possible. We can stop them, or at worse, recover our stolen funds or losses… Even Twitter and other famous website gets gamed or hacked. Is this a justification for Funmi’s case, no. It’s just a point to help you understand, these things are tough. And we all have a role to play.
But we’d hold your hands all through. Trust us.
Impactful and mind opening
Funmi made our cowrywise even stronger?
Thanks for the eye opener. Does cowrywise have 2FA.
Yes we do now, Ifeoma https://cowrywise.com/blog/two-factor-authentication/
Nice one
My account was flagged because of a transaction I made and my 2000 is hanging. How do I get it back????
Thanks for your patience. A flag is initiated when we suspect a transaction, and it is designed to keep you safe. Have you filled out the verification form we sent, please?
My account was flagged I don’t know why and my 90000 is hanging. How do I get it back????
My account is flagged ?and I send a send to be open back I fill the forms and everything? It a week now till eating ,I need the money for business pls u guys should help me ,I can’t even send massage for help ,it only show before massage and she is not reply am getting scared already
This is enlightening. Cowrywise, thanks to your team.
Thanks cowry wise. For a more detailed information on this issue. Thank you.
Insightful and Enlightening. Thanks
Why do I need to my bvn to cowrywise, I don’t feel that is necessary since have already linked my atm card
Why do I need to add my bvn to cowrywise, I don’t feel that is necessary since have already linked my atm card
With your BVN added, we can ensure that withdrawals only go to your bank account.
how do i unflagged my account?
This is a very insightful article. Thanks.
Thank you.
Please I have been asking and begging to unflage my account and no attempt from you please I will still be pleading again unflage my account so I can top up my savings I have sent emails upon emails chart on charts but no attempt to unflage my account was made please unflage my account
un flagg my account why is that flagging thing just common. now i cannot withdraw my saving when i have plannned to use to t
o buy a system
Good insight from Cowrywise team
More win ?
Is it working
Hi ope, I want to withdraw my savings but I am finding it difficult because they keep asking me to put another maturity date which I don’t want to extend that very savings. This is my first time of withdrawal on cowrywise.
This is super enlightening. Thank you Cowrywise ?
I learned a lot from this kudos to the writer