Do not make empty promises
Make best effort payment
If you have a debt problem, answer the banks calls as best as you can and respond to the banks mails as best as you can.
It is important to remain contactable and to let the banks know of your intention to make repayment. However, do not make empty promises to the banks if you know you are unable to make the payment amount as specified by them.
Make best effort payment at least once a month to each and every bank account that you owe money to. Best effort payment refers to a sum of money that is within your capacity to pay, though it is probably less than what the banks expect you to pay.
However, you must understand that as long as you do not pay the amount required by the banks, the collection officer will call you and the bank will send you chaser, letter of demand and even begin legal action against you. These are all part of the collection process.
Meanwhile, discuss with the collection officer or write in to the banks to appeal for a debt relief plan that is within your capacity to service.
If you have multiple creditors and/or are overwhelmed by the collection actions taken against you, you may wish to seek credit counseling to better understand your financial position, the options available to you, and the feasibility of working out a Debt Management Programme (DMP) -- a monthly installment debt repayment plan put up by CCS on your behalf to your creditors for review and approval.
To learn more about debt management, please click Info Talk