Loans and debt: borrow wiselyStep 1 of 6
When you can’t pay: a plan to get out of debt
Talking to the lender before you fall behind, restructuring, the “avalanche” and “snowball” methods, debt collectors and your rights.
Don’t run from the problem
The company Leyla worked for has closed. She has a loan with a 189 AZN monthly payment and no new job yet. Her first impulse: don’t answer when the bank calls and hope it “sorts itself out somehow”.
True or false?
«If you can’t pay, it’s better not to answer the lender’s calls.»
What to tell the lender
Explain honestly: what happened, how long the hard patch might last and how much you can realistically pay each month. After the conversation, ask for the agreement in writing.