Your Interactive Debt Recovery System

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Phase 1: Emergency Assessment (Steps 1-10)

1

List ALL your debts

Credit cards, personal loans, salary loans, utang sa kapitbahay - everything. No hiding from reality.

2

Calculate total monthly income

Include salary, business income, remittances, side hustles - every peso coming in.

3

List ALL monthly expenses

Rent, food, utilities, transportation, minimum debt payments - be brutally honest.

4

Identify which debts are past due

These need immediate attention to avoid legal issues and further credit damage.

5

Stop using ALL credit cards immediately

Cut them up if you have to. No more adding to the problem.

6

Create emergency fund of ₱5,000

Sell something, work extra hours, borrow from family - get this safety net ASAP.

7

Check your credit report

Contact CIC (Credit Information Corporation) to see your current credit status.

8

Calculate debt-to-income ratio

If over 40%, you're in the danger zone and need immediate action.

9

Gather all debt statements

Get the latest statements showing exact balances, minimum payments, and interest rates.

10

Prioritize debts by urgency

Secured debts first (house/car), then highest interest rates, then past due accounts.

Phase 2: Damage Control (Steps 11-20)

11

Contact creditors before they contact you

Proactive communication shows good faith and opens negotiation opportunities.

12

Request payment holidays or restructuring

Most banks have hardship programs - you just need to ask properly.

13

Get ALL agreements in writing

Verbal promises from banks mean nothing. Demand written confirmation.

14

Set up automatic payments for negotiated amounts

Never miss a payment on your new arrangement - it voids the agreement.

15

Document ALL communications

Names, dates, reference numbers, promises made - keep detailed records.

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Steps 16-38 Continue...

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