can t make payments

What to Do When You Can’t Make Your Loan Payments: Your 5 Minute Guide


Life is literally like a rollercoaster. Sometimes you’re having the time of your life with the ups, and other times you’re down in the gutter with the lows. Experiencing financial hardship can feel like one of the lowest of lows! It can truly feel like the debt in your life is piling higher and higher. Like you’ll never escape it. As much as you might want to put your head in the sand and “forget about”it with a “she’ll be right”, ignoring debt is never a good idea! Like literally NEVER! Debt is like quicksand. The longer you leave it, the more you’re in over your head! BUT paying a debt doesn’t have to be a massive headache! There are debt relief options out there! So let’s jump into our 5-minute guide to navigating the money problems of life – like not being able to make your repayments!

The Truth About Financial Hardship

Money issues really throw a spanner in the works when it comes to paying a debt like personal loans. It’s that sucky situation when your income isn’t enough to meet your basic needs, let alone your debt repayments. It really just creates unwanted and extra stress! Maybe you’re having a rough trot with a job loss, a medical emergency, or even a global pandemic (you never know, could definitely happen again!). But remember, the low of money troubles doesn’t mean you’re out for the count! Facing money problems and struggling with paying a debt doesn’t mean you’re bad with money. It’s a part of life’s journey, and at the end of the day managing money is a skill! A skill that anyone can learn at any time!

The “Stop, Drop, and Roll” – Debt Relief Made Easy

When you can’t make your loan repayments, don’t stress out (easier said than done, right!), and definitely don’t ignore it. Like any challenge in life, we need to break it down into small manageable steps, so our brain doesn’t freak out any more than it already is!


It’s time to “Stop, Drop, and Roll” your way to debt relief:


  1. Stop: The first step is recognising there’s a problem. Acknowledge the situation rather than avoiding it. There’s literally no point burying your head in the sand, because my friend, it’s only going to keep piling up. If you choose to ignore it, it won’t stop those knocking asking where their money is! So step 1, don’t ignore it – acknowledge that you’re in a bit of a pickle. Acknowledging it is always the first step!
  2. Drop: Don’t carry the burden ( and stress!) alone. Reach out to your lender or a financial advisor to discuss your financial situation. They can’t help if they don’t know there’s a problem. If you’re struggling with paying a debt off, reach out and start a conversation! There are so many options for debt relief, it’s literally their job to help you!
  3. Roll: Explore your options and roll out a plan. This could involve negotiating with your lender, restructuring your debt, or seeking professional advice. Consolidating all of those smaller loans that are 1) hard to keep up with and 2) have heaps of interest attached to them, into one simple consolidation loan, can really take the pressure off with paying off debt! If this tickles your fancy, check out our easy Consolidation Loans here!

Paying a Debt: Your Range of Options

When it comes to managing your loan repayments, there’s more than one route to your destination. Here are the key steps you can take when you’re in that lane:


  1. Negotiate with your lender: Most lenders prefer to get some money back rather than none at all. So have a chat about your situation with them and they might be able to change up your loan terms.
  2. Debt consolidation: If you have multiple debts, consolidating (combining) them into one loan with a lower interest rate could be a wise move. It can make repayments more manageable and could potentially save you a heck of alot money in the long run. Check out our debt consolidation options at Quick Loans.
  3. Government Assistance: The NZ Government provides several aids for those financially backed into the corner. Visit their financial hardship assistance page to learn more about different debt relief options.


Government Help and Debt Relief: A Helping Hand When You Need It


The NZ Government is like a trusty roadside assistance for financial potholes. They offer various services like temporary additional support, accommodation supplement, and even food grants for those facing financial difficulties. They can provide that extra push to get you back on the road of financial stability. Some of the different options they have include:


  1. Help with raising your family
  2. Working for families payments
  3. Best start payments
  4. Youth Benefits
  5. Financial benefits for those over the age of 65
  6. Getting help with your budget


Check out more information about debt relief and financial hardship options on the NZ Government website here!

The Road to Financial Freedom – Some Extra Things You Can Do If Your Experiencing Financial Hardship

There are always extra changes that you can make, which might make your experience of financial hardship easier to get out of! Here are some of them:


  1. Create a Budget: List all your income and expenses to get a clear picture of your financial situation. This will help you see areas where you can potentially cut back.
  2. Cut Down on Non-Essential Expenses: After creating your budget, look for areas where you can spend less! I know you think you need Netflix, but by cutting it out you are getting closer to being out of this financial hardship!
  3. Cancel Your Credit and Debit Cards: Cancelling all debit and credit cards you have is a great idea! That way any subscriptions you have being paid from them will stop without you re-entering your new card details. It’s a good time to assess whether you really need it or not. Plus it’s a massive time saver! But make sure you link back any important bills and essentials (P.S Netflix is not essential!! Sorry!)
  4. Increase Your Income: Think about whether you could take on some extra shifts and overtime. Maybe you could start a side hustle that will boost that income to help pay off that debt!
  5. Prioritise Your Debts: If you have multiple debts, prioritise them based on their interest rates. Usually, it’s best to pay off the debts with the highest interest rates first. Even better, join them all into one single repayment through a consolidation loan! When you prioritise paying a debt, it can actually become rewarding as you see that number go down of what is owed!
  6. Ask the Pro’s: Financial counsellors can answer your Q’s when it comes to your debts and dealing with creditors. They might also be able to help you create a personal budget/plan!


Remember, everyone hits a pothole at some point on their journey. It’s how you handle it that matters. Recognising the problem, reaching out for help, and exploring your options for paying a debt are essential steps towards your destination of financial freedom. Don’t let money problems take you on a detour. With the right support and tools, like those provided by Quick Loans and the NZ Government, you’ll be back on the road to financial stability in no time.


No matter what financial roadblock you’re facing, remember that you’re not alone. Reach out, ask for help, and keep moving forward. The road to financial freedom is still ahead!

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