Debt Councelling as a way to manage unmanageable debts
Please do not wait until it is too late to get help. The moment legal action is in motion that specific loan cannot be included in the debt councelling process. As soon as you are not able to meet an installment, see a debt councelling practitioner and get at least advice. Debt councelling will enable you to get rid of phone calls from creditors, your debt will be restructured in a way you can afford to pay it back and some of the debts and interest rates may be reduced or even written off in extreme cases. This is done by negotiation followed by a court order. It will no longer influence your credit record negatively. Your profile will be flagged, so you cannot incur more debt, but not blacklisted.
Presentation on all options and impact: