Living Debt-Free

Debt Free Living Ever Think About It?

The majority of Americans do not know what it's like to be debt-free many young adult college students start out by attending college and taking on student loan debt to finance their education. Furthermore, while in college, credit card companies bombard students with credit card offers. Which puts the students into debt further!

When students graduate with a degree they're graduating with a very large amount of student loan, credit card, and even car debt. After graduation and being in the real world, they take on more debt. In the form of a mortgage. Never stop and think about how to become debt-free and rid themselves of the payment lifestyle they have created.

What Would You Do Without Debt Payments? 

Have you ever considered the amount of money you pay your creditors on a monthly basis? With what you spend on a monthly basis on your debt payments have you ever thought about what you would do with the extra money on a monthly basis if you are living a debt-free lifestyle? Would you have more money in your savings account? Have a vacation fund put aside? Therefore, you could finally quick that J-O-B that you hate without having to worry about your finances. Can you just imagine how that would feel to be debt-free?

https://truvest.co/4-reasons-why-being-debt-free-is-not-socially-acceptable/

 

Debt is the Shortcut to Perceived Happiness!

Ever heard the expression keeping up with the Joneses? Which can mean many things to different people.  When you're focused on living a debt-free lifestyle that means you and your family are not going out and buying things on a whim because you just want them.

Many of us mistake debt as our friend. In reality, debt keeps you financially tied to your creditors. Debt keeps you living paycheck to paycheck. Debt is that undue stress you have been dealing with for years! Even though you feel you can just put it in the back of your mind. Why do you want to live to pay someone's vacation home mortgage?

TruVest Blog

Now It Is Time to get To Work on Your Debt Free Journey

Sounds like you're ready to get to work and live a debt-free lifestyle. The first thing you need to do is put a plan together. The first step in the plan will be the all dreaded budget. When was the last time you actually created a budget?

Creating a budget is pretty easy it's just basic high school math. On one side of the column, you have your income the other side you have your outgoing which is your bills and then the last column is the remainder.  With that being said you need to make sure that you list all of your financial obligations.  All your creditors any other types of debts that you have and then all your ancillary spending. What I like to call the nice to have's. Like Starbucks, eating out, movies, and shopping. 

Creating Your Budget is Key to Living Debt Free

Next list your debts from smallest to largest balance. Your smallest balance will be the first debt you pay off. You will pay the monthly payment plus extra money. Which will start your snowball effect plan. The extra monies you are paying towards your debt have to come from somewhere. That means you will have to stop spending your money on nice to have's. And start making sure your four walls are taken care of first and foremost.

Last but surely not least, you will need to increase your monthly income. Whether that is through a second job, selling items, or working out of your home. Whatever avenue you choose you will need to be dedicated to becoming debt-free.

The debt-free journey is not easy! But all great things are worth waiting for. Do not forget this important point. Being debt-free equals freedom! And all the stress and worries you had in the past are just that - In the past! Here is to your debt-free journey! Stay strong!

Comfort is the Enemy of Success!

 


Buy a house

4 Why's You Are Ready to Buy a House

There is no denying that renting gives you more freedom-- you can relocate reasonably conveniently when you want, as well as you do not need to carry a home mortgage for years to live. Nonetheless, if you are like numerous renters, You have wanted to buy a house but did not know where to start.

How do you really know if you are ready to become a homeowner? Here are 11 why's you could be ready to purchase a house. If any of these why's resonate with you it is probably the right time to start looking for a house that you would be happy to live in.

Buying a house is very rewarding financially and emotionally. If you follow these 11 why's on how to purchase a house you sure will be successful in your journey from renting to becoming a homeowner.

Why # 1- Your landlord keeps raising your rent

Across the nation, rents are rising and there seems to be no end in sight. With your rent increasing each year it is hard for you to anticipate your annual housing costs. I bet there is also some resentment towards your landlord. And your income is not increasing at the same rate as your rent is. How many times have you asked why am I paying more in rent?

I too rented in the past, and the dreaded rent increase = Why am I paying someone else's mortgage! Let's also be real with one another. Not all renters are ready to buy a house. There are obstacles that stop renters dead in their tracks. Many times these obstacles are financial but there are also mental hurdles to overcome too.

https://truvest.co/3-reasons-why-it-is-even-harder-to-buy-a-house/

Why # 2- You are sick and tired of wasting your hard-earned money

Your rent payments are paying your landlord's mortgage. Therefore, you are paying down the mortgage balance and improving their equity position. One question you need to ask yourself-- How committed are you to your housing future? If your answer was a resounding "Yes" then you are ready to buy a house! If no, then you need to address your reasons and look for help to resolve them.

Just remember when buying a house you are not guaranteed a home run.  Buying a house does involve risk, but over the life of your mortgage, you should gain substantial financial gains.  Instead of throwing your hard earn money away at paying rent. By the way, do not forget there are tax advantages to owning your own house.

 

Why # 3- You now have a solid credit score

Credit scores are key in buying a house, but that number is just a portion of what lenders look at. The lower your score the higher the interest rate you will pay on your mortgage. Which in turn, will reduce the number of lenders that are willing to approve you for a mortgage. When you are ready met with a trusted lender and discuss what mortgage options are available. Get all the financial terms in writing so you can review all options before making a decision.

If you still need to improve your credit score ensure you get a free copy of your credit score. There are financial coaches that can help you improve your score. They will review your whole financial situation before offering a road map.

TIP: The financial coach will guide and support you in your credit journey, and you will do all the work to raise your credit score.

https://truvest.co/what-can-a-financial-coach-do-for-you/

Why # 4- You have financially prepared to buy a house

You have saved enough money for a substantial down payment. This means the lender will not require Private Mortgage Insurance (PMI). And you have also set aside enough money to cover your closing costs. Now, if you have not done both of these there are options to buy a house still. But be aware it will cost you more in a monthly payment. And over the life of the loan, you will pay more in interest costs. Don't just rush to buy your house with the first loan offer you are given. Weigh out your options and how your mortgage will impact your financial obligations.

To sum it all up

Buying a house is not as easy as they make it on TV. But going from a renter to a homeowner can be a straightforward transition with the right planning. The renters that are unprepared usually making house buying mistakes they regret later on. Please make sure you are not one of them!


Financial Coach

What Can a Financial Coach Do For You?

A simple way to clarify what a financial coach is to a financial advisor is as follows:

Financial advisors often tend to focus on implementing monetary items and techniques, while financial coaches focus much more on the fundamentals of individual money management, behavior change, and also creating an environment of accountability for their client's spending habits.

While financial advisors most commonly help to maintain the wealth that the client currently has, a financial coach's task is to provide their client the expertise, abilities, that will assist them to live a debt-free life and start building wealth.

A big difference between a financial coach and an advisor is that coaches do not sell or try to push financial investments to their clients. We educate our clients on the different options of insurance coverage, budgeting, and ensuring our clients has the proper diversification when it comes to liquid versus illiquid capital.

But we never provide financial guidance nor do we suggest specific investment opportunities. When clients come to me they are usually in some type of financial crisis and do not have any additional monies to invest. They are looking for relief with their debt and investing is the last thing on their minds.

https://truvest.co/a-high-credit-score-does-not-financial-success%e2%80%bc%ef%b8%8f/

Financial coaches have a unique role and can play a complementary role with a financial advisor once the client is in a solid financial position, which means they are debt-free! Both individuals play key roles in their client's financial journey, but each does very unique things and works with their clients in very different financial situations.

Financial coaching allows me to mentor and guides my clients through their financial journey. As a financial coach, I get to dive more into my client's "Why" to understand their relationship with money. And finding out answers to the below questions is life-changing:

* What do I believe about money and why?
* Why do I keep making the same money mistakes?
* How do I change so that I can change my family tree?

Let's discuss what I do as a financial coach. First and foremost I am a coach. I engage with my clients by supporting/guiding them to achieve their financial goals, and that all elusive "Why" they have been searching for. I like to tell my clients I am their Yoda and they are Luke Skywalker. And the road to financial freedom is paved with setbacks and hard work.

I offer encouragement throughout their entire journey, which helps them stay on track, and also holds them accountable to their financial goals. In the end, I am their biggest cheerleader and their success continues to fuel me to find more clients that are in need of finding their financial "why".

Here is How We Can Help You!
Does it feel impossible or confusing to achieve your dream financial future Whether you're trying to destroy debt, pay off your home early, or give more, we can help you create a plan that sets you up to win with money. Will you let us help you? Schedule a Free Consultation

3 Reasons Why it is Even Harder to Buy a House!

Looking to become a homeowner? It has become even harder to purchase a house in the last 90 days. The information that is discussed in this article is outside typical challenges buyers face when buying a house such as credit, down payment, monthly payment hurdles, conventional loan versus FHA loan, and mortgage rates. But the focus of this post is to discuss the external influences of the housing market that we cannot control whatsoever.
Housing Starts (New Homes)- Decreased 6% in January to 1.580 million units. Existing home inventories fell 16.4% or 1.1M homes (1.9 months worth of homes). Record-setting low since 1999.
Soaring Lumber Prices- Prices have tripled in the last 90 days to where the price of 1,000 board feet peaked at $1,004.90. For a 1,000 square foot home, you would need 6,300 board feet to complete. That would be just $60,000 to frame your home.
Compared to just 4 short months ago it would have cost you $30,000 or $491 per 1,000 board feet. 100% increase in 4 short months. And it would add an additional 30% to the sales price of a $100,000 home.
Remember: Homebuilders typically have margins between 20% and 40%. For example: If the builder has a target margin of 30% on each home then the pass-through costs to you the buyer would be 60%. And the math behind that is their margin of 30% plus the increase in lumber costs in relation to the sales price of the home. To make things simple that would total $60,000 additional you would have to pay on a home that used to sell for $100,000
Housing Prices are En Fuego- For a single-family home in the USA, it will cost you $266,222 to purchase a home. That same home in January 2020, would have cost you $244,000, an increase of $22,000 or 10%.
Now, I can hear some of you saying that is only 10%, but let?s look at it this way. What does that additional $22,000 cost you over the life of your loan? Have a guess? You will pay an extra $11,358 over the life of your 30-year loan at a 2.99% interest rate. What could you do with the extra $$$$?
To sum it all up: The housing market is overpriced, supply is WAY DOWN, and demand is through the roof. So, what do you do if you are in the market for a home? Start looking outside the traditional channels that most buyers search in. A few channels that I could suggest are:
Look for homes in up and coming neighborhoods that are run down (The ugliest house on the block)
REO?s- Work with a local Realtor to locate any REO?s (Real Estate Owned) properties that are being sold by lenders.
Foreclosures- Even though this channel is not hot right now it would not hurt to take a look at them to see what prices are going for in the neighborhoods you want to live in.
Note Purchase- This is a channel that is not covered very much, but it is a viable one if you know how to buy notes (A.K.A. Mortgages) from lenders directly.
I hope this post helps shed a bit of light on the housing market and the external influences that we all face becoming homeowners. I know purchasing a house is the largest investment you will make in yourself, but remember one thing: Do not fall in love with buying a home until the math works in your favor, and your monthly mortgage payment fits into your budget. There are other houses out there it will just take some time to find the right one for you. Good luck and happy house hunting!

www.truvest.co

4 Reasons Why Being Debt-Free is Not Socially Acceptable

Did you know living debt-free is considered being weird? Or even not socially acceptable! When I heard that the first time I did not how to respond. And the reason for that was I too had been taught that debt is a tool that would allow me to win in life. Well. I now know today that was a line of BS, and me spending 50% of my hard-earned paycheck on a monthly basis was C-R-A-Z-Y!

When you hear about people being debt-free and not living paycheck to paycheck, you are probably thinking....That they are totally weird. The debt-free lifestyle can be for you...If you want to put the hard work in!

Check out these 4 reasons.

 

1. Budgets Aren't for Everyone

The reason why most people do not use a budget....Drumroll....It is too time-consuming! And that is where debt wins every single time. So, people that want to live a debt-free life will take the time and create a budget each month, and they will make sure they cut out all unnecessary spending. And by doing this they can map out what they need each month to support their 4-walls (Mortgage/Rent, Groceries, health insurance, Automobile expenses).

2. Self-Control

How is your willpower when it comes to walking past a huge TV or shoe sale? Is that impulse buy calling your name? Well....If you are just buying things to keep up with the Joneses. Guess what...They are broke! Cause those impulse purchases are being charged on...credit cards. If you want to be debt-free you know these purchases are not going to erase your problems nor make you feel better. Instead, be weird and save up the money?.. PAY CASH!

 

3. Sacrifice Sacrifice Sacrifice

Going out to dinner three times a week, going to the movies, having the top-tier cable package. These are things people cut out of their budget when they are wanting to become debt-free. Just remember: Budget reductions are temporary, and once you are debt-free you will have more room for extras in life.

 

4. No is Your Best Friend

Are you always saying YES to every social opportunity? Vacations, shopping trips, eating out with co-workers, or just spending money. By you saying NO you will be that much closer to that debt-free life you have been wanting. Make No your best friend!

You Too Can Live Debt-Free!

The only way to live a debt-free life is to BE DEBT FREE! You have to make the decision that you want to be debt-free. And all you have to do is start! There is a better way to live and it starts today with you changing on how to look at money. There is nothing holding you back. Take small intentional steps and before you know it you will be debt-free.

 

Does it feel impossible or confusing to achieve your dream financial future Whether you're trying to destroy debt, pay off your home early, or give more, we can help you create a plan that sets you up to win with money. Will you let us help you?

 

You do not have to do this alone! 

 

Are You Ready for Change? Start Now!


Become a homeowner today!

7 Reasons Why You Need to Fix Your Credit!

Have you been thinking about fixing your credit? Did you know having bad credit can leave you homeless, without a job, and carless? Daily, more businesses use credit to make decisions about you and me, and if we do not start taking our credit seriously, we will be stuck using payday loans, renting, weekly car payments, and living paycheck to paycheck.

 

Here are 7 reasons why you need to fix your credit!

 

  1. Stop paying astronomical interest rates

 

When you have a lower credit score you typically pay higher interest rates and finance charges. When you have a good credit score you will be able to apply for competitive interest rate products, and you will save on the amount of interest you pay on accounts monthly.

 

  1. High-Security Deposits No More

 

Cell phone and utility companies all require a deposit when you have bad credit to establish service. These creditors do this to mitigate their risk of you defaulting. If you make your payments on time then the creditor will give back your deposit. What if you did not have to put a deposit down when you open an account? Could those monies be used towards your housing needs??

 

  1. No More Collection Calls

 

When you improve your credit score it includes paying off collection agency debts. The longer you put off improving your credit score means you will have to deal with the daily calls and letters from debt collectors. You can take action to place a cease and desist on phone calls, but that is just kicking the problem down the road!?

 

  1. Good Credit Score = Happiness

 

You have improved your credit score congratulations! Now you are not afraid to check it, but better yet you have the confidence to have someone else check it! That must make you feel great!

 

  1. Buy a Home

 

Are you wanting to achieve the American Dream? If so, having bad credit makes that dream a nightmare! Banks and mortgage lenders will not approve you for a mortgage until you fix your credit. A lender that does approve you with bad credit will charge you a high-interest rate, which will make owning a home very costly.

 

  1. Buy a car (Newer for sure!)

 

Dealerships, auto lenders all use credit to determine if they will lend to you. Without good credit, you will not be able to purchase a better car, and you will be stuck driving your current car that breaks down monthly.

 

  1. Land Your Dream Job

 

When you apply for jobs did you know that employers do check your credit as part of the hiring process? If you are applying for a government, financial, or executive job these positions will potentially require more information about your financial history.? Having bad credit could cost you this job and any future promotions you have been working hard towards.??????

 

Improving your credit can be an overwhelming process, and you may not know where to start. There are resources available to help you. If you have bad credit and want to buy a home, we are here to help you! Before you can start this journey you need to answer one question: Are you ready to make these changes in your life today?

 

If you are ready please schedule time with us to discuss the next steps with the link below:

 

Your Journey Starts Now!


TruVest Breathes New Life Into Bayard Park Affordable Homes Redevelopment

Imagine Bayard Park as a new neighborhood with affordable renovated and new homes.

Press Conference: December 17, 2020, 9 AM @ 520?Bayard Park?Drive?Evansville, IN 47713

See the redevelopment here >>> Bayard Park

Bayard Park in Evansville is among many communities in Southern Indiana that have been plagued with poor housing projects and unreliable contractors that make it difficult for residents to build and maintain a higher quality of life.

TruVest has been collaborating with the Evansville community over the past 3 years. Making an impact by building sustainable homes and setting a benchmark for removing obstacles that prohibit homeownership.
Our next big project - revitalizing Bayard Park Drive with TruHome, The City of Evansville, through The Department of Metropolitan Development, The Affordable Housing Trust Fund, and the Evansville Promise Zone that will improve the neighborhood along with the quality of life for each family living on the block.

After a decade of negative overall demographic trends, Evansville's population and the household base has grown since 2010 and are projected to remain positive through 2025.
Evansville, a strong community built on culture and history, will see a population and household increase of nearly 1% over the next 5 years.

The Plan - In Phases

In order to deliver the greatest impact possible, they're grouping their development into four phases.

TruVest already broke ground in Evansville, enacting their four-phase plan to rehabilitate homes and breath new life into the Bayard Park Drive neighborhood.

Phase 1:

Currently active, phase one involves the rehabilitation of four existing homes in the Bayard Park neighborhood. It's TruVest mission to keep the existing charm of original homes and spaces while updating for structural security and beautiful design.

Phase 2:

Phase 2 will consist of four new homes built from the ground up on existing land. Homebuyers will have the options of 3 bedroom/2 bath and 2 bedroom/1 bath homes.

Phases 3 and 4 will consist of all new built homes.

TruVest is thrilled to be able to support Evansville's growing community from the ground level, building beautiful homes and spaces to last for many generations to come.

"We were living in a rundown house that we were renting and paying $750 per month. Now I own my own TruHome for less than $500 a month, and my kids have their own rooms for the first time."
- Mackenzie P., Homebuyer

This is just the beginning. Bayard Park will serve as a groundwork for what's possible in similar areas locally and across the country that has been plagued by external factors for decades.

Ryan DeMent
TruVest
+1 812-777-5850
ryan@truvest.co
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Buying a Home can be Overwhelming.. But You Have a Friend in the Business

YES? it is possible to buy a home for your family, even if you do not know where to start! We are here to guide you.

 

Buying a home can be overwhelming and there are so many things you have to do before you can get your keys to your home.?

 

The very first thing you should do is find out what your credit score is. If you do not know what your score is you can get a copy of your report for free from annualcreditreport.com

 

Once you have your report look at the following items:

  • Locate and know your score
  • Are there any errors? For example Payment history, balance, date opened/closed
  • Do you have any collection, charge off or judgment accounts?

?

If there are any errors in your credit report you should dispute them to the credit bureaus. We found a free app that allows you to dispute your errors all in one place. The app is called UpTurn. We are still testing this app, but thus far we are quite pleased with the app. And you cannot go wrong with FREE!

 

If you?d like to talk to us about purchasing your first home, just leave a comment or send us a message!?


Why Credit is Your Secret Weapon in Getting a Mortgage

Do you know how important your credit is in obtaining a mortgage? It is the secret weapon that will put you at the top of the lender?s list to approve your mortgage. But you have to do some work to ensure that your credit is ready to take on a mortgage. Before you start the house-hunting process you need to have your ?Credit House? in order.????

 

There are three critical aspects of obtaining a mortgage; your credit report, the money you have allotted for the down payment as well as closing costs, and your income. Lenders want to paint a picture that encompasses all these aspects to make sure they minimize their risk and ensuring they are setting you up for success.

 

According to the American Bankers Association, less than half of all U.S. consumers know their credit score is or have reviewed their report in the last 30 days. Your credit score is the first thing a lender reviews and it determines if you get to go to the next step of the application process. TIP: Your credit score will determine your interest rate on your mortgage and what type of loan you will be offered.??

 

The next item is your down payment and monies you have saved for closing costs on your mortgage.? The more money you have saved towards both these will make the lenders? decision much easier to approve you. Yes, there are loans, such as FHA loans that only require 3.5% as a down payment. Closing costs typically run between 2% and 4% of the loan amount. For example, on a loan of $100,000, there could be between $2,000 and $4,000 in closing costs. On that $100,000 loan, you would have to have $3,500 saved for your down payment. TIP: There are down payment assistance programs available for first-time homebuyers.

 

The last but not least important item in obtaining a mortgage is your J-O-B. The lender is looking for the following: how long have you worked at your current employer, do you earn enough to pay the mortgage and your bills on a monthly basis, lastly are you able to save money after all your bills are paid. These are basic items lenders look at, but the lender could ask for additional financial documents. TIP: The more you can save the better your application looks to the lender and the better your loan terms could be.?

 

Once you have all these items to your lender they will then produce a pre-approval letter that you can use to find a home. The pre-approval letter will explain all the terms of your loan and the all-important dollar amount you are approved for your home purchase.? At this point, you are ready to go out and start looking for a home. TIP: Your pre-approval has a 90 to 120-day expiration, meaning if you do not purchase a home during that time the lender will have to pull your credit again.??

 

If you are ready to be a homeowner the first thing you need to arm yourself with is your credit score. Get your free annual credit report and know where you stand with your credit. If you need assistance or have questions feel free to reach out to us by email or call us at (812) 777-5850.??

 


homebuyer

How To Purchase a Home When You Have Less-Than-Perfect Credit

How To Purchase a Home When You Have Less-Than-Perfect Credit

While not having such a great FICO Score does make it a little trickier to purchase a home, but there are alternatives out there to help you become a homeowner. Keep reading to discover what you can do to become a homeowner even if your FICO Score is less-than-perfect.

 

Research government-backed funding programs

 

While standard financing programs normally have a minimum FICO Score of 620, government-backed mortgage programs - such as FHA, VA, and also USDA - tend to have looser credit qualifications. In each case, the Federal Government is the entity that backs your loan if you default, which assists lenders with their losses.

 

The minimum FICO Score for each loan type are below:

 

FHA: 500 - 579 FICO Score with a 10% down payment or 580+ FICO Score with a 3.5% down payment.

 

VA: VA loans have no official FICO Score requirements. Instead, each application is evaluated on a case-by-case basis. All though, the mortgage provider you select could have a minimum FICO Score requirement.

 

USDA: Like VA loans, USDA loans have no defined FICO Score requirements. While a FICO Score of 640 is required for a streamlined approval process, homebuyers with lower FICO Scores could be approved based upon extenuating circumstances.

 

Keep in mind that if you're looking at one of these options to purchase your home you should determine if the lender you are wanting to work with has extensive experience. Take your time and research the lender, and do not be afraid to ask questions.

 

Saving More Can Help You Get Approved

 

Keep in mind, your FICO Score is only one of the elements that are taken into consideration when obtaining a mortgage. Your yearly earnings, work history, as well as the amount of money you have saved - or the funds you have for your down payment and closing expenses - will certainly also play a role. If you have a lower FICO Score one of the best ways to get a mortgage is by showing your lender your savings. Tip: The larger percentage of your down payment to your purchase price equals LESS risk to your lender.

 

Take a Look at Portfolio Lending (Owner Financing)

 

If you don't qualify for traditional lending, your lender could offer you another option that is called Portfolio Lending. With portfolio lending(Owner Financing), your lender does not sell your loan to a third-party company like Fannie Mae or Freddie Mac, the lender will maintain your loan as part of their in-house portfolio.

Because your lender is not selling your loan to a third party, they can establish their own underwriting criteria. Additionally, be cautious about the terms the lender offers you. Lenders that provide portfolio lending typically offer higher interest rates, and could also charge more origination fees (Which have to be disclosed).?

 

Work with a Non-Profit that Provides Credit Services

 

If all else fails, you can always find a local non-profit to work with to improve your FICO Score. Do not be afraid to ask for assistance! With all the different pieces of information that go into your FICO score, it is hard to know what piece(s) will improve your score. Design a plan with your counselor that works for you, and provides clear milestones.

 

BONUS TIPS:

 

  1. Know your credit! Get a free copy of your credit report
  2. If you need help understanding your Credit Report?.Get Help
  3. If your FICO Score is at or above 620...Great
  4. Find a Lender that you want to work with. There are some great 1st-time home buyer programs out there. Here is a list of them by State
  5. Understand how much you can afford and what costs are part of your mortgage payment?
  6. Save for a Down Payment. As little as 3.5% of the purchase price (Grant options are available)
  7. Know what Closing Costs will be on your loan and have those monies set aside
  8. Start researching homes in your budget?
  9. Attend open houses and THINK?..Long Term
  10. Prepare to close on your new home and move

 

?BONUS BONUS TIPS:?

?FICO Scores below 620...Here is what you can do to supercharge your Score!

 

  1. Pay off any collection accounts. If you cannot pay off all at once start with the smallest balances. The others work with the creditor on a payment plan that works for your budget.?
  2. Judgments/Liens- Contact the Creditor to work out payment terms. The longer they are unpaid the more accrued interest you will have to pay.?