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I Tips & Tools

I Tips & Tools

If you want to get out of debt, you need to budget.
If you want to save money for something [retirement, down payment on a house, vacation, etc.], you need to budget.
If you want to stop money fights with your partner, you need to budget.

How do you make budgeting easy and fun? Here are some tips from people that were in a debt situation:

  • Pinpoint your goal. To start, identify a financial goal you want to achieve this month or even more short term.
  • Create a schedule for when you are going to do “budgeting stuff”. It should be the same day and time each week or month. If you are budgeting with your partner, make sure to put it on their calendar too.
  • Keep it simple.Use exisitng budget applications with pre-set budget categories, ready for use. 
  • Make it predictable. The fewer changes you have to make each month, the easier your budget is going to be. Try to minimize the changes you make to your budget categories each month.
  • Reward yourself: Determine the conditions for deserving your reward. For example, you are going to get a reward each month that you stay within your budget.
  • Join forces with your people around you- family, friends: Talk to your partner about your end goal. Why are you budgeting? 

The secret ingredient to successful budgeting is pretty simple but so difficult: be consistent

To help you, we have created a budget tool based on the existing apps and our client experience that you can learn how to use and download it for free.

Follow the link in order to access Temida budget

Read the instructions how to download Temida budget on your smartphone desktop.

We have prepared for you some basic principles of personal budgeting:

1. Estimate all the revenue and expenditure you expect for the month (and if you have a perfectly accurate idea, you're good for advanced level!) Enter the total amounts of expected revenue and expenses in the fields provided on the expected budget page.

This will help you achieve the level of actual revenue and expenses planned for the months. The associated chart will show the difference between the planned and the actual amount on monthly basis.

2. Start entering all the expenses for the month on a regular basis, dividing them into fixed and daily expenses.To make this division easier, you can read here after explanations with examples.

Monthly expenses: expenses for household bills and all other expenses occurring on regular basis, which makes them constant and predictable over time. Such costs are, for example, but not limited to:

  • electricity, gas or water bills

  • rental of housing

  • installments on loans, insurance costs

Daily expenses: Expenses arising from the current needs of each household. They depend not only on the needs but also on the financial capabilities of the household, and can vary each month, depending on the state of the budget. That's why we call them variables. Such costs are, for example (but not limited to):

  • food bills

  • fuel or transport bills

  • leisure or entertainment expenses

  • expenses for cigarettes, alcohol, entertainment

3. Enter your income by dividing it into the following categories: net salary, pension, investment income (or rent), social benefits, etc. Register all the amounts you receive during the month, even one-time income, as bonuses etc.

Do not switch devices when using the app, thus you will always access all your data.

Monthly rest for living (MRL): The difference between the income received and the expenses incurred for a given period. This is the fastest indicator, and your financial barometer that shows the financial well-being of the household and its ability to absorb additional debt.

If the MRL is negative or constantly decreasing over time, this may be an indication of a state of over-indebtedness !!!

The best way is to take 5 minutes each day in the morning or evening to input your data for the day. 
This requires strong self discipline and motivation but best is to do it with FUN. Try it for one month…we are pretty sure your wallet will thank you!

We can help you to take your first steps. If you want to learn how to increase your IGO, visit the sections 20 ways to save money and How to spend less on energy?


1. Say goodbye to debt. Monthly debt payments are the biggest money suck when it comes to saving. Debt robs you of your income! So, it’s about time you get rid of that debt. The fastest way to pay off debt is with the debt snowball method. This is where you pay off your debts in order from smallest to largest. Sounds kind of intense, right? Don’t worry, it’s more about behavior change than numbers. Once your income is freed up, you can finally use it to make progress toward your savings goals.

2. Cut down on your grocery budget. Most people—after they do a budget—are shocked to find out how much they’re actually spending at the grocery store each month. And if you’re the average Bulgarian family of four (with two kids 5 and under), you’re probably spending around BGN 1285 Yikes! It’s so easy to walk through those aisles, grabbing a bag of Chocolate here and a few bags of chips there, and then top it off with the fun goodies at the register. But those little purchases (aka budget busters) add up quite a bit and end up blowing the budget every single month. Start budgeting with Every Leva today! Save money on groceries by planning out your meals each week and taking a good look at what you already have in your pantry before you head to the store. Because why would you want to buy more of what you already have? And if you really want to stick to your list—leave the kids at home. Want to save money and time? Try online grocery pickup or delivery. Most major grocery stores offer it these days (sometimes even for free), and it can save a ton of money. Picking up your groceries gets rid of the temptation you would’ve had when you caught a whiff of those freshly baked chocolate chip cookies floating through the aisles. In other words, you’re forced to stick to your list and avoid those impulse splurges.

3. Cancel automatic subscriptions and memberships. Chances are, you’re paying for multiple subscriptions like Netflix, Hulu, Spotify, gym memberships, trendy subscription boxes and Amazon Prime. It’s time to cancel any subscriptions you don’t use on the regular. And make sure that you turn off auto-renew when you make a purchase. If you cancel it and decide you can’t go without it, subscribe again—but only if it fits into your new and improved budget. And for those subscriptions you do want to keep around, think about sharing memberships with some family or friends.  That way, everyone wins—and saves!

4. Buy generic. Hands down, one of the easiest ways to save money is to give name brands the boot. In most cases, the only thing that’s better about brand-name products is the marketing. I mean, look at that box! The logo is so fancy! And that’s about where it ends. Generic brands of medicine, staple food items (like rice and beans), cleaning supplies and paper products cost far less than their marked-up brand-name friends—and they work just as well too.

5. Cut ties with cable. It’s no secret that cable prices are rising like crazy. Cable isn’t the only way to watch your favorite shows these days. Cut the cord and find out how to save big with alternatives to cable like network apps and streaming services. But remember—don’t go subscription service happy here. Only sign up for the streaming services you’ll actually use. If you sign up for everything out there, you could end up actually spending more than cable!

6. Save money automatically. Did you know that you can save money without thinking about it? Yup—you can set up your bank account to automatically transfer funds from your checking account into a savings account every month. If that sounds scary to you, you can also set up your direct deposit to automatically transfer 10% of each paycheck into your savings account. Boom!

7. Spend extra or unexpected income wisely. When you get a nice work bonus (way to go!), inheritance or tax refund (or random stimulus!), put it to good use. And when we say “good use,” we aren’t talking about adding that fancy new stamp to your stamp collection or even just putting it in the bank to camp out. If you’ve still got debt in your life, you’ll be better off using those funds to pay off your student loans or the balance on your credit card instead of stashing that money away. If you’re debt-free, use those extra leva to build up your emergency fund—you know, for emergencies. Bonus tip: If you get large tax refunds every year, it’s time to adjust the withholding on your paycheck so you can bring home even more money each month. Plus, you don’t want to give the government any more of your money than you have to, right?

8. Reduce energy costs. Did you know that you can save money on your electric bill just by making a few tweaks to your home? Start with some simple things like taking shorter showers (nope, we didn’t say fewer), fixing leaky pipes, washing your clothes in cold tap water, and installing dimmer switches and LED lightbulbs. While new, energy-efficient appliances are a great way to save money on your electric bill, they’re expensive! But if you work it into your monthly budget, you can save up and pay cash for those improvements over time. See bellow for more

9. Unsubscribe from emails. Email marketers are really good at what they do. They know the irresistible temptation of a 24-hour sale or exclusive coupon. And talk about those flashy GIFs! If you just can’t resist shopping when you see a special offer, click the unsubscribe link at the bottom of the email. Do it! You’ll be less tempted to spend, and your inbox will be a lot less cluttered. It’s a win-win!

10. Pack lunch (and eat at home). Get this—the average household spends about 3526 BGN on food outside of the home each year.3 That’s 294 BGN per month! Buying lunch a few times a week may seem harmless in the moment (especially when your favorite restaurant is walking distance from your office), but you can save quite a bit of money just by packing a lunch. Not only that but a lot of times you can buy a solid week’s worth of groceries for the same price as two dinner meals out. Instead, prepare your food at home and watch your savings pile up month after month.

11. Ask about discounts (and pay in cash). You never know until you ask—and you should always ask. Next time you’re getting tickets at a movie theater, museum or sporting event, check to see if they have any special discounts for seniors, students, teachers, military. If not, never underestimate the negotiating power of cash!

12. Lower your cell phone bill. If your monthly cell phone bill competes with your monthly grocery budget, it’s time to find ways to cut back. Save money on your cell service by getting rid of extras like costly data plans, phone insurance and useless warranties. And don’t be afraid to haggle with or completely switch your provider! It might require a little persistence and research, but the savings are worth it.

13. Try a spending freeze. Don’t buy any nonessential items for a week—or even a month! Think about it as a contentment challenge. While you’re at it, take inventory of what you’re grateful for each day. This should help kick your “want-itis” in the pants! Make your spending freeze work by prepping meals with the food you already have, avoiding stores where you tend to impulse buy, and saying no to anything that isn’t a basic necessity.

14. DIY . . . everything! Before you shell out the cash to pay for a new backsplash, fancy light fixture or bench, think about doing it yourself! Usually, the cost of materials and a simple Google or YouTube search will save you a ton of money on your latest home project. Plus, you won’t have to pay someone to do something you can most likely do yourself. But if you’re the type that can’t seem to hit the nail on the head, you might want to ask a friend or neighbor for help so you don’t have to spend money on new drywall. Oh, and when you need to do some DIY work (or any kind of work), borrow what you need from a friend or neighbor instead of going out and buying it.

15. Skip the coffee shop. Ouch. This one is painful—we get it! But instead of spending 5 BGN on that daily latte, you can save money by just making your coffee at home. Listen, we’re not saying you should only drink instant coffee (unless you’re into that sort of thing). But even purchasing a bag of local beans from your neighborhood coffee shop and brewing it at home will save you a lot of money in the long run.

16. The library is your friend. Before you click “add to cart” on that brand-new book, check your local library to see if you can borrow it! Most libraries also have audiobooks and digital copies of your favorite books for rent. It’s an easy way to get your reading in without breaking the bank.

17. Try a staycation. When your goal is to save money now, a vacation is the worst thing you could spend your money on. Instead of whisking your family off to the Greek Isles, try being a tourist in your own city. Not only will this save you hundreds (or potentially thousands) of BGN, but you can also explore your neighborhood with fresh eyes and have some fun while doing it.

18. Use cash back apps and coupons. Nothing beats a good, old-fashioned 20% off coupon when you’re buying something. But did you know there are plenty of cash back apps out there to help your savings go even further?

19. Refinance your mortgage. With rates so low these days, run the numbers to see if refinancing could help save you money and cut years of interest off your mortgage.

20. Sell everything (that doesn’t bring you joy). Marie Kondo has the right idea. Declutter the things in your home that you don’t need and are willing to let go of for the sake of your financial future. That vintage chair your aunt gave you? Sell it. That crystal vase you found at an antique shop? Sell it. You’d be surprised at how much clutter you have in your home (that you don’t even use or think about). And the cash you can make on those things can be the difference between living paycheck to paycheck or not

We’re always looking for tweaks to make in our budget to save extra money. You know—the kind that are actually easy to do and actually work. One of the easiest ways to save money is right there in your house. Yep, we’re talking about electricity. Sure, we need it to power our homes, but boy, do we hate having to pay for it. Here’s the good news: There are a ton of ways to save on your electric bill—it isn’t just a myth! It’s time for your savings go through the roof each month—not your electric bill. Check out these simple tips on how to lower your electric bill and still beat the heat this summer.

11 Ways to Save on Your Electric Bill

1. Turn off the lights. Sounds simple, right? For a lot of families, forgetting to turn off the lights is already a hot topic of conversation (to put it lightly). But there’s good reason: Keeping the lights on when they’re not in use is a real drain on your electricity—and your budget. For every 40-watt lightbulb that runs for an hour, 0.04 kWh of energy is used up. So let’s say your electric company charges 10 cents per kWh of electricity. That means every hour the light is turned off, you’ll save BGN 0.004.1 That might not sound like a crazy savings, but if you switch off just five lights in your house for 10 hours a day, you’ll save BGN 6 a month on your electric bill right there. The more lights you switch off (and the higher wattage they are), the more you’ll save on the electric bill! So get in the habit of turning on the light only for the room you’re using right then. And if it’s sunny out, use that natural light to your advantage. Not only is it easy on the eyes, it’s free!

2. Change your lightbulbs

You rolled your eyes at your spouse when they brought home those new, energy-saving lightbulbs. After all, a lightbulb is a lightbulb, right? Wrong. Your partner in crime knows what they’re talking about. While these bulbs will cost a bit more up front, you can save big bucks (over time) just by switching out the lightbulbs in your home. Talk about saving money the easy way! Next time you’re at your favorite home improvement store, take a hard right turn down that lighting aisle and stock up on compact fluorescent lamps (CFLs) or light-emitting diodes (LEDs). After that, it’ll continue to save you money on your electric bill each month. If you think that’s good news, check out those LEDs too. Most LED lights use only 20–25% of the energy of those old incandescent lights and last 15–25 times longer! Say what?

3. Check for air leaks

Ask yourself these questions when checking for air leaks: Are the windows whistling? Can you hear air coming in from under the front door on windy days? Do the doors actually seal shut when you close them? Is the fireplace damper working? Hopefully, you discovered a few of these easy-to-miss energy wasters when you did your energy audit. Listen, it might sound lame, but keeping your windows, doors and appliances sealed properly makes a big difference . . . especially in the peak heat of summer. If you have doors and windows that aren’t sealed right, you’re letting warm air in and that cool air out. And when you’ve got an air leak in your home, you might as well have a leak in your wallet. Air sealing your home is a cheap and easy money saver! Just pick up some weather strips for your doors and windows. You’ll also need some caulk to seal those leaky areas in your plumbing, air ducts and wiring. Buying weather strips, caulk and a caulk gun will cost you less than BGN 15, but it can save you up to 20% on your energy costs. Talk about a return on investment!

4. Replace the air filter

 We know, it’s kind of a drag to replace these things throughout the year. But guess what? It’s a simple fix that can beef up the life of your HVAC system and make it run more efficiently (that will save you money in the long run). So just bite the bullet and remember to swap out the air filter every three months—you’ll be glad you did.

5. Shut the door

You remember it well as a kid. You were having the best summer ever, racing in and out of the back door, playing with the neighbor kids (and leaving the door wide open). After a few times in and out, your mom would shout, “Were you born in a barn? Close the door!” Ah, sweet childhood memories. Your mom had a point. Keeping the outside doors open while the A/C unit—or furnace—is running is a bad idea. Not only are you letting that precious (and expensive) air escape, but you’re also making your unit run harder for longer. Just picture your Leva sailing out the door . . . right alongside your coveted cool air.

6. Program your thermostat

Did you know dialing down your thermostat by 7–10 degrees for eight hours a day can help you save 10% on your electric bill each year? You can do this the old fashioned way: Just change the thermostat when you wake up and adjust it again before you go to sleep. It sounds like a pain, sure. But hassle or not, there’s no denying the fact that it will save you money on your electric bill. If you want to save your sanity (and if it’s in the budget), you can buy a programmable or smart thermostat. It’ll save you the hassle of remembering to turn the temperature up or down morning and night, and they’re not that expensive either (some start at just 20 BGN). If you’re tech obsessed, investing in a smart thermostat could be the right move. These savvy devices allow you to change the temperature of your home from your smart phone—simple as that! And some devices even have a little something called geofencing (fancy). Geofencing uses your smart phone’s location to track when you’re home and adjusts your temperature automatically. This definitely isn’t your grandma’s thermostat.

7. Don’t run your appliances unless they’re full

Yep. We’re talking about things likes your dishwasher, washing machine and dryer. If your kid comes home with super dirty, smelly and stained pants (you know the ones), you might be tempted to go ahead and wash those (in your hazmat suit) on their own. Believe it or not, though, one of the biggest money wasters is running your washing machine for just a few pieces of clothing. The average washing machine uses 590 kWh, and the average dryer uses 769 kWh.That means each load of laundry you wash and dry costs about 0,7 BGN. It’d be a shame to spend that amount when you’re only washing a few socks and the shirt you want to wear tomorrow. So wait until you have a full load of clothes in your hamper before you declare it laundry day. And when it is time to toss a load in the wash, there are two super simple ways to cut back on the amount of energy you use up: using less water (fewer loads) and using cold or warm water. When it comes to the dryer, the rules are the same. Don’t use the dryer on anything but a full load, make sure not to overdry the clothes, and try to dry similar items at the same time. There’s nothing more obnoxious than spending two hours drying your towels and T-shirts only to find out your towels aren’t even close to dry. Pro tip: Use the automatic cycle instead of any timed settings to make sure those moisture sensors do their job.

8. Check phantom energy

No, we’re not talking about ghosts here. We’re talking about phantom energy—a little something that happens when appliances use up energy even when they’re turned off! Yep, start unplugging those devices and appliances when you’re not using them. You’ll be surprised by how much money you save on your electric bill just by pulling the plug. Phantom energy makes up 23% of a household’s electricity use and costs the average family up to $165 per year on their electric bill—for nothing. Now that’s scary.

9. Adjust your refrigerator

This is another one of the small fixes that makes a big impact. Take a look at your settings on the refrigerator. A good rule of thumb is to keep your fridge set at about 35–38 degrees. Adjusting the settings like this will keep your food fresh but will make sure your unit isn’t zapping extra energy by working overtime to keep everything too cold.

10. Keep your freezer full

Who knew all those frozen veggies and meats you stockpiled during the pandemic would come in handy for saving on your electric bill. It’s true—having a full freezer can actually help insulate your whole appliance. And guess what? If the freezer is already cold (and staying that way), then it doesn’t have to use up precious energy to keep your frozen goods, well, frozen.

11. Lower the hot water heater temperature

Most people don’t ever stop and wonder if their water temperature is too high. You turn on the tap, the warm water comes out, and you go on about your business as usual. But if your water temperature is set too high, you could be wasting BGN 36–61 each year. Setting the water heater to 140 degrees should be okay, but keep in mind sometimes it could give you scalding hot water too. On the other hand, setting it too low to 120 degrees can mess with your dishwasher’s bacteria-killing ways. Play around with the temperature settings and see what works for you.

We support you to keep a clear head in checking credit viability before choosing credit and before signing a contract. We are not a broker and can not advise on specific loans but support you to be more critical and to assess your real financial capacity.

Before choosing a credit 

  • Understand your current situation in terms of revenue and cost (including existing loans) as well as historic using the budget tool
  • Challenge commercial offers mainly seen on TV
  • Clarify the real rate called APR and compare versus other banks but compare apples with apples
  • Do not forget the additional costs due under the loan agreement that are not known to the Bank and which are not included in the total cost of the loan like : 
    •  The relevant notarial fees due on the establishment of a mortgage in favor of the Bank;
    •  The relevant notarial and state fees due for renewal and cancellation of the collateral established in favor of the Bank;
    •  Assessment of the property.
  • Formalize your repayment schedule and clear monthly costs and plan your rest of living with support of the budget tool 

Before signing a contract

  • Check if the following information is clear and legible :
    • The identity and address of the contracting parties (the lending institution and yourself);
    • The type of credit;
    • The total amount of the loan and the conditions for making the funds available;
    • The duration of the credit, the amount, the number and the frequency of repayment dates;
    • The borrowing rate and the conditions applicable to that rate;
    • The annual percentage rate (APR) and the total amount due;
    • repayment terms;
    • The conditions of acceptance or withdrawal of the credit contract;
    • Information relating to the performance of the contract (early repayment, termination of the contract, default, late payment compensation, etc.);
    • Information relating to the processing of disputes 

# 1 - Do not take a loan with too long a repayment period
Indeed, this way you can significantly reduce the amount of monthly installments, but it comes at a price. The longer you repay a loan, the more it will cost you. Refinancing with too long a loan is worth considering only if the current monthly installments are unaffordable for you.

# 2 - Don't forget about the fees on the new loan
In addition to the interest on it, the new loan comes with some additional fees such as a fee for analysis and evaluation, for example. If they are deducted from the amount you will receive in your account, do not forget to include them in the amount of the loan for which you will apply. Otherwise, you may find yourself in an awkward situation because you will not have enough funds to repay all your current debts. In any case, these additional costs must be taken into account when comparing the price of different loans.

# 3 - Exercise your right to early repayment
Every consumer has the right to early repayment, which is guaranteed by the European Consumer Credit Directive.
The institutions whom you want to pay before the deadlines specified in the contract, of course, will not be very happy with this fact. Therefore, they are likely to try to slow down the process or create some difficulties for you. If this happens, be sure to seek your rights! Or you can give them a chance to keep you as a customer by asking for an offer to refinance loans with them.

# 4 - Don't lose money on insurance
Some of your current loans may have insurance included. If it is paid in monthly installments, there is no problem - with the early repayment of the loan there will be no need to pay these installments. But if you have paid all the insurance at once in the beginning (usually it is included in the loan amount), in case of early repayment of the loan you will lose the amount for the insurance paid for the remaining term. Combining this with the fact that you will most likely pay for insurance on the refinanced loan, it may turn out that you have paid 2 insurances for the same period. To avoid this unpleasant development, ask your bank or insurer to refund your money in proportion to the remaining period.

# 5 - Do not refinance an interest-free loan
If you have taken a promotional interest-free loan (with an annual percentage rate of charge of 0%) for the purchase of goods on installment and you have more outstanding installments, it is better to deduct this obligation from the refinancing accounts. Given that you do not have interest on it, there is simply no way to make its payment more profitable.

# 6 - Be careful with the mortgage
Be sure to check if the refinancing offer is not tied to mortgaging your home! If this is the case, there is a real risk of losing your home in the event of any difficulty with your monthly mortgage payments.

# 7 - Carefully consider the time to repay your current loans
It is best to start with refinancing after you have made the monthly installments on all your obligations. In this way you will have enough time to distribute and send the received funds to all institutions to which you are indebted. As already mentioned, they may try to slow down the process. It is important for the bank transfer to explicitly indicate the reference number of the loan you want to repay early. Carefully monitor whether the credit institution uses the funds received to repay the loan and whether it has initiated the early repayment procedure. This is important because if the early repayment procedure has not been completed by the time your next monthly installment matures, you will be charged interest for the next period according to the loan repayment plan. Therefore, it is a good idea to provide a small additional amount, more than necessary for refinancing, which will save you in case of possible discrepancies in deadlines. You may need to sign additional documents, including an annex to the loan agreement. It is a good idea to ask the credit institution for a loan statement to be reassured that everything is fine.

# 8 - Do not reach for a new loan 1 month after refinancing your debts
This would completely nullify all the good you have done for your finances so far. The refinancing is done once and aims to ease your monthly budget. If you use this free resource to take out a new loan in the coming months, there is a risk of worsening your financial situation. Especially if you pay off your credit card debt when refinancing, don't reach for it again. Try to deal with a debit card in the future.

Good debt is defined by three factors:

  • The money is used to purchase something that is a necessary part of your life.
  • Repaying the debt does not blow up your budget. You can afford the monthly payments.
  • You have a plan to repay the money in a reasonable amount of time.


Bad debt is the opposite and may be marked by any of these qualities:

  • Whatever you purchased with credit cards or borrowed money – car, clothing – depreciates in value.
  • You didn’t really need the item. Very typical of credit card purchases.
  • You can’t afford the repayment plan. This impacts a lot of consumers, but especially inexperienced ones who don’t factor in the cost of borrowing money.

If you feel you will have problems repaying your loan, do not bury one's head in the sand, start to renegotiate and we can help you.

STEP 1: Use the overview of the loan situation. Get a copy of the most recent credit report and billing statements to come up with a list of all the creditors and how much the client owes.

STEP 2: Prepare negotiation of loans conditions

Formalize arguments to negotiate the loan terms for the client after understanding the situation in figuring out how much he is able to pay based on budget calculation.

Write to each creditor and let them know the client is willing to pay the debt but with a review of interest rate or extending the time of reimbursement to reduce the amount of monthly payments.

STEP 3: Start negotiation

The credit issuer may offer a hardship plan that will lower payments or interest rate for a period of time. If the customer service rep says no, don't fight or argue; simply ask to speak to a supervisor and make your request again. Be sure to get any agreement in writing, preferably on company letterhead before making payment.

STEP 4: Be prepared for a counteroffer

STEP 5: Get the agreement in writing

STEP 6: Secure the integration of the budget monitoring behavior and agree to have regular check-up with the clients

Often financial institutions are open to finding solutions and renegotiating

The financial institutions have different steps once you get in delay but very often they are open to negotiating and finding a solution.

First Step: Soft recovery phase between 30 and 90 days delay:
30 days: They call you
60 days: Second call/Warning that the credit might be preliminary due
90 days: Letter to you for voluntary payment/announcement that the credit is preliminary due and the payment plan/ payment in installment is not valid

Mediation in this phase - writing letters to the creditor, asking for signing appendix to the loan agreement with the options as follows: to refinance all the obligations of the debtor; to renegotiate the present loan - longer term, lower installments; to ask for a loan without an insurance premium.

Second step: Hard recovery after 90 days delay:
The procedure may start in case the creditor is a bank with an application for immediate execution order:

You have two scenarios in this case:

1.The debtor might write an objection. Then the creditor should initiate a general process and prove that they are entitled to collect its receivables without being treated as a privileged party having right of shorter procedure. In case there is a court decision in favor of the creditor it is possible to apply for writ of execution.
2. The creditor receives an order and in a period of one month  - there is no objection from the debtor.

Mediation in this phase is also feasible, in case there is a possibility that the creditor has default terms in the GTCs or there is a case of refinanced loan with capitalization of the interest.

Often financial institutions are open to finding solutions and renegotiating

What is mandatory debt collection ?

The creditor can take steps to execute the debt. This procedure takes place in two phases: Legal and Execution

Phase 1: Legal procedure

What is it?
The creditor initiates legal proceedings in order to obtain from the court a letter of execution issued against you. It is only on the basis of a letter of execution that the creditor can take measures to assert his request by using the services of a bailiff. Most often, the creditor benefits from an abbreviated judicial procedure (injunction procedure), which takes place without the participation of the debtor and in which, depending on the type of loan and the documents available, a court enforcement order can be issued against the debtor and enforcement order.

What can you do?
In this procedure, you can, within two weeks from the time you have been informed of the measures taken against you, file an objection in a form with the competent court that ordered the payment of which you do not owe the amount . You do not need to prove in this objection that you do not owe payment. It is important to know that, except in cases where the creditor initiates an injunction procedure for the recovery of the debt on the basis of a promissory note or a similar document, the objection filed does not suspend the execution of the order made by the court.

In order to meet the deadline for filing an objection, you must pay particular attention to any written correspondence with you regarding compliance with your obligation under the loan. After filing such an objection within the time limit, the creditor may initiate legal proceedings for the same claim, in which he must already prove his claim with the participation of the debtor. In this procedure, you have the possibility of contesting the claim of the creditor, respectively of filing counterclaims against him, if necessary. In the event that, after a claim on your part, the creditor does not file an action for his claim or a legal action, but does not prove his claim against you, the effect of the payment documents already issued in his favor goes out retroactively.

In the event that you file an objection and the creditor files a lawsuit that you win, you may have to pay the additional legal costs incurred by the creditor to initiate the proceedings. In this regard, it is not advisable to object without obvious reason, but it is advisable to seek the assistance of a lawyer.

Phase 2: Execution cases

What is it?
On the basis of the letter of execution at his disposal, the creditor can file an execution file with a bailiff for compulsory recovery of the loan.
When bringing an enforcement action, the bailiff investigates your property, which may include references to:

  • Registered real estate (residential buildings, apartments, land, etc.)
  • Registered movable property (motor vehicles, etc.)
  • Recorded salary you receive (wages, pensions, social payments, etc.)
  • Your participation in commercial companies
  • Bank accounts, etc.

Within the framework of the real estate investigation, the judicial officer necessarily needs information on the current amount of your obligations towards the State and the municipalities (taxes, fines and others, collectively called "public bonds”). The judicial officer is required to collect these obligations as well as the obligations for which the case was initiated.

What can you do ?
If you have unpaid public debts, the bailiff collects them before starting to collect the loan obligations for which the execution procedure has been initiated. In this case, the execution procedure will not end before the bailiff collects both the loan obligations and your public obligations. To ensure compliance with your obligations, the bailiff may impose protective measures (foreclosures and foreclosures) on your property, bank deposits, wages, etc.

The real estate investigation and the imposition of protective measures are carried out by the bailiff before you are informed of the execution procedure initiated against you. At the end of the real estate investigation, the bailiff sends you an invitation to voluntary payment, informing you of the exact amount of your debt (including the amount of your unpaid public debts), giving you a deadline for payment.
If you pay your debt on time, the matter is closed. If you do not pay your obligations voluntarily within the time limit, the bailiff may take steps to sell your movable and immovable property in order to repay the loan obligations. At the same time, the bailiff can deduct from you fees in cash or other payments, as well as amounts you have in bank accounts.

A certain part of your property cannot be used by the bailiff to recover the obligations for which the execution procedure was initiated. You can request the suspension of the execution of your property when entering into a deferred debt payment agreement. In the event that the bailiff does not act on the matter within two years, the enforcement procedure should be terminated.

1. Make a budget
"The first step to regaining control of your finances and paying off your debts is to make a good budget." Why? Because by putting your cash flow and monthly expenses in a budget network, you will be able to see more easily how much money you can free up to pay off your debts. While making a budget, you can find other costs that you can also reduce. Sometimes you just have to collect your pizza receipts for BGN 20 every Friday night to realize it's BGN 80 or more a month and over BGN 1,000 a year. There are other tools that can help you get a better idea of ​​your financial situation. For example, with our budget tool you will be able to calculate your monthly rest for living, see at a glance what your most important budget items are and reduce them if necessary.

2. Make a list of all your debts
To pay off your debts, you must first know them well. Make a list of all your debts, including their amount, but also the interest rate you pay for each amount. At different interest rates, two such debts cannot actually be equal. Yes, a debt of BGN1,000 is greater than a debt of BGN 500. But paying BGN 500 on a credit card and BGN 500 on a student loan doesn't cost the same. Both do not have the same interest rate.

3. Prioritize the payment of your debts
How to choose? One method can be you pay your debts from smallest to largest, regardless of interest rate. Knock out the smallest debt first. Then, take what you were paying on that debt and add it to the payment of your next smallest debt. 

4. Consolidate your debt
Consolidating your debts consolidates them by taking a loan from the bank so that you repay it all at once, and then you just have to repay that loan every month. For example, if you owe BGN 10,000 on two credit cards, you can apply for a loan for the same amount from your bank to reset your two card balances. Although the bank may have certain rules to help you avoid getting into debt, keep in mind that debt consolidation does not harm your credit rating. You will benefit from an interest rate that is often lower than a credit card, and you will only make one payment each month to repay. As you save on interest, your monthly payments may also be lower. And who knows, maybe you'll be able to pay off your debts faster. "Debt consolidation is often seen as a last resort. It's wrong. You should go to your advisor as soon as you have a debt, as soon as possible. They will be able to help you find the best strategy, such as debt consolidation, to help you regain control of your financial situation." Obviously, each case is unique. As with any loan, the bank will examine your file before agreeing to a debt consolidation loan and setting the parameters for it.

5. Pay off your debts, but don't forget your emergency fund and retirement.
While paying off your debts is a good way to regain control of your finances, don't underestimate the importance of building an emergency fund and investing in your pension. "In an ideal world, you will have to combine all three: pay off your debt, create an emergency fund that costs 3-6 months, and invest in your retirement. But since this is not always possible, give priority to paying off your debts. Then you will have more money to put into your emergency fund, and then you can start investing.

There are a few laws that guide your rights in the credit world. If you're not in the legal profession, you probably won't read the text of each of these laws. You should, at a minimum, be familiar with your rights. Being aware of your rights and the responsibilities of creditors, lenders, and other businesses in the credit industry will help you know how to properly respond to issues that arise and avoid critical situations for you and your lender.



Here is the full mandatory information valid for all credit providers in Europe

You can complain to the Consumer Protection Commission (CPC) about most financial companies that violate these rights. CPC may impose a fine or penalty against the company or may refer your case to a Sector Reconciliation Committee or other Alternative Dispute Resolution Body that may recommend and require the company to make full or partial refunds within this list:

Consumer protection association

The main activities of the Commission for Consumer Protection are monitoring the market for dangerous goods, control of unfair commercial practices, elimination of unfair terms in the general terms of consumer contracts and remote sales.

Hotline: national telephone 0700 111 22 Address: 1000 Sofia, Bulgaria,4А Slaveykov Sq., fl. 3, 4 and 6

E-mail: [email protected]



Ombusman in BG

The Ombudsman intervenes in cases where acts or omissions of state and municipal bodies and public services providers violate citizens’ rights and freedoms

Address: Sofia 1202, George Washington Str. № 22

Phone: 02/81-06-955;

E-mail: [email protected]


Ombusman in EU

The EU Ombudsman can support the local Ombudsman and intervenes in cases where acts or omissions of state and municipal bodies and public services providers violate citizens’ rights and freedoms

Rue Royale/Koningsstraat 138

B-1000 Brussels, Belgium

+32 (0)2 212 3175

[email protected]



Disputes can be solved without going to court. You can also consider an alternative dispute resolution (“ADR”) technique such as mediation if you are unable to settle the dispute by yourself

Two discussions give parents the cold sweats. Telling your kids where babies come from, and telling your kids where debt comes from. Children will learn a lot about money from simply observing their parents. Do you shop around before buying? Do you use coupons at the grocery store and proudly crow, “I just saved us BGN 13.97!” Do you gripe about bills and get calls from debt collectors?
Have you had to announce that due to unforeseen financial circumstances, this year’s family vacation will be spent in the backyard kiddie pool instead of Disneyland in Paris?  Whether you like it or not, your kids are going to learn about money, debt and financial behavior from you. So, when and what should you tell them?

Factors to Consider When Telling Kids about Debt depends greatly on their age, maturity and resiliency, but a basic rule is to start slowly.

Young children

It’s silly to discuss bankruptcy law with a 5-year-old. They can, however, learn the basics of budgeting and that coins are not just shiny objects to swallow. Tell them to put some of the money in a jar for spending, some for saving and some for charitable giving. If they see a toy they want to buy but don’t have enough money, great. That should hopefully instill a goal-oriented work ethic and the importance of putting more of those tasty coins in the saving jar. That’s also a good way to introduce the concept of debt. If they’re BGN 5 short of buying that toy, give them the money, but explain it is not a gift; it is a loan. They are in this thing called “debt” until they pay you back. You can even tell them that they have to pay you back a little extra just for the privilege of borrowing your money.
That is called “interest,” kiddos. You don’t want children to learn about it the hard way, like when they turn 18 and sign up for their first credit card that comes with 23.5% interest rates. Teach kids the difference between good debt and bad debt. Good debt is borrowing money for things that theoretically increase in value, like a house, or increase their earning potential, like a student loan. Bad debt is money spent on things that lose value almost immediately like cars, clothes, etc. This is also a good way to turn the discussion to the difference between wants and needs. Basic concepts like budgeting, saving and paying down debt are as essential to grasp as learning to brush their teeth.

School-aged children / Teenagers

They will be able to understand a lot more, so they can be given more specific information. For example, if you have lost your job, your kids need to understand what has happened and why you are at home instead of work, but that the situation, while difficult, is temporary. Teenagers should be enlisted into the family’s plan to manage its debt. Begin by telling them how you got into debt, even if it means admitting that you’ve overspent or failed to pay attention to your bills. Remind them that parents are not perfect, and everyone makes mistakes. Then explain to them that the whole family will need to pull together and rein in spending for a while. That may mean limiting the number of Christmas gifts, or going out to eat less. If you have to put off or curtail some of their pastimes and activities, show them how you are planning to sacrifice as well, for the sake of the family’s fiscal health. You may also want to go over the family budget with them. Teenagers, in particular, need to become part of the solution. If they are old enough to work, suggest that they contribute some of their pay to the household. They may surprise you in their ability to rise to the occasion.

And if discussing money with your kids gives you the fear, think how scary things will be if they don’t learn about money.

Resolving financial problems tends to involve small steps that reap rewards over time. In the current economic climate, it’s unlikely your financial difficulties will disappear overnight. But that doesn’t mean you can’t take steps right away to ease your stress levels and find the energy and peace of mind to better deal with challenges in the long-term.

Get moving. Even a little regular exercise can help ease stress, boost your mood and energy, and improve your self-esteem. Aim for 30 minutes on most days, broken up into short 10-minute bursts if that’s easier.

Practice a relaxation technique. Take time to relax each day and give your mind a break from the constant worrying. Meditating, breathing exercises, or other relaxation techniques are excellent ways to relieve stress and restore some balance to your life.

Don’t skimp on sleep. Feeling tired will only increase your stress and negative thought patterns. Finding ways to improve your sleep during this difficult time will help both your mind and body.

Boost your self-esteem. Rightly or wrongly, experiencing financial problems can cause you to feel like a failure and impact your self-esteem. But there are plenty of other, more rewarding ways to improve your sense of self-worth. Even when you’re struggling yourself, helping others by volunteering can increase your confidence and ease stress, anger, and anxiety—not to mention aid a worthy cause. Or you could spend time in nature, learn a new skill, or enjoy the company of people who appreciate you for who you are, rather than for your bank balance.

Eat healthy food. A healthy diet rich in fruit, vegetables, and omega-3s can help support your mood and improve your energy and outlook. And you don’t have to spend a fortune; there are ways to eat well on a budget.

Be grateful for the good things in your life. When you’re plagued by money worries and financial uncertainty, it’s easy to focus all your attention on the negatives. While you don’t have to ignore reality and pretend everything’s fine, you can take a moment to appreciate a close relationship, the beauty of a sunset, or the love of a pet, for example. It can give your mind a break from the constant worrying, help boost your mood, and ease your stress

Share with others. Sharing can be a relief and also a call for help. Joining forces is often better with your spouse, relatives. There is no shame with clear and factual explanation.

Several million people - up to 10% of the population - are reluctant to admit that they are having debt problems.
As a result, we must call on friends and family members to do more to spot the tell-tale signs of money issues.
These include secretive behavior, or a tendency to buy the latest "must-have" items.
There can also be physical and emotional symptoms that they are in trouble.

Signs to watch out for include:

  • People have been in debt in the past
  • They have recently had a life event, such as a new baby, been made redundant, or gone through a divorce
  • They are living beyond their means, and always buying new gadgets or clothes
  • They are spending less time socializing with their friends
  • They are starting to hide issues and avoid talking about finances
  • They have reduced - or increased - the amount they are spending
  • They seem tired or are having trouble sleeping
  • They have put on or lost weight

If your friend is struggling now, chances are they’ll struggle to pay back a loan on time each month as well. So if a loved one asks you to be a guarantor on a loan kindly but firmly tell them no. Explain that you don’t want money or debt to ruin your relationship, but that you’re there for them and will do all you can to positively help their situation.

You could look at different ways they could make some extra money through selling on OLX, simple home office tasks, saving on costs like telco packages, utilities, rent, etc.

This would be an opportunity to suggest they get confidential debt advice but they must decide if they are ready for it or not.

For Android:

  1. Launch “Chrome” app.
  2. Open the website or web page you want to pin to your home screen.
  3. Tap the menu icon (3 dots in upper right-hand corner) and tap Add to homescreen.
  4. You’ll be able to enter a name for the shortcut and then Chrome will add it to your home screen.

For Ipad or Iphone:

  1. Launch “Safari” app.  This does not work from the “Chrome” app.
  2. Enter into the address field the URL of the website you want to create a shortcut to. Tap “Go.”
  3. Tap the icon featuring a right-pointing arrow coming out of a box along the top of the Safari window to open a drop-down menu.
  4. Tap “Add to Home Screen.” The Add to Home dialog box will appear, with the icon that will be used for this website on the left side of the dialog box.
  5. Enter the name for the shortcut using the on-screen keyboard and tap “Add.” Safari will close automatically and you will be taken to where the icon is located on your iPad’s desktop.