I have a loan I can't pay off - what should I do?

[unmerged(51332)]

Ottoman Empire, latest AGCEEP. I had a loan taken out early, because I wasn't paying attention, I was forced to extend it, and my Census tax just wasn't making as much as hoped (Even with Balifs) I guess it changed alot since 1.04. Anyways, I have 148 dollars, but I need to pay 200 in a year, and because of interest and all that...then my census comes in I'll be at about 150-160, which will then drop by about 5 a month till August (when its due).

To top it all off, I have a war with Athens-Tuscany- and venice. My problem is two fold. I need to make peace (with Venice preferablly) for cash, so I can pay my loan, but I have less then a year to win the war! I have 30k, so I can crush and annex Athens, or split the force and try both. But Veniton troops are backing up Athens in the south, so I doubt 15k will be enough to beat them and seige Athens down, and 30k leaves Bosnia (My allie) or Albania(from the north) in danger. So I'm wondering, how am I going to get through this? My plan is try to beat the Forces in the south, then split my forces, lay seige on Athens and the rest head north, and making about 5-6k forces to back up any casualites, problem is, if I dont make peace with Venice or Tuscany before my loan is due, I have just that much more money thats between me and 200. What should I do?

Another question, if I cant pay back my loan by the second time, do I go bankrupt? Or what?

:wacko: Thanks for any help. Im new at this, so if this is an easy situation to get out of, sorry.

 

[KaRei]

When you're asked for the loan payment and you haven't enough money, don't click on "expand loan" but open the finance window (where you're setting sliders for the finances) and take new loan yourself. Then you can pay the old loan. This way you'll have still 200 loan, but with lower interests, because you'll have new and not the extended loan. By this you'll get a time to collect enough money.

Bankrupcy occurs when you can't take new loan. This means when your interests will go higher than your income, I think. For wealthy countries it could be the 8th loan, for smaller one it could be the second one.

 

[unmerged(52332)]

when you toke a loan and after 5 years you cant repay them then dont took extend loan becose your interest will grow up( that men less money in your monthly income), take another loan to repay your last one loan in that way your month income will be same!!! :rofl:

 

[unmerged(13581)]

To answer your question - nobody can tell you how to fight your war as we don't know what the situation looks like, where your enemies have their army, how large it is etc. The best way to get around it would be to do some looting - since you are at war with several nations anyways you should earn enough money to pay back the loan for just 0,1% inflation

 

[unmerged(3797)]

If you have a year or so before loan due, try going to zero research, 100 % tax. Do not send any merchants. You will take a bigger inflation hit, but worth it if you can get rid of that loan. MHO