Speak to your creditor as soon as possible
If your trouble with meeting your payment goes beyond a single payment, you need to contact your creditor and discuss an arrangement to pay. Be sure to be specific about how, when and over what period you’ll make payments. Creditors will often work with you as long as your offer is reasonable, you keep up with agreed payments, and you keep in touch with them.
Be realistic when you offer to make a part payment on your debt. Use your budget to work out how much you can afford, keep a little on hand for emergencies, and don’t take on debt that you simply cannot afford to pay back.
When your creditors consider your request for formal payment arrangements, many of them, such as lenders and utility providers, are obliged to consider flexible payment arrangements or hardship variations that you can afford in your current circumstances.
In some circumstances, they’ll be willing to wait for a payment or accept a lesser payment without formalizing your agreement. You will have demonstrated your intention to pay the debt by contacting them, and they’ll realize you are not simply ignoring your contractual obligations.
Speak to your creditor as soon as possible
If your trouble with meeting your payment goes beyond a single payment, you need to contact your creditor and discuss an arrangement to pay. Be sure to be specific about how, when and over what period you’ll make payments. Creditors will often work with you as long as your offer is reasonable, you keep up with agreed payments, and you keep in touch with them.
Be realistic when you offer to make a part payment on your debt. Use your budget to work out how much you can afford, keep a little on hand for emergencies, and don’t take on debt that you simply cannot afford to pay back.
When your creditors consider your request for formal payment arrangements, many of them, such as lenders and utility providers, are obliged to consider flexible payment arrangements or hardship variations that you can afford in your current circumstances.
In some circumstances, they’ll be willing to wait for a payment or accept a lesser payment without formalizing your agreement. You will have demonstrated your intention to pay the debt by contacting them, and they’ll realize you are not simply ignoring your contractual obligations.
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