Over the course of a lifetime, many average consumers will face occasions when they cannot make a timely payment on one or more of their debt accounts. This does not have to be the end of your good credit record, but what you do, the actions that you take, will determine whether you make it through this period unscathed or not.
When it comes to being late on a payment it really does not matter what the payment is for. Whether it is for a home loan payment, car loan, or credit card is immaterial as there are some steps that should be taken regardless of the loan type. Here are some suggestions that can help you make the most of a tight time:
As soon as you know that you cannot make the payment contact the lender via phone, if possible. You will want to talk to someone in the loan department, and your monthly statement may have a toll free number that you can use for this purpose.
Explain to the loan person the circumstances behind your inability to pay. If your circumstances are temporary make sure you tell them that.
It is almost inevitable that the loan department will want to know when you believe you might be able to make up the payment. It is...
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