What should I do?? Should I call the creditor?

Question

I have a payment due on the 27th and I know I won't be able to make it. It's for 502 dollars. I called previously and tried to "work something out" as my husband lost his job recently and we're going through a financial hardship (not to mention we just had a baby too). The creditor said they couldn't do anything about it as I have not missed a payment yet. I'm not sure why they couldn't help. Well the time is getting closer and I know I won't be able to make the payment. I'm not trying to avoid the creditor, I want to pay something even if it's only 50.00. I just don't know if I should go ahead and call and say look, you're not getting your payment this month or what should I do??

I also want to know if I go several months without paying (b/c this may be reoccuring) as long as I keep communication open, will they still call my job?

Answer 1

You should call them, and explain hat you can't make the next payment, and will be struggling to meet future payments for a while. You should also put this all in writing, and send them a copy. Ask them if you can arrange an alternative payment schedule that you can manage, until your husband gets another job.

Answer 2

I've been in your situation before. They'll tell you there's nothing they can do, but they're only saying that because they want all their money. Like some people said, ask to speak to a supervisor, and if he says no, then keep trying (because that has happened to me, too). What I'm trying to say is don't take no for an aswer, keep calling eveyday even if you have to speak to a supervisor, and ALWAYS reiterate that you can pay them that $50.

Also, ask if there's any way you can probably pay this in a 3 or 6 month installments. Trust me, there is a program out there, you just got to talk to the right person that will do it.

Answer 3

Call and try to work something out.  If the person gives you the same "nothing they can do" story, ask for a supervisor.  You definitely want some kind of agreement before you start sending in small partial payments.

If you don't want them to call you at your job, tell them your employer doens't permit you to have personal phone calls.  They should stop.

Answer 4

You don't say what kind of loan it is.  Is this a credit card, installment loan, mortgage payment or what?

Answer 5

~~Call them immediatley-open communication is very important. Tell them you are not able to receive calls at work, and then they can't call you there (get their name).Explain the situation and tell them you need to make payment arrangements untill you are on your feet again. You may need to call everytime a payment is made to be sure nothing serious (like credit reporting) is being done. Keep a good record of time, date, and person you spoke with on every call. So many people are in your boat bsiness is willing to work with you, but you must stay on top of that. Hope things ease up for you soon.

Answer 6

OK .... so your problem is you are talking to peons that only have a script to read.   You didn't say what type a business the creditor is (i.e. a credit card or bank or what), but regardless, your next call needs to immediately ask for a supervisor in the customer service department.   Even that may not get you the answer you want ... so ... do this as well.

Write a letter to them stating that you ran into financial difficulties, but that you absolutely acknowledge your debt to them and have EVERY intention of paying off the debt.   State that today you can only pay $50 on the debt, but that you will be making regular payments on the debt.  In this letter ask if they will also temporarily halt the interest from accruing (they may not do this, but it doesn't hurt to ask).

Then ... send this letter and your payment to arrive before your due date.  Continue to make payments as often as you can and always at least once a month (or on the due date if sooner than once a month) even if it's only a few dollars.   Every time you send in a payment, include a copy of your letter stating that you intend to pay your debts.

As long as you are regularly making payments on the debt, they most likely will NOT take any action against you ... including calling your job ... although late fees and such may continue to hit you.   Good Luck!

Answer 7

You don't have to worry about calling the creditor....because when you start missing payments, they will definitely start calling you.

You might want to contact your local Consumer Credit Counseling Services (CCCS) in your area. They might be able to help.