I Missed A Loan Payment, What Now?
Posted on May 31, 2008
Filed Under Loans | Leave a Comment
It is always scary when you miss a loan payment. It is even scarier when you miss more than one. You can calm down, though. You really can come back after missing a few payments. You just have to get some help and you have to be honest and ask for the help.
Assistance Please
Short of coming up with all the money to cover the missed payments, plus the late fees that you are sure to be charged, you need to get some help to recover from missing loan payments. The best place to go is to your lender.
Resist the urge to dodge your lender. Call them asap. You are going to find your lender is typically willing to work with you. You should be able to work out something that will allow you to get back on track. Your lender doesn't want to foreclose or repossess or send you off for collections. They want you to make your payments and pay your interest.
Caution
Do not agree to something that you can not afford. If you cannot get caught up in seven days, be honest about it otherwise you'll just create more stress and harm your finances further. You will end up in the same trouble and the lender may not be so friendly next time around. Do talk to your lender and do be honest and you can get financially back on track.
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