Before you go! Share this content on any social media platform

Image: rawpixel.com from Pexels

Mistakes happen. Missing (or skipping) one or two bills is not the end of the world, but it could have serious consequences – including fees, higher interest rates, a dark note on your credit score, garnished wages, or a visit from a debt collector – when you do not fix it fast.

To avoid all this mess, here is something to do.

Make a call

Pick up the phone and call the company as soon as your payment is late. The sooner you do that, the better. Work out a way to correct the situation with the company.

Make a payment

If you have the funds, make the payment. If you can not settle the full bill, ask the lender if you can make a payment plan or get an extension. Many will be receptive to this arrangement, especially if it's the first time you're late.

If you delay a payment, you should be aware that this will affect your credit rating after 30 days and, increasingly, from there (for example, an invoice that is overdue by 90 days will be overdue by more than 60 days) ). If you reach the 120-day late mark, the bill could be sent to a debt collector.

To ask for forgiveness

When you call your lender, explain your situation and ask them to waive the fees or increase the interest rate. Loyal customers and first-time offenders will probably be able to work something out.

Check your credit report

If you arrive 30 days late, keep your credit report (you can do so on AnnualCreditReport.com or through various apps) to see if a black mark appears. If so, you may be able to remove it. Otherwise, it could remain on your report for up to seven years, but if it is rare, it is less likely to be sustainable.

After all, set up reminders and automatic payments to make sure you do not forget to pay your bills. And if you're having cash flow problems, go through your budget to see what frivolous spending can be ruled out in the future. It's not a big deal to miss a payment every now and then, but making a habit of it can cause a lot of financial problems.

Before you go! Share this content on any social media platform

Source link
SOURCE: TORI.NG TMZ.COM BELLANAIJA.COM POLITICSNGR.COM
STELLADIMOKOKORKUS.COM LINDAIKEJISBLOG.COM
WITHINNIGERIA.COM NAIJABLITZ.COM STARGIST.COM
JOELSBLOG.COM.NG YABALEFTONLINE.NG CELEBNEWS.COM
AMONPOINTTV.COM NIGERIANFINDER.COM
SAHARAREPORTERS.COM CORRECTBAE.NG LIFEHACKER.COM
PEREZHILTON.COM NIGERIATODAY.NG BAYDORZBLOGNG.COM
SPYNIGERIA.NG AUTOJOSH.COM

Latest news in nigeria
Nigeria news today
Nigerian newspaper
Nigerian newspapers leadership
Vanguard news
Vanguard news today
Naij news

LEAVE A REPLY

Please enter your comment!
Please enter your name here