Helpful Tips If You Can’t Make Your Debt Consolidation Loan Payment

By Stephanie Robins on March 12, 2010, 6:04 am Posted in Finance News

When you sought debt consolidation, you probably figured that it was your last hope for managing your finances. Now you realize that you can’t even make your consolidation loan payment, and may even be worried that you will need to file for bankruptcy. While this can be both frightening and discouraging, there are some positive actions you can take to get back on track.

Call Them Before They Call You

Don’t wait until after the payment due date to let your debt consolidation company know that you are short on money. Call them as soon as you know that the payment will be late, and explain your situation. By calling them first, you show that you are taking responsibility for your actions and that you are not running away from your financial obligations. Calling early also ads credibility to your story by showing that your repayment problem isn’t a matter of forgetfulness or impulsive spending. It demonstrates that you have control of your finances such that you have the foresight to see that there is going to be a problem.

Ask For New Terms

Sometimes a temporary setback will be the cause of a late payment. But if you think that this is going to be an ongoing concern, ask the debt consolidation agency if you can renegotiate your payment. Be prepared to show them a budget with your expenses and income, so they can see that your current payment isn’t feasible. If the agent that you speak to refuses to help you set up a new payment plan, don’t give up. Ask to speak to a supervisor and try to work your way up the management chain until you can speak to someone who will help you.

Helpful Tips If You Can’t Make Your Debt Consolidation Loan Payment

Call Them Before They Call You

Ask For New Terms

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