© Copyright Acquisition International 2024 - All Rights Reserved.

Article Image - Can’t Make Your Loan Payments? Here’s What to Do
Posted 27th January 2023

Can’t Make Your Loan Payments? Here’s What to Do

Usually, when people take out a loan, they fully intend to keep their commitment to pay it. They don’t expect to default on it because they assume they will always be in the same or better financial situation they’re in when they apply for the loan.

Mouse Scroll AnimationScroll to keep reading

Let us help promote your business to a wider following.

Can’t Make Your Loan Payments? Here’s What to Do

Usually, when people take out a loan, they fully intend to keep their commitment to pay it. They don’t expect to default on it because they assume they will always be in the same or better financial situation they’re in when they apply for the loan. Unfortunately, that’s not always the case, especially when the economy tanks and you lose your job or are forced to take a pay cut. If you’ve found yourself in a situation where you can no longer make your loan payments, the credit experts at Tayne Law offer these suggestions to help.

Pay Late

Certainly, it’s always better to make your loan payments on time if you can. But, if you’re unable to make a payment because you’re not getting your own pay check for a few days, it’s acceptable to pay late. In many cases, if you get your payment to your lender within 30 days of your payment date, the lender doesn’t even report the late payment to the credit bureaus. Your loan will stay current and you won’t damage your credit rating, so if paying late is an option, take it.

Contact Your Lender

Communication with your lender is always the best way to confront the issue of not being able to pay. Explain that you aren’t able to make the payments and ask them what options they have available to you. They might be able to change your payment due date, freeze your account so you can skip some payments (interest will continue to accrue), or even provide a refinance option that will lower your payment amounts.

Debt settlement is also sometimes an option, especially if you can prove to your lender that you can’t make the payments now and are unlikely to be able to make them in the future. The lender would rather get what they can from you instead of nothing at all. They also don’t want to go through a protracted legal process only to get a lesser amount in the long run. You might need the assistance of a credit expert to help you settle your debt, but it can be a great way to get out from under high monthly payments.

Prioritise Payments

Sometimes, we’re forced to make difficult decisions on which bills to pay in a month. Clearly, do everything you can to stay current on your house and auto loans, but if you have to skip a credit card or unsecured loan payment, it’s not the end of the world. You will start getting calls from your lender as soon as you’re 30 days late (maybe sooner), interest and penalties will apply, and your credit will take a hit, but as long as it’s just one payment every so often, it’s not going to destroy you.

Again, communication is the key. If you’re going to miss a payment, contact your lender and let them know the situation. They will do everything they can to get your money, so they will likely work with you to come up with a solution that is acceptable to you both.

Conclusion

It’s disheartening and frustrating when you find yourself unable to make a loan payment that you promised you’d make. But you’re not the first person to be in this situation and you won’t be the last. What matters now is how you respond to the problem and what action you take to resolve the problem.

Categories: Finance, News


You Might Also Like
Read Full PostRead - Eye Icon
In-demand IT skills That Can Enhance Your Resume
News
22/09/2022In-demand IT skills That Can Enhance Your Resume

Working in the IT industry can mean anything, from sorting out any customer’s internet issues to developing a program for an organization's cloud infrastructure. As we know, the work of IT departments is so diverse that the skills one would need to add to th

Read Full PostRead - Eye Icon
Endless-Backed High Street TV Secondary MBO
Finance
03/06/2015Endless-Backed High Street TV Secondary MBO

Endless-Backed High Street TV Secondary MBO

Read Full PostRead - Eye Icon
Financial Process Automation: A Guide For Tech-Savvy CFOs
News
11/09/2023Financial Process Automation: A Guide For Tech-Savvy CFOs

In today’s fast-paced digital landscape, the role of a Chief Financial Officer (CFO) has evolved beyond just basic number crunching. Gone are the days when the CFO’s domain was confined to boring spreadsheets and ledgers. As a modern and tech-savvy

Read Full PostRead - Eye Icon
Axiory Trading Academy and how does it help traders to become better
News
03/07/2023Axiory Trading Academy and how does it help traders to become better

Axiory Trading Academy and how does it help traders to become better Axiory is a Forex and CFD (Contract for Difference) broker that was conceived in 2011 and received a first customer in 2012. The broker is well regulated by the International Financial Servic

Read Full PostRead - Eye Icon
Accountancy Firms Must Evolve and Innovate to Survive Says ICAEW
Finance
17/03/2015Accountancy Firms Must Evolve and Innovate to Survive Says ICAEW

The accountancy landscape is changing – new technologies, competition, regulations and client expectations are making the future of the profession uncertain, says ICAEW.

Read Full PostRead - Eye Icon
Non-Harmonious Ends to Congruous Beginnings
Leadership
27/07/2015Non-Harmonious Ends to Congruous Beginnings

As parties enter into mergers, acquisitions, joint ventures or any sort of corporate deal, there is often an overriding sense of harmony that this is a win-win scenario. However, perceived wisdom is that the success of any M&A activity can in fact be a double

Read Full PostRead - Eye Icon
Maximizing ROI: How SharePoint Consultants Drive Business Value
News
19/02/2024Maximizing ROI: How SharePoint Consultants Drive Business Value

SharePoint, developed by Microsoft, is a powerful platform designed to facilitate collaboration, document management, and information sharing within organizations. While the platform offers a plethora of features and capabilities, maximizing its return on inve

Read Full PostRead - Eye Icon
4 Benefits Of Hiring An Intern
Leadership
08/12/20204 Benefits Of Hiring An Intern

Before you start an internship program in your company, understanding internships and how they work are a must.

Read Full PostRead - Eye Icon
Ones to Watch in IP, 2016
Innovation
30/06/2016Ones to Watch in IP, 2016

Medical IT Projects - Motivation for Business Leaders to secure IT Data more efficiently?



Our Trusted Brands

Acquisition International is a flagship brand of AI Global Media. AI Global Media is a B2B enterprise and are committed to creating engaging content allowing businesses to market their services to a larger global audience. We have 14 unique brands, each of which serves a specific industry or region. Each brand covers the latest news in its sector and publishes a digital magazine and newsletter which is read by a global audience.

Arrow