Most things in life can be accomplished a number of different ways. For instance, if there is a car accident on your way to work it is likely you know an alternate route. Another good example can be seen from sports, where if one play does not get the job done, another one will be tried. Knowing more than one way to do something gives you options and can help you reach your goals without too much frustration. The same is true for issues of money and in finding ways to make sure you don’t go over budget or fall behind on your financial obligations.
But, if you are behind on some payments the key is to stay in touch with your lender. Throwing away late notices or letting calls go to voice mail will not solve your money problems, and in the end may just cause you more grief. It can be scary to try and talk to your lenders, because it might feel like they have all of the power. But when you need results and a little financial relief, there are ways to get your creditors to work with you. Here are some common ways to approach lenders when you are behind on payments, or in danger of falling behind:
- Initiate a call before the account gets too far behind. This shows you are making an effort to make the payments and are on top of the situation.
- Have all of your financial data available when you call the lender. It is one thing to tell a representative on the other end of the phone line that you are experiencing hard times, and a completely different thing to be able to back up your words. Before calling, put a budget together and be prepared to provide proof of income and expenses.
- Don’t be afraid to escalate your call to a supervisor. Most lenders will try to tell you there is nothing that can be done to help you, if that happens simply ask for a supervisor. A lot of times you can get more accomplished by going up the food chain to a person with more authority to work with you.
If none of these things work in your favor there are legal remedies you can take. Bankruptcy is a good option when lenders will not work with you on repayment, because in a bankruptcy the debt is no longer due. A word of caution here though, if you want to keep your things you will still have to pay. We can help you sort out what works best for you, and what type of action to take. If you have gotten nowhere with your creditors, call us to find out what type of bankruptcy you qualify for and what will be involved in your case.
For more information about talking to lenders, contact us at www.DsouzaLegalGroup.com. We will help by coming up with solutions that work for you.