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Step 1
Dealing with hard times financially is stressful enough. Now you have bill collectors calling wanting to know what's going on with their payments. Even if you are stressed remember these steps to keep you and your lenders happy.
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Step 2
Answer the phone calls. Most of us have caller id and could easily avoid the calls. This is not going to help your situation at all. This will however worry your lender. Most of the lenders are understanding (to a point). They are in the business of loan money and you will not be the first person that had trouble paying them back.
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Step 3
Be polite. Having a bad attitude will only make the bill collector angry and not giving them the motivation to help you. Remember you did borrow the money and you do owe them. The gave you the money in good faith that you will pay them back. If you take a loan without the intentions of making good on the debt then you are stealing. Many of the reps will offer payment plans that may reduce interest and/or late penalties.
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Step 4
Be honest. Don't tell them that you forgot, that you mailed the payment or any other lie. If you have lost your job, let them know. They can make note of this and find a way to help.
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Step 5
If you are not going to be able to catch up your payment and they don't have any suggestions, you may want to seek out a debt counselor. They will be very helpful in negotiating a deal with your lender. You will need to get your credit report, your most current statements and your income information together before you have your appointment with a debt counselor. There are many non-profit programs that are available to help you out.
