Paying back loans and lenders can be like playing a financial game of chess. Knowing what moves to make and exactly when to make them can either help you or hurt you and even cost you in the financial game of chess. And in the end by making several wrong moves throughout the entire game it can cause you to be forced into a bankruptcy, thereby losing the financial game of chess.
It appears that simply at the time that you need it the very least, financial institutions and also various other loan providers put large fees on your account. This is the last thing you need to happen, specifically when you’re finding it challenging to maintain your accounts as it is. It’s like a spiral, you’re late on a debt, so you get hit with a late fee, after that the cost makes it tougher to fulfill your following repayment so you obtain an additional late charge, or a late charge from one of your various other accounts.
Well the initial point to recognize is that you can never ever be billed a late charge for being late on settling an existing late charge. If you were late you could sustain a $20+ late charge. You’ll still owe the $20+ late cost, however you can be billed a late cost for not settling it on time or not at all.
An item of suggestions, if you’ve have more than one account, is to remain current on all of the other accounts as well as attempt to stay up to date on your current account. However things happen but at best only try to limit it to being late on just the one account if possible. Do not be late on one account this month, and also on another account following month. The factor for this is that the account you’re late on can just be billed once for that billing cycle, but numerous accounts being late will cost you a pretty penny and damage your creditability good standings with the lender.
If you believe you’re going to be late on an account, the best thing that you can do is call the lender and inform them of this fact. If they choose to work with you on waiving the costs of the fee or even accepting a partial payment, instead of allowing the expense go overdue, this will help you to keep your account in good standings instead of leaving them in the dark as to your objective and getting hit with more fees or even worse, ending up in ‘collections’.
If the lender knows you’re most likely to be late and does not permit you to reschedule the repayments, you could attempt to divide up your payments to send them a partial payment rather than the whole amount. You should first try to negotiate with one more of your lenders to see if they will reschedule your payments as well, or afterwards inquire if they would allow that person to pay a little bit towards their bill rather than being late?
Recapping, it’s like a spiral, you’re late on a repayment, so you by trying to pay the current bill that is already late, you let your other accounts go delinquent as well and get hit with another late charge, and after that the charges adding up makes it more difficult to satisfy your following accounts to bring them current. So while you are in the process of settling one delinquent account you obtain one more late fee, or a late charge from one of your various other accounts. If you are trying the settle the very first account that you was late on, they can’t hit you with another late fee on top of the one that you are trying to settle with them in the settlement phase. Kinda like a double jeopardy situation.
Well the very first point to recognize is that you can never be billed a late cost for being late on paying back an existing late fee. If you were late the first time you could sustain a $20+ late cost. You’ll still owe the $20+ late cost, however you can not be billed a late cost for not settling it on time on top of the original late fee.