How To Deal With Your Past Due Account

How to Deal With Your Past Due Account By: www.newhorizon.org

Are you having problems keeping up with your monthly credit card bills and/or loan payments? • If you are then, we’re certain that the constant reminders and harassing calls you receive from your creditors, demanding payment are starting to get on your nerves.

Is there a way to attain immediate relief from your financial obligations?

Yes there is: simply pay off your past due accounts, RIGHT AWAY!

Don’t have the money to pay even the minimum amount due?

Here is what you should do . . . .

Speak with your creditor.

• Never try to hide or ignore a creditor’s attempt to contact you.

• You do not want to wait until your debts are in collections to start negotiations.

• If you work with the creditor they will lower your monthly payment for a while or even defer it for you.

• By being proactive you can avoid a lot of late fees, and since a repayment plan is in place, most creditors will not report you as late on your credit report.

TIP: Here’s what will happen if you will avoid your debt collector..

Work out a settlement.

• Before you start repayment, call them.

• Work out a repayment schedule that you can comfortably make each month.

• Ask them to remove the late fess.

Push the envelope.

• Don’t just ask for a little bit off.

• Start off asking for all late fees removed, reduced principal and removal of the negative item from your credit report.

• If you don’t ask, you never will get.

• The longer you haven’t paid on the debt, the more likely you are to get an amazing amount of the principal taken off.

Consolidate past due accounts. • If you are dealing with multiple debts, you may consider taking out a debt consolidation loan to pay off all your past due accounts.

-- This way, continuous debt accumulation due to the monthly interest rates and late fees, can be avoided. • If you are dealing with credit card debt, another way to consolidate credit card accounts is to apply for a new credit card with zero interest rate on balance transfers.

-- Thus, you can concentrate on paying only your original debt without incurring APR charges each month.

File for bankruptcy.

• Before you decide to take this path, you have to work with a credit counseling service.

• You can no longer just file bankruptcy on your own.

• The Agency will go over your financial obligations vs your ability to repay.

TIP: Guide in Filing Personal Bankruptcy

For more information: http://www.newhorizon.org/credit-info/how-to-manage-a-past-due-account/

If you want to consolidate your debt check our list of debt settlement services here: http://www.newhorizon.org/Info/debtconsolidation.htm