You Are Not Alone
If you are like many Americans, you have avoided answering the phone because you are scared that the person on the other end may be a creditor looking to get money from you. You’re late on a car payment, on a mortgage or rent payment on doctor bills, or whatever, and they’ve been calling and speaking with your answering machine for weeks or months. Don’t feel like it’s just you because it isn’t by a long shot. Neither, however should being ‘normal’ make you feel as if it is okay to sit at home and not answer the phone.
They Aren’t Going Away
At least not for seven years, and there’s no sense in waiting that long. The situation with creditors never gets worse by ignoring it, and, what may surprise many people, may actually get better if you simply pick up the phone and talk to them rather than pretending they have the wrong number.
Tell Your Creditors You Can’t Pay Them
Be honest. Tell them that you simply do not have the money to pay them right now. Their next response will just about always be to ask you when you can pay what you owe them. Think carefully about this and do not lie in order to try to make the situation better than it is. Once you give them a time you intend to pay them, one of two things will happen: Either they will take your word for it, agree to wait for the payment or, they will work to negotiate a possible earlier payment.
If your creditors agree to payment arrangements in the future, the phone will stop ringing and you will be able to breathe easier and focus on your work or income that will allow you to meet that obligation. Making sure you make that payment when agreed upon is critical to maintain your credibility and help repair any damage done to your credit.
If your creditor does not agree to the payment date or amount you set, try to negotiate with them, but do not lie - this will only make things worse when yo fail to make the payment later. If you can not pay them for whatever reason, let them know the truth and the reason why and see if you can negotiate lower payments or a deferment of payments until your income will allow for paying them.
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