I think i need to ring a finance company and try and arrange some payment schedule of some sort because while i'm on maternity leave I just can't make the payments I need to.
Do they judge you and look badly upon you when/if you need to do this? I feel so embarrased about doing it and its why i've been trying to avoid doing it.
I couldn't say what a finance company would feel - but as a centre director, I much prefer it if parents are up front when they are struggling with their fees rather than avoiding me and just getting way behind. Banks will normally try to help out, as would any financier worth their weight... give them a ring and be honest would be my advise.
Not sure about finance companies but your utility bills really prefer it if you ring and make an arrangement and not just pay late.
I've often done this with electricity bills as they always seem to be higher than we budget for (apart from the last bill which was HEAPS lower than we expected):
We are going to try and get a consolidation loan to start making a dent in the debt we have but until thats sorted we are just living pay check to pay check.
Sounds responsible to me! You have altered circumstances and are making adjustments accordingly, plenty of people would just let the bills pile up and hope they disappear rather than address it. You shouldn't be embarressed at all.
xx
The horror stories you see are generally people who haven't advised them of change of circumstance..
Although you have signed a contract, most companies will assist with a payment plan, but they aren't obliged to..
Most companies would rather hear from you before you get behind in the payments. Once you start building up missed payments, that's when it gets harder to negotiate.
I agree they prefer you to be honest and upfront.
I was avoiding one loan and i finally got the courage to call them and tell them whats been going on and found it really wasnt all that bad.
Sometimes you can't help what your current situation is, and they are always willing to make alternative arrangements that better suit you.
I think they are usually pretty good if you need to make a payment plan - especially if you are prepared to make a reasonable payment plan. They understand that sometimes things get tough and the money just isn't there. If you know what your budget will allow for before you ring them and make a proposition over the phone, they are usually pretty good though I think most of them can't draw it out any longer than a month.
:hug: Financial stress is hard. It is not easy to ring up but you will feel a lot better if you have an arrangement in place and you aren't scared of them ringing you and chasing you up for money all the time.
Good luck with everything.
I would definently call a financial counsellor. See if you can google a government based one. Also, writing letters explaining your situation is another great idea. Google US based Finance Experty Dave Ramsey for copies of what he suggests you write on his website. We use his budgeting tools etc. Companies like to be kept in touch with what is happening, never EVER feel embarassed. It is just life :)
We have also gone through a brilliant company in the past called Debt Mediators, google their site :) We are now all caught up and saving which is brilliant :)
Check the contract of your finance provider. With my car loan they wouldnt give us reduced payments for a while when I had DD because pregnancy & maternity leave arent good enough reasons
I seem to have it sorted out now. My loan payments/credit card payments are fine - I can manage all those ones (will be even better off if we can get this loan to consolidate it all) It's just this damn Creditline account. BIGGEST regret ever!!!!
Hey Sunshine, I work at a bank and can tell you we DEFINITELY don't judge or look down on someone asking for an altered payment arrangement - like the others said, it's really appreciated when customers call us early to make us aware what's going on. With your credit line account, can you consolidate it with another of your loans so that your running in creidt rather than debit, and you have a set repayment in month? You could also go interest only to keep repayments so the payments are lower until you go back to work? Hope you get it sorted :)
My bank drives me bonkers because they take our loan payments out "monthly", which means we never know when or how much the payment is going to be as it is rarely on the same day each month and never coincides with our incoming pays. We transfer money manually to pay it because it isn't regular. Bank, of course, can't help with this.
I've just gone on a bender (must be the nesting instinct) sorting out our payments and which banks they go into and come out of. I really need to refinance the loan soon (which will double our payments), and when we refinance we are DEFINITELY getting a loan with regular fortnightly payments. More than enough coming in to cover everything but never on the right days.
Thats the plan to consolidate it into the loan ;):