If you have trouble paying your bills or meeting other financial obligations- there's a number of options to help. You can start with reaching out to your lenders or creditors!

If you're not able to pay your bills on time, let your services know the situation.

Getting behind on your payments can have a lasting impact on your credit. Credit card companies and lenders may be able to offer you a number of options to help you. This could involve waiving certain fees like ATM, overpayment, and late fees, as well as a lot allowing you to delay adjust or skip some payments. When contacting your lenders, be prepared to explain your situation, how much you can afford to pay, when you're able to restart regular payments, and your income or expenses.

If you're having trouble paying auto loan payments, your lender may also have options that will help.

You could change the date of your payment, request a payment plan, or ask for a payment extension. If you have student loans you have options as well. If your loan is held by the federal government, your loan payments are postponed with no interest until September 30, 2020.

For other kinds of student loans such as federal student loans or private student loans, contact your student loan servicer to find out more about your options. Try working with housing and credit counselors to understand your options. These train professionals provided by us for a little or no cost and will work with you to discuss your situation evaluate options and even help you negotiate

  • HUD-Approved Housing Counselors. The Department of Housing and Urban Development approved housing counselors can discuss options with you if you're having trouble paying your mortgage loan. This could also include a modified payment plan.
  • Credit Counselors. Reputable credit counseling organizations are generally non-profit organizations that can advise you on your money and debts, and help you with a budget. Some may also help you negotiate with creditors!

Another method is contacting debt collectors. If you currently have debt in collections, you can work with collectors to identify a realistic repayment plan. You're also encouraged to check your credit reports! If you're working with lenders routinely check your reports to make sure the statements are accurate and any delinquencies haven't been improperly reported.

 

Beware of potential scam attempts.

Scammers look for opportunities to take advantages of the vulnerable, especially during times of emergencies. Be very cautious of emails, texts, or social media posts that could be selling fake products or information about emerging coronavirus cases. Scammers often target older adults because they may have more assists in the form of retirement benefits/savings. 

If you have any issues with a financial product or service, try reaching out to the company first. They can usually answer questions unique to your situation and more specific to the products and services they offer. Companies generally respond within 15 days.