In most cases, it is possible to negotiate on different payment arrangements with creditors and collection agencies. If you cannot pay a bill, act immediately by contacting the company that sent the bill to negotiate a new payment schedule. Tell the creditor if there has been a change in your life situation, for example a chronic disease, the birth of a child, divorce, unemployment or a similar reason related to your financial difficulties.
If you cannot manage the bill or debt payments by changing the due date, ask for a longer term payment plan. Possible arrangements include making monthly payments smaller, lengthening the loan period or entering an agreement on repayment-free periods. Because neglecting to pay bills or debts may result in a bad credit record, it is worthwhile negotiating solutions to your bill payment problems in good time.
Bad credit record