Are you ignoring your creditors’ calls repeatedly because you can’t pay the owed money? Attend their call for your good. They will give you some warnings if 1-2 payments are due but not attending the call may give you some long-term issues. There are certain things they can do if you are neither picking up their calls nor paying any attention to consolidate debt on time.
There are multifarious measures that creditors can take if you don’t pay them the due payments.
● Credit reporting
If you don’t want to ruin your credit report in any way for future references, then don’t even think about drowning your credit ship by not paying the payment. Although the creditor will report only if you don’t make the payment after a month, he will give you constant warning calls. So if you are slightly late like 10-15 days, it is totally fine but don’t go further than that because that will be a risk that you don’t want to take.
● Charges on late payments
If you have always been the one who makes the payments on time and have a good credit score, then you need to be aware of this possibility which is if your due payment is anyhow delayed then creditors charge fees for the same.
If there is a technical issue from the creditor’s side, then, you can make them realize the mistake and needn’t pay the extra money.
We hope that you don’t have an introductory or teaser rate credit card because, in those cards, your rate of interest may elevate due to non-payment or late payments.
● Contacting the collection agency
There is a proper procedure before calling a collection agency. Firstly, they will call on their own till the expiry date of calling which is 30 days. Then, after a month or a maximum of 180 days, the creditors will contact a collector who will come to your house for the payment. Tip: There is a way that a collector can call you or make a visit to your home, so don’t let them treat you in an illegitimate way.
● Legitimate measure time
If the creditors are done with the methods mentioned above, then the creditors will have no choice but to pressurize you to pay back the money by suing you. If the legal authorities are stepping in, then it has to be the amount up to $10,000 or more.
● A legal notice
A creditor may offer you a legal notice in your mail to make the due payments. In this circumstance, you need to safeguard yourself first, hire a LIT and choose from government reliefs to consolidate debts.
● Apply for collection
They can apply for certain components if you lose the lawsuit against your creditors like:
Wages garnishment, suspension of your account and ask for money, close any property or file a lien on your property.
In case, you are drowning in debt, it is crucial to opt for several measures to consolidate debt on time. Credit720 is a top financial firm that proffers necessary help for all available in Calgary, Edmonton, Lloydminster, and Alberta regions.