Many people get into the situation where they don’t have enough money to pay their bills. These are usually utility bills, (gas, electric, water) or credit cards, car payments etc.
Some of these are bills that needs to be paid or else the companies will suspend the service. Turn the gas, electricity or water off, repossess the car.
In these cases you might want to implement your own payment plan, which is nothing else then pay as much as you can and let them know.
Say you have accumulated some arrears due to job loss or reduced hours or illness or for whatever reason, on your utility bill and can’t pay it. Call them up and tell them how sorry you are and what had happened to you and you have no money and you can pay 50 (or what ever) a month take it or leave it. (be reasonable)
If you live in a city like in row houses or something where there is no individual septic system and the lots are too small for an outhouse, but the waste water is tied into the city grid, they can’t turn your water off because that is a health hazard So you are most likely OK on that to pay it like that.
The gas and electric company can’t really turn your service off in the winter because of the cold and risk of freezing to death, so you are OK on that too.
Car finance is a different story, because it’s up to the car company, but they don’t want the car back. So, as long as you make monthly payments of some reasonable amount, they’ll most likely let you slide. They might attach some extra interest to the end of the loan, but that’s the price of using someone else s money.
You have to call them in either case and let them know of your plan. Be polite and smile while you are on the phone with them. Don’t be nasty or accusatory or demanding, because they won’t work with you than. It’s not their fault you can’t pay. You were the one who asked them for the money or service and agreed to their terms at the time of signing up.
If the terms were good than, you should honor it now too.
As long as you are making your own payments consistently and keep in contact with them they’ll work with you.
There is always something you can cut back on to have that money sent to them every month. If they say you have to pay every two weeks or whatever, just tell them this is the only way you can pay for a while, or else you are going to default on the loan. They don’t like to hear that.
If you tell them that, they only have two options; either go with your terms and hope for the best or shut your services off or take your car. You gave them an ultimatum and now they have to chose.
In most cases they’ll go with your plan, because they have no other option to collect the money you owe and don’t want the stuff back either.
You can’t drag this out forever and eventually you have to pay them the money, but this method will give you some time to put your finances in order.
Or take out a small loan for the longest period as you can get. here are your options.