What To Do If You Miss A Bill Payment

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Mistakes happen. Missing (or skipping) a bill payment or two isn't the end of the world, but it could have serious consequences — including fees, higher interest rates, a mark against your record, or a call from a debt collector — if you're not quick to fix it.

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Every month or quarter a bill comes in from your electricity retailer. While some of that bill can be directly attributable to the volume of electrons that flow into your gadgets, household appliances, lights and other energy-eating devices, a good portion of it has nothing to do with your electricity consumption.

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To avoid all that messiness, here's what to do.

Make a Call

Pick up the phone and call the company once your payment is late. The sooner you do this the better. Work out a way to rectify the situation.

Make a Payment

If you have the means, make the payment. If you can't pay off the full bill, ask the lender if you can set up some sort of payment plan or receive an extension. Many will be receptive to this arrangement, particularly if it's the first time you're late paying.

Ask for Forgiveness

When you call your lender, explain your situation and ask them to waive the fees or reconsider raising your interest rate. Loyal customers and first time offenders are likely to be able to work something out.

Most Bill Providers And Credit Card Issuers Let You Change Your Due Date

When you budget, you typically organise your finances around the days you get paid and the days your bills are due. If your due dates aren't convenient, many bill providers will allow you to change them.

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Comments

    Just call them straight away. Ask them to waive late payment fees and related interest. Pay immediately after. It works every single time. It is a mystery why people ever need to pay for these penalties.

    Of course, if you borrow beyond your means. Thus you struggle to make the payment on time. That is a different story.

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