Having to deal with creditors can be very stressful and frustrating, especially if you have a lot of debt and can't pay back what you owe. In this situation, you will definitely want to get along well with your creditors to show that you are eager to pay back your loans as soon as you can. This can also buy you more time to save up the money you need to pay your bills.
When you're having trouble with money and have missed a payment, the first thing you should do is tell your creditor what's going on and apologise for the missed payment. You shouldn't wait for them to come to you! Taking such steps shows your creditors that you are serious about meeting your financial obligations, not that you are trying to get out of them. You could also offer to pay the interest for now so that it doesn't keep adding up and get out of hand.
Your creditor might also be willing to give you a better interest rate that fits your current situation better. Make a simple plan for how you will talk to and deal with your creditors before you call them. You shouldn't talk to your creditors if you haven't made one or two payments when they were due without a good reason.
You should also write down the order in which you want to pay your bills. Make the fixed payments at the top of the list your first payments. Bills for things you need to live would come first, followed by spending on extra clothes, fun, and other things you don't have to pay for.
Different creditors handle late payments in different ways. If you don't pay within a certain amount of time, some might go straight to a third-party collector. You should think about how much better it would be to pay these bills first and maybe take your time with people who are more generous and understanding of your situation. Again, showing that you are honest and offering different ways to pay back your debt will go a long way toward getting a creditor to work with you instead of against you.
There are also different ways to get in touch with your creditors, but the best ways are by phone or even in person. You should first think about what you want to say and maybe even write down what you want to say so you don't forget the details. You will need to pay close attention to the person representing the creditor and write down anything that seems important. Don't rely on your memory alone when you have such a big meeting coming up. You could also risk asking the creditor what they can do if your payments are late again. It's better to talk about this possibility right away than when the time comes.
Also, when you talk to your creditor, you should be very patient and polite. They have the most "power," not you. When the conversation is over, you should send a letter right away to confirm what you talked about. This way, there is clarity and written proof if two people later have different memories.
These are just a few simple things you can do when you need help right away. The goal is to find different, more flexible ways to pay your debts, not to get out of them.
