Depending on the level of your financial difficulties, your creditors may be willing to do one or more of the following things to assist you, assuming you make the effort and show good faith in contacting them to discuss your situation:
- Reduce your interest rate.
- Reduce your monthly minimum payment.
- Waive extra finance charges and late fees.
- Allow you to skip one or more monthly payments (and extend the length of the loan).
- Close the account and allow you to make affordable payments to slowly reduce the outstanding balance over time.
- Close the account and accept a settlement for less than the amount you actually owe.
- Allow you to refinance the loan at a lower interest rate and/or for a longer term to reduce your monthly payments.
