Introduction
There can be some consequences when you are not able to pay a loan or a bill. This happens often especially when times are tough and the economy is struggling. People sometimes get behind on debt that they owe. There can be resources to help out those who are in need of a loan or bill needing paid. Sometimes the full bill or loan will get paid while other times only partial help is available. It is always best to do your part to pay what is owed. It is also important to keep full communication open with the people or company that you owe money to.
History
When a loan or bill goes into default there are several things that can happen. If it is 30 days or more late then it can get reported to the credit bureau and damage your credit score. The later the bill or loan the more damaging it can be to your credit. Other consequences to not being able to pay a bill is that it can be shut off. If it is an electric bill or phone bill for example then your service can be discontinued until you can pay it. There may be a reconnection fee and an additional deposit if you would like to have this service in the future. If you have a car loan or a house loan that you are late on and cannot pay then you can possibly lose your car to repossession or your home to foreclosure. This would be worst case scenario.
Features
Depending on your circumstances of why you cannot pay your bill or loan, you may be able to get assistance that you do not have to pay back. This assistance can come from several places including government help. You will have to apply for this help. Some companies will work out a lower monthly payment for you so you can get caught up. You can also try to get financial help through the state, a charity, or even a church. There isn't always assistance available but if you call around you can find out what help is available to help you pay your bill or loan. You need to consider all of your options so you can choose which is best for situation.
Tips and comments
Call around to churches, charities, and local shelters or groups that may help with a certain loan or bill. Many times help is available especially for a utility bill that needs to be paid.
Call the company and keep the communication open. Often times as long as you are up front and contact them often and let them know what is going on, they will work with you. It is never good to just avoid them. Do not ignore their calls or the mail they send you. Communication is very important and often key to getting the problem solved.
Try to cut out all unnecessary bill and loan that you may have that you can do without. Pay what you owe on the bill and try to sell what you have a loan for. This will help you from getting behind on things you really need.
