It is important to understand that even the most careful and punctual payers can experience delays in their payments for one reason or another. It is as unpleasing to the companies who are on the receiving end to wait for their payments, as it is to the customers who are fully aware that they are indebted. Fortunately, most companies agree to make exceptions and remove additional charges while creating a payment arrangement so as not to lose their clients and recover the amount, respectively. This article gives guidance on how to request a reconsideration of payment for a bill that cannot be paid for on time.
Be Proactive
Do not wait until your services are disconnected or you are being chased around by debt collectors. If you begin to suspect that you will not be able to meet a payment on time, contact your creditors beforehand to try to justify your inactivity. This also indicates that you are willing to restore integrity to the situation. It is for this reason that most organizations prefer dealing with clients directly as opposed to forwarding their accounts to a collection agency.
As you may have noted, I have arrived late for this meeting, and below are the reasons why I am late:
As much as possible, give sound explanations as to why the payment will be made later than the expected time. It does help when, whether because of some unforeseen ailment or other, the family is suddenly thrown back on its resources, or one loses a job, or there are other problems, good and clear communication can be so beneficial. If possible, back the explanation up with documentation or other sources of evidence.
For instance, “I have recently been laid off and waiting for unemployment benefits to commence; once I start receiving these, I shall ensure I clear this bill. In the interim, do you have any hardship payment schemes in place?” This demonstrates that you are not a deadbeat; instead, you are struggling with personal circumstances beyond your control.
Ask About Hardship Programs
Some of the services that companies and organizations offer include payment relief, which may entail deferred or reduced payment plans from credit card companies, utility companies, mortgage companies, healthcare providers, and more. Ask whether there is a possibility of having a hardship deferment, a change in the payment timeline, a partial amnesty on the interest, or completely excused late payment fees.
Certain programs need proof that you truly receive unemployment, disability, or other public assistance. Tell your client you will need to submit proof that you meet the requirements for the loan. Ensure the creditors know you aren’t trying to evade paying them permanently, but are requesting more time till you can stabilize and repay them.
Suggest a Payment Plan
Even if the company does not have an official policy for hardship programs, you may suggest that payments can be made in regular, but smaller, amounts. Depending on your potential for savings, try to calculate what you can realistically spend each month, whether it is 50 or 100 dollars. This enables you to discharge the billing balance because the next due date ensures that no new penalties are added until you stabilize financially.
You can say, “I am willing to accept responsibility for this payment and would like to offer six monthly installments of $75 each to clear the balance what do you think of this proposal for my company?” Make it sound as if you are in it together and you are ready to offer the compromise.
Take Accountability
This means that even if you have had financial constraints that made you pay at the wrong time, do not make any excuses. For instance, if you want to tell them you failed to accomplish something that you were supposed to do, you should say ‘I messed up or I made a mistake,’ and then you should say that you will rectify this as soon as possible. Holding the firm accountable and practicing self-blame helps the representatives become more open to the idea of waiving the fee or coming up with a different payback arrangement.
Offer Payment Today
Furthermore, in case you can afford a payment plan for the future, try to pay something immediately – even $20 toward the late balance is very helpful. This shows some action being taken rather than requesting the company to allow more time before being paid totally. When any amount is paid in advance, then such a business is likely to be more flexible and agree to drop charges due to late payment.
Be Polite and Appreciative
It is advisable to always avoid aggression even when dealing with difficult financial situations in which you’re speaking with customer service representatives. Understand that there are legitimate business reasons for policies concerning payment that is made after the due date. Thank the staff for their time spent discussing the options on the table, and if any of the staff members had to take time off from work for any form of hardship assistance, then thank them and appreciate their efforts. More willingness on the side of the client to repay in cash or through flexible charges due to the kindness and understanding displayed.
Follow Up Promptly
If the first call or email is in an attempt to negotiate for mercy on the days and/or possibility of an installment plan, then the follow-up should be made the next business day as the agreed plan is implemented. This is to remind the client/employer of the terms and conditions agreed, upon and freely demonstrate that you have promptly worked on it by sending an emailed confirmation or a confirmation letter. If at the end of the next steps, there are some documents to submit or the first payment to be made, do it immediately. Since follow through shows commitment to follow through when handling the situation.
Overdue payments give a stressful feeling but the only thing that is worse than owing someone money is leaving that problem unaddressed. Businesses know that there are times when a customer is unable to pay his bills and as long as the customer is honest about the situation and takes responsibility for their obligations, most businesses will not come down hard on the customer. If you learn to approach the late payment situations honestly and with a plan, proposing a feasible way to make up for the fee, you can often get the fee waived and establish an alternative way of repayment. In this way, it can be stated that due to the electronic billing and good cooperation of both parties, overdue billing problems do not have to greatly affect productive business relations.
Call now for expert credit repair services: (888) 803-7889
Read More:
Is paying someone to fix your credit worth it?
Can you recover from a 500-credit score?
Who is the best credit repair?
How much will it cost to fix my credit?
How long does it take to rebuild credit from 500 to 700?
