What Happens If I Can’t Pay My Bills (1284)

Having trouble paying your bills?

Contact the creditor before debt payment is due. If you know you will not be able to make the full payment, let the creditor know before the bill becomes past-due. Creditors are much more cooperative at this point.

Offer the creditor some alternatives, such as partial payment, deferring the payment until you can pay the full amount, or refinancing.

If you choose to ignore your creditors, a number of things may happen, depending on the creditor’s policies and accounting procedures. Some creditors take action against late payments if you are a few days late. Others do not send late notices until you are at least 30 days late.

If you get 60 days behind, you generally will receive another request for payment. At the end of 60 days, some creditors will turn the debt over to an attorney or collection agency to collect the late payment. If a creditor turns your account over to an attorney, expect an additional cost in fees.

For more information on this subject, Please visit the College of Agricultural Sciences Publications Web site.

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