Contact creditors as soon as you have trouble making payments. Many creditors will try to work with you if they think you are trying to pay your debt. They may put together a better payment schedule for you. You can ask them to:
- stop charging you interest,
- not increase your interest rate,
- and not charge you late fees.
If do not own anything you can sell to pay the debt, tell the creditor. If you only have protected assets and your income is execution proof, tell the creditor. You can use the sample letter in our forms and letters section to write to the creditor. If you cannot afford to make payments, you do not have to agree to make payments. Do not allow the creditor to pressure you into paying something that you cannot afford.