26 Jul What to do when you’re falling behind in bills
What to do when you’re falling behind on bills
A lot of people fall behind on their bills at some point, whether it be due to simply forgetting to pay or something more serious such as job loss or injury. Life happens. Businesses understand this and most are happy to work with you to ensure they get paid and you continue to use their service. Having a good outcome for both parties is in their best interests.
Here are the first steps you need to take:
1. Review your budget
Is your inability to pay bills budget related or something more serious? Or if you don’t have a budget, make one. This will help you understand where your funds are going. It will also give you insights into what actions may help put you back into surplus.
2. Contact your providers
Once you have completed your budget you will have an idea of what options can help your situation. This can be a tough phone call to have – however it needs to be done. There are many options you and your provider can look at; regular payment plan, downgrading services or they may even offer discounts so they are paid in full. Most providers have a hardship team which can assist you in working out alternatives.
3. Remain in contact
Providers will be willing to work with you so long as you remain in contact. If you start missing payments and are not communicating things will begin to escalate. This will then begin to impact on your credit rating.
The most important thing is to remain in contact, if you start missing payments and not communicating with them things will escalate and may begin to impact your credit rating.
A key part of this process is working through your budget. You can check out post on how to get started budgeting.
If you’re in this situation and not sure where to start contact BudgetNet on 1300 402 568 today to get back on track.