The Tool Desk
Outbyte Driver Updater FREEScan for outdated or missing drivers - takes under a minuteDriver Scan →Outbyte PC Repair FREEClear out junk files and repair common Windows errorsFree Scan →If job loss means you can’t make a loan or credit card payment, contact each lender or servicer promptly—ideally before the due date—and ask what hardship options are available. First work out what you can realistically pay after essential expenses, then get any proposed change and its consequences in writing. A missed or stopped automatic payment does not, by itself, change what you owe.
1. Work out what you can afford before calling
Make a short-term cash-flow picture before promising a payment. Include available funds and expected income, such as unemployment benefits, severance, savings, and household contributions. Benefits depend on your circumstances and generally do not replace all lost income, so avoid budgeting as if they will fully cover your former paycheck. The CFPB’s job-loss guidance recommends taking stock of household finances, while its credit-card guidance says to determine what you can afford before contacting the card company.
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- List essential expenses, including housing, utilities, food, insurance, and transportation.
- For every debt, record the lender or servicer, balance if known, minimum payment, due date, and any automatic withdrawal.
- Identify the amount you can actually pay and when you might be able to resume regular payments.
A bill calendar or budget can help you see which due dates fall before your next income arrives.
2. Contact each creditor and ask for specific terms
For a credit card, the CFPB says to contact the company immediately if you cannot pay the minimum. For other loans, tell the servicer that your employment and income have changed, ask what hardship options exist, and ask what documents it needs. Explain why the current payment is unaffordable, what you can pay, and when your circumstances may change. Do not assume that an informal conversation changes your contract or that every lender offers the same options.
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Use questions that make the terms concrete:
- Is there a hardship or loss-mitigation option for my account?
- Can the payment, interest rate, fee, or due date be changed temporarily?
- If payments are paused or reduced, will interest continue, and how will skipped amounts be handled?
- Will the account be closed or restricted? How will the arrangement and payments be reported?
- What must I pay, by what date, and how should I make that payment?
- Can you send the agreement in writing, and whom should I contact if it is not reflected correctly?
Compare any offer by payment amount and duration, interest, fees, treatment of missed amounts, total repayment cost, account access, credit reporting, eligibility requirements, and documentation. A lower payment now may affect the balance or cost later; ask the lender to explain the effect on your particular account.
3. Protect cash flow if a payment is automatic
If an automatic withdrawal may hit an account without enough funds, contact your bank and the lender or servicer quickly. The CFPB warns that automatic payments can lead to overdraft fees and advises consumers to contact their financial institution or lenders when a payment may be missed. Confirm both sides of the issue: how to stop or change a debit, if appropriate, and what arrangement applies to the debt. Stopping a debit does not cancel the payment obligation or create a hardship plan.
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4. Check options for the kind of loan you have
Federal and private student loans
For federal student loans, some borrowers may qualify for income-driven repayment based on income and family size. Ask your servicer about current options and eligibility, and check current federal program requirements with the Department of Education. For private student loans, contact the servicer and ask what it offers; federal program terms should not be assumed to apply.
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Auto loans
Ask the lender about hardship options. If you already have a debt cancellation or suspension add-on, review its actual coverage, exclusions, cost, and claim process. These are optional products, and the CFPB cautions that they may not provide value for every borrower. See the CFPB’s explanation of auto-loan debt cancellation and suspension products.
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- User-Friendly Layout - The budget planner features a user-friendly layout designed for easy navigation and organization. Each month, you'll find dedicated budget pages where you can set financial goals, track your income, and plan your expenses. Additional sections include debt trackers, savings goals, bill payment trackers, and more, making it simple to stay on top of your finances.
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- Reliable and Convenient Design - Our monthly budget planner is designed for your convenience and built to last. The elastic band keeps everything securely in place, and the dual-sided pocket provides extra storage. Experience a budget planner that combines practicality and durability.
- Master Budgeting with Ease - Our financial planner includes a complete guidebook that provides valuable insights and instructions for optimal usage. From setting financial goals to tracking expenses, this guidebook offers step-by-step guidance and practical tips. Whether you're new to budgeting or an experienced user, this resource will help you make the most of your budget planner, empowering you to achieve financial success.
Mortgages
Contact the mortgage servicer promptly and ask about loss-mitigation options. The CFPB says possibilities may include forbearance, refinancing, or modification, but eligibility and consequences depend on the loan and your situation. Ask how any option affects payment timing, interest, missed amounts, and the balance.
Payday loans
Contact the lender and ask about an extended repayment plan or other options. Availability can depend on state law or lender policy; the CFPB’s payday-loan guidance describes this route.
5. Be wary of debt-relief promises
Be cautious with for-profit debt-relief firms. Warning signs include guarantees that debts will disappear, instructions to stop paying minimums, pressure to stop communicating with your card company, or requests for advance fees. The CFPB says a settlement company cannot collect fees before it settles or resolves the debt. If you consider credit counseling, ask in advance whether there is a fee, how much it is, and which services it covers. The CFPB’s credit-card guidance explains these warning signs.
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Write down the date of each call, the representative’s name or ID, the terms offered, and any payment confirmation number. Save letters, emails, and statements. The CFPB has warned that hardship arrangements may not appear correctly on credit reports, so check account statements and credit reports after an arrangement begins. If information is wrong, contact the creditor and the credit reporting company; for a financial-product issue, you can also submit a complaint to the CFPB. The older CFPB discussion of hardship arrangements and credit reporting is available in its credit-card debt article; the terms and reporting for your account should be confirmed with the creditor.
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