If you find yourself a few months behind on payments, these are known as past dues. If you get too behind your creditor may want to take you to court to collect the money owed to them.
Payments may be 30, 60, even 90 days late. At this point you would have quite a bit of money to pay back. If you haven’t kept up on payments it can add up very quickly and then you are faced with a much bigger problem.
Past dues show up on a credit report each month they aren’t paid. It doesn’t matter if you were late on a $30 payment or a $10,000 payment, on a credit report the impact is the same. Credit reports let financial institutions know how risky of a client you will be.
In some cases you may have a to pay a large deposit to even get utilities turned on in your name because your credit score shows you haven’t been paying your bills. Past dues affect a credit report for quite some time even after all bills have been paid up to date.
If nothing is done to pay the debt over some time, the creditor may take you to court to collect the money. This ends up costing a whole lot more money. You will need a lawyer, time off work, judgments usually are repaid with interest and also affect your credit report negatively. It is best to settle the debt as soon as possible when faced with it to avoid paying extra fees and in turn the debt margin growing further.
At Cain and Daniels we can negotiate with your creditor to get the debt paid back, in a timely manner while still keeping your business up and running. We will keep you from ever seeing a courtroom and get your finances back on track. You will know the terms of our negotiation before you even hire us, so you will always be comfortable moving forward. Your business is our business.
You will always know your settlement amount before you hire us to represent you.