Here’s how my situation started:

I was having pains in my side.  Now I’m a retired police sergeant, so I know how important it is to deal with pain right away, right?  Yeah, right!

Well, after a couple of months letting the pain get worse, I finally went to see a bone (Orthopedic) doctor, who referred me back to my regular doctor after he couldn’t find anything in my bones.  I’ve been having tests, but that’s not the point. The point is that the pain got bad enough that I couldn’t work. So now I’ve been at home for almost 2 months.

I haven’t had mortgage money or credit card money coming in.  So I dutifully called each company I owed money, and guess what I found out?  Apparently, the economy is affecting them, too!  Go figure!

I won’t tell you the company that surprised me first.  Ok, American Express!  I have 3 of their cards.  I told them I couldn’t pay them what I owe.  Their first response was to offer me a PAYMENT PLAN!  It turns out it’s now a standard part of their services, but unless you ask, they don’t tell you!  I won’t give you details, mainly because the details would show my total lack of financial organization (I’m getting better!).  They cut my interest rate on all cards from 29% to 9%, and eliminated late fees.  I’m on a year-long plan during which time my 3 accounts are suspended.  But here’s the thing…my LATE FEES alone cover the monthly payments I agreed to make for the year!

So I called 4 other credit card companies, and they all have plans like this!  I’m now in position to pay all without going to credit card jail!  )

I also fell behind on my mortgage by a couple of months.  My mortgage company has a Mortgage Modification Plan (Free!) that reduces my monthly payments and puts the payments I owe on the end of the loan.  This is because I have a Fannie Mae Loan.  But again, I had to ask.  I made myself sound like I was in bad health and desperate financial shape.  It wasn’t hard since it was so true!

SO:  If you’re having trouble making credit card or loan payments, CALL the companies!!  The way things are for most people right now, you have a GREAT chance of getting the companies to work with you!  Just make sure to stick to the plan you set up.