Plenty of companies have allowed customers to defer payments on everything from mortgages to credit cards to insurance for the past few months. Maybe you've been able to put payments on hold for 60, 90, or 120 days.
So, what do you do if you have to start making payments again, but you still can't pay?
Call your lenders, banks, and insurance companies to talk about your options
Your bank's coronavirus relief website may say relief is only available for a certain amount of time. But because the coronavirus is an unprecedented situation, numerous businesses are changing their guidelines over time. Others are working with customers on a case-by-case basis.
Prepare yourself for long wait times
Before you call, do a quick search online. You may find updated information, a specific form for requesting an extension, or a phone number specifically for deferrals.
You may have waited on hold for a painfully long time the first time you called about deferring payments. If you do call a company, be prepared for this to happen again.
Have your information ready when you call
When you paused payments a few months ago, did you receive a ticket number or write down the name of your customer service agent? Pull up any information you have about your deferred payments.
You should also have your original payment documentation handy. Be prepared with information such as your policy number or credit card number.
Related Content Module: More on managing money right now
