Get Good Credit - Phone
Give Us A Call Today!
(877) 212-2450

How to Manage Your Loans

Posted by on Friday, June 30th, 2023 in Blogs
How to Manage Your Loans - Get Good Credit

Having multiple lines of credit and loans can be a headache to organize. Sometimes life can get in the way and people can have a hard time remembering to pay their loans or manage them properly. It’s imperative to manage your credit and loans efficiently to avoid any hassle, late payments, or any other detrimental effects of having an installment account. 

It’s important to note the difference between an unsecured and a secured loan. Secured loans or debts are connected to an asset of some kind. A car loan is tied to the car itself. A mortgage is connected to the property and house. When secured loans are not paid, lenders are legally allowed to foreclose upon your personal property or repossess your car if the loans are not paid. Unsecured loans are not connected to any asset or property, including credit card debt, utility bills, and personal loans.

How to Manage Your Loans

Car Loans

The major problem comes in when loans become derogatory or delinquent through missed payments. When it comes to car loans, the lender is legally allowed to repossess the car without your knowledge or consent since the car does not technically belong to you. This can be troublesome because the lender may demand that you pay off the rest of the loan and any storage and service fees to get your car back. If you’re unable to pay back the loan, then the lender can sell off the car and recoup any losses. 

There are several ways to avoid any sort of catastrophe when it comes to delinquency. One method includes simply asking the lender to restructure the payment plan, so you can pay it off on your schedule and current income. It does not hurt to ask. Most lenders will help out if you have been a good borrower and never missed a payment; however, they may change the terms in the long run and you might end up paying more than the original loan amount. But this allows you to keep your car, so you can continue working to earn an income. 

Another solution is to sell the car outright and pay off the remaining loan amount. If you believe you can live without your car by using public transportation or get a car of lesser value, then it might be prudent to sell off your car to get some cash in hand. Getting an older, less desirable car without ice-cold air conditioning may be the sacrifice you might have to make if you need a vehicle to work. It’s better than having no transportation at all.

Home Mortgages

Home Mortgages

Home mortgages can be a several-decade-long commitment that can bog you down if you have a sudden change of circumstances or income. If you begin to fall behind on your mortgage, it’s important to contact your lender immediately to avoid losing your home and having a foreclosure on your hands. Most mortgage lenders will work with you if they believe you’re acting in good faith as unpredictable events and disasters do happen throughout people’s lives. If you have been a good borrower for most of the loan, the lending company will work with you to get your payments on track. 

Lenders may temporarily suspend or reduce payments amount to allow you to get a handle on your financial situation. These companies understand that people may go through transitory phases in their customers’ lives, so it is important to contact your lender if you are in a situation where you would otherwise be unable to pay. However, keep in mind that lenders are not going to outright give you a free ride, so when you do get back on track, you may have to pay a little more to make up for any suspended payments. 

As a last resort, you may also want to contact a housing counseling agency that may help you negotiate on your behalf or help you set a budget with the lender to get back on your feet. Foreclosures tend to affect the whole neighborhood and community, not just the person living on the property. A lot of local agencies and housing authorities are willing to help in these situations to avoid letting the neighborhood “go bad.” So it is always worth a shot to contact a housing counseling agency or even the local Department of Housing and Urban Development in your city or county for assistance.

If you believe that you have a low credit score, you should pull your credit report and examine what exactly is giving you a bad score. Contact us at Fix Your Credit Consulting for a FREE consultation. Call (877) 212-2450 for more information. We will be more than happy to answer any questions you may have about your credit history and score.

We also invite you to click on the following link to Interest: Is a Debt Consolidation Loan the Best Choice?

We also invite you to click on the following link to see our reviews on yelp.

Get Good Credit - Yelp

  •   Ok so I've been holding off writing this review for about 7 months. And as you can see by the 5 stars I left I'm beyond happy with the services this company provided me. I was skeptical at 1st even though they had stellar reviews (which is why I chose them) but there's always that thing in the back of my mind of "well they probably won't be able to help me though, I will be that exception they cant fix". Needless to say they absolutely crushed getting EVERY collection I had off my report!!! I had about 5 grand worth of stuff on there that they managed to make disappear like magic. My credit has shot up over 150 points! I cannot say enough good things about them. I even referred my coworker to them after and they sent me a $50 referral check back! If you're looking to clean up your credit, don't wait, call these superstars and get on your way to feeling confident about your credit again. I feel like a huge weight has been lifted off my shoulders and I'm so grateful. Thank you fix your credit!!!

    thumb Rob ..
  •   I worked with Mia and Said for over a year, I believe. They were beneficial and responsive. Although we were not successful with all of my accounts, they still helped me raise my credit by about 100 points. So I stand satisfied. I recommend them. Not to mention there prices are very competitive. Thank you all.

    thumb Alex G.
  •   I called this place about 3 months when I decided it was time to fix my credit.   I spoke with Mia, she walked me thought the whole process in a 5 minute phone conversation.  It was simple enough so I decided to pull the trigger and signed up.  Its only been 3 months and already they have removed negative items and improved my score significantly.   I strongly recommend to give them a call as soon as possible, I waited too long and I wish I would have called sooner. I will update in a few months with the final results.

    thumb Ivan A.
  •   These guys are legit and professional at what they do and very quick as well very responsive and knowledgeable and they will do everything they can on your behalf

    thumb Edward N.

Customer Reviews