Missing a loan payment can happen, but quick action can often reduce the risk of incurring fees and other negative consequences.
- Act Quickly: Make the overdue payment as soon as possible and immediately contact us, as you servicer, to discuss the situation.
- Late Fees: You may be charged a late fee in addition to your missed payment. Your loan documents explain whether and when a late fee may be charged, and in what amount. If you incur a late fee, be prepared to pay any late fees that apply.
- Credit Reporting: If your payment becomes significantly past due, we, as your servicer, may report the delinquency to the credit reporting agencies, consistent with applicable law and your credit reporting rights. Payments late by 30+ days can be reported to credit bureaus.
- Missed Multiple Payments: If you have more than one missed payments, contact us immediately to discuss your repayment options.
Call us right away at (888) 226-8929 to discuss your options for catching up and avoiding further issues.
