2007-01-12 09:22:13 · 14 answers · asked by Anonymous in Business & Finance ➔ Credit
Usually, your bill will state this amount. It will vary according to the total $$ amount involved & the normal time expected to finish payments.
One friend of mine pointed out that his father had said that if you couldn't make your regular payment, you should at least send $20, in order to let them know that you were serious about knocking the bill down a little. This will work OK for a utility bill, or credit card, but not at all for an auto loan or mortgage payment.
In my experience, you can get a little leniency from most creditors by letting them know IMMEDIATELY that you're anticipating a problem, how long you think it will last and how soon you can get back on track. They appreciate that a whole lot. They appreciate even more when you keep to that schedule. And they like it even better if you get back on track ahead of schedule.
Just paying the minimum balance due on a bill, like a credit card, is a great way to let the interest pile up on interest. It's virtually legalized loan-sharking.
2007-01-12 09:35:40 · answer #1 · answered by comicards 6 · 1⤊ 0⤋
Your contract should explain how much you are required to pay. If you pay anything less than that amount, you are technically in default. Legally you can be sued as soon as you are in default, even if you are only $1.00 behind. If you can't make the required payments, you should contact the creditor and work out payment arrangements. As long as they know you are doing your best, suing you would cost them more than the gained.
2007-01-12 19:46:13 · answer #2 · answered by STEVEN F 7 · 0⤊ 0⤋
It depends. You'll have to ask each creditor to help you work out a payment schedule. Best to do this before the debt is turned over to a collection agency.
2007-01-12 17:26:18 · answer #3 · answered by Dave 4 · 1⤊ 0⤋
It depends, how much do you owe? You may only need to pay $5 - $10 a month, but then again your creditor may have a bunch of people who owe far more than you do, so they'll leave you alone.
You may want to just talk to them. Or ...
http://www.too-many-debts.com/can+debt+management+credit+counseling+help+me.html
2007-01-12 19:33:55 · answer #4 · answered by Anonymous · 0⤊ 0⤋
on credit cards pay at least the minimum or the 75% interest thing kicks in pretty fast.
for most bills, I think $5 shows some effort to pay it
I think it pretty much takes 90 days before they actually shut things off, if you are really poor, sometimes they might help you
2007-01-12 17:29:29 · answer #5 · answered by kurticus1024 7 · 0⤊ 1⤋
Back in the 1950's it was $ 1.00 a month.I did that to a place that over charged us and we were too young to not get caught in it. But it took me about 4 years. Every single month i sent the check. It was so long ago, but i think they finely sent me a paid IN full statement. It was costing them more than it was worth in paperwork. Today's finance is diff. Check with a CPA. He will know. good luck
2007-01-12 17:29:00 · answer #6 · answered by swamp elf 5 · 0⤊ 2⤋
I've heard that it was $5 a month in Michigan, but that would not be credit cards. If a lender wants to give you more time they may allow additional time but charge you extra.
2007-01-12 17:27:53 · answer #7 · answered by lyyman 5 · 0⤊ 2⤋
The minimum payment due hahahaha that's what i would think
2007-01-12 17:31:15 · answer #8 · answered by Anonymous · 0⤊ 1⤋
Usually on your statements they say the minimum amount.
2007-01-12 17:27:57 · answer #9 · answered by getfit chick 4 · 0⤊ 1⤋
you have to at least pay the amount invoiced to not get in trouble.
2007-01-12 17:29:50 · answer #10 · answered by StonerChick 3 · 0⤊ 0⤋