The cost-of-living crisis is still affecting many of us; inflation may be decreasing, but the cost of everyday items aren’t! In fact, prices seem to be at an all-time high with no sign of them reducing.
One in five people in Ireland are struggling with money, and if you are feeling the pinch or miss a payment, the first thing to do is not panic. Missing a payment can happen to anyone.
Maybe you forgot, your direct debit has failed, or you didn’t have enough money at the time. The most important thing is to address the issue quickly.
How do you do this? Contact your creditors – if your car finance is with LM Operations, you can do so here. In this call, we can look at many options, such as a payment holiday or when you can pay. If you have the funds available, contact us and make the payment as soon as possible. Opening the line of communication is vital, as the longer you leave it, the more chance your credit score can be affected.
Just remember, if this is you, don’t worry—you are not alone. What matters is fixing the problem and making sure it doesn’t happen again.
Let’s look at why payments get missed and what to do next in more detail.
I Am Too Scared To Call, What Happens Next?
What Is a Missed Payment?
A missed payment happens when a payment you were supposed to make hasn’t been paid. This can happen for a lot of reasons. Here are some of the most common ones:
- Not enough money in your account: This is the most common reason people miss payments.
- Forgetting the payment date: Life gets busy, and it’s easy to forget when payments are due
- Forgetting to make payment: as silly as it sounds, people often forget to make a payment when they are required to do so! They know when a payment is due, but life gets in the way, and making a call or logging on to an online account slips their mind, or simply, you do not know what date it is and suddenly a payment is late!
- Forgetting about the bill: We are all juggling multiple subscriptions and bills. That’s why it is often easier to set up a direct debit payment each month, so that you do not need to remember, just make sure money is available.
- Direct Debit has failed: This might not have been set up correctly, or there was a banking issue.
No matter the reason, it’s important to act fast if this happens to you.
What To Do Next
If you miss a payment, the first step is to check your account balance. Can you make a payment now, or do you need time?
Either way, the next step is to reach out to the company you owe money to. If you cannot pay, lots of companies can help by giving you extra time to pay or changing the payment schedule. They may even offer a payment holiday or look at other options. However, the sooner you contact them, the more options you’ll have.
At LM Operations, we’re here to help. You can contact us by email at collections@lmoperations.ie or call us at 01695 0698.
If you need extra help with money problems, the Money Advice and Budgeting Service (MABS) is a free service in Ireland. They can help with:
- Free advice on managing your money
- A financial health check
- A budgeting tool to plan your spending
- Support to deal with debts
How We Can Help You
This call might seem intimidating, but it is not. Our team are friendly and trained to look at your situation to find the best way to help. Some of the things we might offer include:
- Setting up a new payment plan that works better for you
- Delaying your payment or giving you a payment break
- Changing the date your payments are due to make them easier to manage
It’s very important to get in touch as soon as possible
I Am Too Scared To Call, What Happens Next?
We will try to contact you; it’s not to yell at you, but to chat about what’s going on and how we can help
If we can’t reach you, your account may go into default. This means you are officially behind on payments, and it could lower your credit score. A low credit score can make it harder to borrow money in the future, so it’s best to fix the problem quickly.
What If You’re Feeling Stressed?
Missing a payment can be stressful, but you’re not alone. These things happen to lots of people.
Take a deep breath and focus on what you can do to solve the problem. We’re here to support you, so don’t wait to reach out.
Conclusion
Sometimes, the unexpected happens, and a payment gets missed. The important thing is to act fast and find a solution. Contact us at 01695 0698 or email us at collections@lmoperations.ie, and we’ll help you get back on track. Remember, missing a payment isn’t the end of the world—it’s something that can be fixed.