There may be several reasons you may be unable to make payments on your camper financing loan. With an increase in the cost of living, retrenchments at work and recessions in the economy, it is more common than you may realise. It can be unexpected, embarrassing and even cause you immense stress as you try to make ends meet to pay off your debts.
Not knowing what to do can lead to you making more financial mistakes. But with this informative article, you can learn about what you should do.
Do A Deep-Dive
Evaluating your finances can provide clarity on what your situation is exactly. By listing out all your debt, you can easily distinguish where your shortfalls are. It is important to be as honest as possible to ensure you have realistic numbers to work on when you draw up your budget. It is also worth having a look at your credit score and determining where you fall in line with this.
Speak To Your Financial Provider
People forgo speaking to their lenders until it’s too late, but reaching out as soon as you realise you have a problem can be important. You can share your current finances to allow your lender an opportunity to reassess your loan terms. While it is doubtful that any financial provider will be lenient and let you simply not pay, you may be offered additional loan months to pay off your debt.
After speaking to your lender, it is important to evaluate your options. Do not make any decisions hastily. But if you realise that the additional loan months will not help you long-term, then you need to suggest a renegotiation with your lender. Based on your credit score, you may be able to ask for a decreased interest rate to help you lower your repayments over time.
In these types of situations, you may not know what the best course of action is. And the thought of seeing your camper van repossessed due to non-payment on your loan can be both shameful and distressing.
At iCREDIT, we are in the business of helping you achieve your goals and may be more understanding than you realise. Speak to us to learn more about our camper financing options and other solutions.