I am no longer working due to COVID-19 and don't have the income to live on and meet my payments. If I miss some loan payments, how will this affect my credit? Will I be charged late fees?
The Office of Credit Unions is encouraging credit unions to be understanding during this time and work with members seriously affected by COVID-19 related developments, including temporary business closures, slowdowns, or sickness. However, before skipping payments or otherwise operating in a manner that differs from the terms of a loan, contact your credit union to determine its flexibility during this time.
- Immediately contact your creditors if you do not think you can pay your bills or make credit card or loan payments on time. Paying your debts late or not at all can result in penalties, interest charges, and damage to your credit score. Your creditors may work with you toward a solution, but it is important to contact them as soon as possible and explain your situation.
- If you have additional concerns or a complaint with a business such as a financial institution or an insurance company, be proactive. First, contact the firm directly. If that does not produce the desired results, you may contact the appropriate federal or state regulatory agency for help or guidance.