Postponed Payment Plan
The concept of postponed payment plan refers to an arrangement wherein a person can postpone payments of bills or dues payment until a later stated date in the future. This concept is often used by individuals unable to make full payments for a variety of reasons. Reasons for needing a postponement of payments could range from the need for additional cash flow to the desire to delay expenses until after a major event such as a wedding, graduation or other milestones.
There are various options available to those looking to postpone their payments. The first and most common is to negotiate with the creditor or credit card company to allow for a few extra days or weeks of payment before the due date. Depending on the terms of the individual’s contract and any other agreements made with the creditor, there may be a fee associated with this delay. Furthermore, some creditors will not allow for the deferment of payments at all.
Another option available is to obtain a postponement of payments from a third party lender such as a bank or financial institution. This third party lender will often provide short term loans to make up the difference between what is owed and what can be paid when taking into account the individual’s current financial situation. These short term loans may come with interest rates, fees and other conditions.
Yet another alternative to postpone payments is to make use of credit cards or other forms of alternative financing. These will often provide an option for temporarily deferring payments until the individual’s financial situation has improved. The terms and conditions of these options will depend on the company providing them and will also vary from one alternative lender to another.
Lastly, there are various organizations that specialize in providing assistance to those looking to postpone payments. These organizations, such as the National Foundation for Credit Counseling, can provide individuals with the resources, advice, and assistance they need to improve their current financial situation, while working to postpone payments in the process. These organizations can also provide access to valuable services such a debt consolidation and debt management plans.
These are just a few of the options available to those looking to postpone payments. It is important to remember that postponing payments, or any other action taken to manage one’s financial situation, does not necessarily erase the debt, and can create long term financial complications. It is important to take the time to fully investigate and understand all the options available, before making a decision.
