Centra Blog

Increasing your Financial IQ

So you missed a payment? We can help!

Sometimes life happens and you miss a payment. We’ve all been there before! Don’t panic, though. We have some helpful steps you should take in the event you have or think you’ll miss a payment.

The first thing you should do is check your digital banking. If you’re not set up for digital banking, call our Contact Center at 800-232-3642. They’ll help you devise a plan to bring your loan balance current.

If you don’t call the Contact Center, you’ll receive an email notice when your payment is 10 days past due and a late notice in the mail when your payment is 16 or more days past due. Your monthly statement will also show that no payment has been made on the loan or card. If you think you may have missed a payment, but didn’t receive a letter or statement showing the missed payment, please call us as soon as possible. You could also visit your nearest Centra location to speak with a Team Member about the current state of your loan or card balance.

In the case that you’ve missed a payment, you’ll receive a late fee after 16 days, but the late payment will not affect your credit score for 30 days after the due date. At Centra, we try to give you plenty of time to make your payment before we report it to the credit bureaus, which could take a while to reverse. Remember, interest is calculated daily, so as your payment gets later and later, the amount you pay in interest will increase. The best thing you can do when you realize you have missed a payment is to bring your account current as soon as possible. That means you pay the overdue balance as quickly as you can and try to catch up on the current payment before it becomes past due.

If you know ahead of time that you won’t be able to make a loan payment on time, Centra can help. If you have a payment coming up soon and you know you won’t be able to pay because of a unique circumstance, get in touch with a Contact Center representative or stop in to your nearest Centra location. We may be able to allow you to skip a payment for a small fee or change the due date of the payment.

Missing a payment is not the end of the world, especially if you reach out to us right away to make a plan for payment. Remember, you can protect yourself from late payments by setting up automatic transfers to pay your Centra loan(s). That way you won’t even have to think about it!

Consider these options for preventing a late payment in the future:

  • Create a budget for yourself so you don’t have to worry about whether you have the money to pay your bills.
  • Set up automatic transfers in digital banking so you don’t ever have to worry about missing a payment.
  • Add payment reminders to your calendar.

If you have questions about where to start or how to set up these features in digital banking, visit your nearest Centra location or call us at 800-232-3642, and a Team Member will be happy to help!