Different bills to pay12/29/2023 You can contact HUD to connect with an approved counseling agency. The United States Department of Housing and Urban Development (HUD) also has programs available to homeowners struggling with their mortgage payments. If a lender agrees to modify your loan, they adjust your interest rate or otherwise make changes to lower your monthly payment. Your lender can review your options, such as forbearance or loan modification, with you.ĭuring forbearance, you stop making payments on your loan, but interest continues to accrue. Many mortgage lenders have programs in place to help homeowners who are facing financial hardship. When money is really tight and you’re not sure you can pull together enough to make a payment one month, the best thing to do is talk to your landlord or lender. Keeping up with your housing payments is a must if you want to stay in your home. If you fall behind on rent, your landlord can evict you.Įven though the foreclosure or eviction process can take months, it’s not something you want to risk happening. If you fall behind on mortgage payments, you risk having the lender foreclose on your home. Last on the list are bills that can ding your credit history, but not much else, if you fall behind on them.Īlthough you can make some adjustments to the order you pay bills based on your circumstances, it’s usually best to focus on paying your housing bills first, then paying what you can with the money you have remaining. For $79 (or just $1.52 per week), join more than 1 million members and don't miss their upcoming stock picks. It becomes a burden on the payer if the bill is not drawn by the payee.Motley Fool Stock Advisor recommendations have an average return of 397%.The payer is bound to pay fine in case he fails to make a payment on time.Payment can be made early using a bill of exchange in case of urgency. Services can be used on credit and can be paid later using the bill of exchange.Bill of exchange contains all the important information about the payment such as the name of the payer and the payee, amount of payment, the date of payment, and the conditions of payment, etc.Builds trust between the seller and the buyer.A useful mode of payment in international transactions.There are several pros of using a bill of exchange, along with a few disadvantages. (Click here to learn about different types of bill of exchange). A bill of exchange is usually used in the international business transactions where two unknown parties are getting involved in a business deal. It contains the order of transfer of money to a specific person on a predetermined date in the future. Telegraphic Transfer or Mail TransferĪ bill of exchange is a legal document. More chances of fraudulent cases as cheques might get rejected by the bank due to insufficient balance in the payer’s bank account.Not all merchants accept cheques as a mode of payment, which can cause a problem if you are in an unknown country.Not convenient for merchants and individuals who make several days to day transactions.The payer can cancel the payment until payee has presented the cheque to the bank.A cheque is crossed, which reduces the chances of payment to the wrong person.This mode of payment also has different pros and cons. There are different types of cheques, such as Bearer Cheque, Crossed cheque, Stale cheque, Order Cheque, Open Cheque, Self Cheque, Post-dated cheque, Banker’s cheque, etc. A checkbook is given to a person when he opens an account in a bank. The cheque is considered one of the safest mode of payment as one does not have to carry a large sum of money all around. This mode of payment has both pros as well as cons. People in day-to-day transactions frequently use this mode of payment.įor example, when a child buys an ice-cream in exchange for one dollar note or when you buy vegetables from a roadside market by paying them in cash. The buyer makes the decided amount of payment using currency notes or coins to the seller to receive goods and services produced by the seller and as an acknowledgment seller provides a valid receipt of the bill. This mode of payment has been used by the traders since ancient times, and this mode of payment is still preferred by old age or less technology-savvy people. This is the simplest and commonly used mode of payment all around the world. Cons of Using telegraphic transfer or mail transfer.Pros of using telegraphic transfer or mail transfer.
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