When paying back money you have borrowed, there are several mistakes that people have a tendency to make. The following is a list of the most common mistakes.
This is obvious, but it must be included. Late payments can hurt your credit rating and increase the amount of money you owe due to late fees and penalties. Although there may be times when you cannot make a payment on time, you should avoid doing so because of forgetfulness or other careless reasons.
Contact your lender if your payment is going to be late
If there is a financial emergency creating a situation wherein you will be late in making a loan payment, be sure to contact your lender in advance. Let them know to expect a late payment. Lack of communication with your lender can create additional problems. This is especially true if you have taken an unsecured loan with your bank.
Not including your account number on your cheque