What we found was that creditors were impressed that we were willing to come to them with the problem. In fact, as I remember, our mortgage company allowed us to skip two months. Naturally the interest kept accumulating, but they didn't hit us with any late fees or penalties. I was surprised how nice they were about the whole thing. Whatever you do, don't let that car loan go delinquent.
Most car loans allow the creditor to repossess the car when only one payment is missed.
Bob was bothered by the fact that they had recently been refused a new credit card. As a matter of fact, he was mad. That's just the opportunity you need. John explained that if you're turned down for credit, insurance or employment because of a negative credit report you're allowed a free copy of that report as long as you request it within 30 days of being turned down. By law, a credit bureau must remove inaccurate information.