Avoiding a 30-day Late Payment

[ladybug72]

Hello,

I'm looking for some advice about a late payment. I made a payment to my student loan. I didn't find out until after it was 30 days late that the bank didn't honor the payment even though the payment was initiated before the 30 days. This has happened before when my bank put a stop pay on my account which impacted other payments, but it didn't go past the 30 days. My question is this: should I contact the student loan company now to see if they would not report it as late since I'm never late on my payments or should I wait until it posts to see what they do? I've had a perfect record with them for years, and I don't want to mess it up.

[RobertEG]

I would call before it reports.

It's usually easier not to do something than it is to undo something.

[Anonymous]

Also, in most cases an account isn't reported as 30 days late until you are 60 days past the original payment due date. So, depending on when your due date is, you may still have time to rectify the situation and make a payment if you are still within the 60 day time period. 

Why does your bank put stops on your payments?

[RobertEG]

A late becomes reportable to a CRA once it reaches 30 days past the billing due date.

[Anonymous]

Yes, that is true. However, I have yet to have a creditor ever report a 30 day late until after an account hits the 60 day mark. That being said, it is always a better idea to take care of it before it hits 30 days if possible. 

[Anonymous]

Is it a Federal or Private student loan and who is it with?  Many federal loans will not report 30 day lates (I have loans with 2 different servicers and neither reports until 60-90 days late).  A quick call would let you know if they will report or not!

[ladybug72]

It is a federal loan. I have a good record with them and no 30 day lates, so I'm hoping they will take that into consideration.

[takeshi74]

Make sure you're carefully monitoring your accounts including your bank accounts to avoid this sort of thing.