How to Stop Payment for a Period of Time

If you find you are no longer able to make payments on a debt or for a service -- even temporarily -- negotiate. In cases in which you are paying for luxuries such as monthly movie rentals, you have the option of canceling the service. But for more serious problems, such as not being able to pay an electricity bill or make a car payment, talk to someone about deferred payments.

Instructions

1

Call the company you want to stop making payments to. Speak to a representative and ask how she can work with you to skip a few payments and ask what other options you have. Be aware that lenders may not allow you to skip payments. However, they may reduce the amount of your minimum payments until you get back on your feet.

2

Write a formal letter to the company you want to stop making payments to. This letter should be typed and should include your name and contact information, your account number if you have one and a detailed explanation of why you need to stop making payments. Tell the company how many payments you plan to miss. It is important to write this letter before you miss any payments.

3

Stop using your credit cards. Cut them up and start paying for your living expenses in cash. Ask the credit card companies to work with you by deferring a payment or lowering your monthly payments.

4

Challenge the right of the company or creditor to be charging you if you are being unfairly charged. If a lender is trying to collect more money than you owe for an old loan, you can take the lender to court and get an official order saying you don't owe more money.