Life can throw curveballs, and we understand that sometimes financial stress can make it hard to keep up with payments. If you’re worried about becoming delinquent or falling behind, Livble is here to support you. However, it’s important to understand the distinction between late installment payments and having an outstanding balance after the month ends, as each has different implications.
Late Installment Payments Within Your Split-Rent Month
If you’ve set up an installment plan with Livble to split your rent but find yourself struggling to keep up with your payment schedule during the month, the key is to act quickly.
Stay in Touch:
If you anticipate missing an installment, reach out to our support team as soon as possible. Quick communication can help us work with you to reschedule your payment due date before it becomes overdue, reducing the chances of further complications.
Impact of Late Payments:
If you miss a payment but pay it off quickly before the end of the split-rent month, you may still be able to avoid major disruptions. Late payments may affect your ability to schedule future rent splits, but timely action greatly reduces this risk. It’s important to settle any overdue amounts within the month, as carrying a balance into the next month will lead to delinquency, which has more severe consequences.
Outstanding Balance After the Month Ends (Delinquency)
If your installment plan is not fully paid by the end of the month in which you split rent, your situation becomes more severe, and this is where the delinquent status comes into play.
What It Means:
When you carry an outstanding balance into the next month, your account is flagged as delinquent. In most cases, this means you will no longer be able to use Livble for future rent splits. Additionally, late fees may apply, and your delinquency will be reported to credit bureaus, negatively impacting your credit score.
Consequences:
Delinquency can result in additional late fees and could impact your overall financial standing with Livble. Importantly, your late payments and delinquent status will be reported to credit bureaus, affecting your credit rating and making it more difficult to secure financial services in the future.
Communication is Key:
If you find yourself approaching delinquency, it’s critical to contact our support team immediately. While we’ll review your case and explore potential solutions, please note that restoring access to Livble's services may not be possible after your account reaches delinquent status. Furthermore, prompt communication may help mitigate further damage to your credit.
What's Next?
We believe in supporting our users, especially through tough financial times. Here’s what we recommend if you’re facing financial stress:
Proactive Communication:
The sooner you reach out to our support team, the better. We’ll work with you to explore options before your account becomes delinquent.
Understanding Your Situation:
Every case is different, and while we cannot guarantee that every user will be able to continue using Livble, we’re committed to offering solutions when possible.