The payment change date is an agreement that a lender and person who took out the loan comes to in order to change the due date of a loan’s payment each month.
Sometimes there are changes in a person’s circumstances that makes it necessary to change the due date of a loan each month. A person does have the option of approaching the lender and checking to see under what terms the due date of a bill can be changed.
For example, all of someone’s bills may be due at the same time each month and it is not possible for everything to get paid.
Another scenario that may come into effect is if a person only gets paid once a month and needs the loan payments to better align with his payment date.
Both of the previous circumstances may make it so the loan payments are hard to come up with at that date and a new date needs to be negotiated.
The terms for changing the payment due date vary with each lender. It is important to approach your lender and be very honest about your needs and your situation for options in helping you make your payments on time.