Putting the Brakes on Loan Payments: Debt Relief During COVID-19

| Apr 9, 2020 | Automobiles/Vehicles, COVID-19, Debt Collection |

 

Wondering what provisions your vehicle loan lender may have in place to help you during this COVID-19 pandemic?  Click here for a list of relief being offered by some of the major vehicle loan lenders.  If your lender is not on the list you should, if possible, visit your lender’s website for information on loan/payment relief.  Take the appropriate action and if you reach an agreement on relief be sure to try to get it in writing.  “In writing” means letter, fax, text, e-mail, etc……something you can show in the future if something goes awry.

If your relief agreement or workout involves you paying via check or money order, use the memo line of your payment to make any reference to “payment per agreement of X-XX-2020” or “paid per modification of X-XX-2020” or something similar.  If your payment is accepted and cashed or deposited you will have proof that the payment was made pursuant to the agreement you made with the lender.

Lenders of all types—mortgage, credit cards, retail store cards, personal loans, etc.–from all across the country are getting many calls from borrowers trying to get relief and concessions on payments and due dates.  If you are in need of some assistance contact your lender(s) as soon as practical.  Do not just fail to make payments without having contacted the lender; this puts you in a worse position for sure.  Be sure to explore all options you have to protect your finances during these challenging times.  This could included delaying mortgage payments for up to 12 months.

As a consumer protection lawyer I have an interest in seeing the rules of borrowing, lending, disclosure, and related items are adhered to and administered to correctly and fairly.  Please seek the assistance you need and reach out for help if you believe your rights are being violated.  Best wishes to you and yours and let’s make it through this together.