Exiting short-term payment relief? Let’s talk about long-term modification
If you’ve been in a short-term payment relief program, you’ll need to start making payments again when your relief expires. If you can’t resume your regular payments, we can work with you to see if a loan modification is possible.
For closed-end term loans, such as auto loans, a loan modification is a change made to the terms of your existing loan agreement. It may involve a reduction in the interest rate, an extension of the length of time for repayment, a different type of loan, or any combination of the three.
Loan modification generally requires you to have some form of income, even if it’s less than when you originally applied for your loan. There are other qualifications and eligibility requirements, so not all clients will qualify.
For open-ended accounts, such as credit cards, we have programs to help you manage your outstanding balance if you’ve already used short-term assistance. These programs require that your card is closed to future purchases, if approved, and are available for personal or small business credit card accounts.
Both types of programs generally require you to have some form of income, even if it’s less than when you originally applied for your account. There are other qualifications and eligibility requirements, so not all clients will qualify.
