I am working with an organization for debt settlement. Can I request them to stop making the payments for a few months? Will I be able to continue with the program if I do so?
Actually, this depends on the
company you're working with. I understand that due to Covid-19 outbreak,
maybe you're facing a financial crunch. Do one thing. Inform the debt
settlement company beforehand, See, what they tell you. Tell them your
problem. See, they can't start the negotiation process unless you have
saved a certain amount in the trust account. So, ask them if they can
wait. However, keep one thing in mind, if you stop making payments, the
process will be delayed. The program may even be canceled. However,
given the current situation, may be the settlement company can do
something. I don't know.
The CFPB or Consumer Financial Protection Bureau has answered your
question on their website.
They said if you are unable to make payments of your debt settlement due
to coronavirus, you have a cent percent right to stop making payments
for now.
Just, call them and request them by stating your plea. That’s
enough.
And Yes! You can again restart the program after a few months.
Hi Simmi! In this case, you
have to talk to the debt settlement company. You can discuss about the
financial hardship you are going through due to the outbreak of
COVID-19. Hopefully, they will understand this unforeseen situation and
act accordingly.
Sub: #1 posted on Thu, 04/30/2020 - 21:32
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Sub: #2 posted on Fri, 05/01/2020 - 02:05
Industry Expert
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The CFPB or Consumer Financial Protection Bureau has answered your question on their website.
They said if you are unable to make payments of your debt settlement due to coronavirus, you have a cent percent right to stop making payments for now.
Just, call them and request them by stating your plea. That’s enough.
And Yes! You can again restart the program after a few months.
Sub: #3 posted on Fri, 05/01/2020 - 02:58
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Sub: #4 posted on Fri, 05/01/2020 - 04:21
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Sub: #5 posted on Thu, 05/07/2020 - 06:21
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Sub: #6 posted on Sat, 05/09/2020 - 10:39
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