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In exchange for making the equivalent of 2 payments within 60 days, a Consecutive Age can be granted to bring the consumer’s account current.

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Requirements

  • Balance greater that $500
  • No MOT processed in the past
  • Less than 2 prior ages/extenstions
  • No age or extension in the past year
  • Consumer must be past due more than 1 payment minus any fees remaining (e.g. payment amount is 100,consumerowes100, consumer owes 15 in fees. In order to qualify, the past due payment amount must be greateer than $115)
  • Next payment date is in the future
  • 2 monthly payments posted in the last 60 days
  • Consecutive Ages must be allowed on Service and Assignment Setting
  • Loan must have a current statement
  • Hardships have not been frozen on that contract