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Consumers are able to request a one-time extension where in exchange for paying assessed interest and late fees, the consumer will be considered current and their due date pushed to the next month.

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Requirements

  • Balance greater than $500
  • No MOT processed in the past
  • Less than 2 prior ages/extensions
  • 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, consumer owes $15 in fees. In order to qualify, the past due payment amount must be greater than $115)
  • Next payment date is in the future
  • Total of payments posted must be greater than one monthly payment
  • Interest rate must be greater than 0%
  • Extensions must be allowed on Service and Assignment Setting
  • Loan must have a current statement
  • There must be interest or fees owed or the extension payment must be calculated by a supervisor/manager
  • Hardships have not been frozen

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Example

Joseph has a current balance of 650.00 that is now more than 30 days past due. His payment date is approaching and would like to ask for an extension. He has accumulated __% interest and owes __ in fees. Joseph has been informed that given the requirements of qualifying for an extension, he has been approved. He has not had an extension or age in the past year, has been given permission to ask for an extension and has not had his hardships frozen.