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Due Date Change: Consumers may be eligible to change their due date once during the life of their loan. After the due date has been changed it will take effect on the consumers next billing cycle.

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All Hardship Program Requirements

• The accountholder must have made at least one payment of the minimum amount due on their account and their remaining balance must be over $500.00. • Hardship Programs can be offered to account holders that qualify only once in a twelve-month period and no more than twice over the life of the account.

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Short Term Financial Hardship Options

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Extension:

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 with our Payment Due Date Extension Option. This option allows the consumer to address their temporary issue by removing/forgiving their delinquent status, accepting a reduced payment (unpaid assed interest and late fees along with a $20.00 processing fee).
  • If consumer is 30+ days past due they have to pay the interest and fees showing due on the account (extension payment)
  • If the account has a 0% APR then the extension amount must be calculated by a supervisor/manager.
  • Can be done on purchased and servicing accounts besides the client Serving IEC

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Consecutive Age:

In exchange for making the equivalent of 2 payments within 60 days, meaning the consumer can make two consecutive payments of the minimum amount due, a Consecutive Age can be granted to bring the consumer’s account current. This allows them to avoid additional penalties and skip to the next billing cycle, when applicable.
  • Consumer must have made 2 payments within 60 days prior to day of hardship or on the day of hardship
  • Account must still have a past due balance for 30+ days after payments above have been processed
  • Can be done on purchased and servicing accounts besides the client Servicing IEC

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Long-Term Financial Hardship Options

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Modification of Terms: (MOT)

The terms of the consumer’s loan may be adjusted to allow for a more affordable monthly payment. E.g. Change a 12 month to a 24-month term. *Requirements: *
  • An initial payment the day the term modification is completed.
  • Accountholder must provide consent to setup on autopay for any remaining payments.
  • Accountholder must be greater than 75 days past due.
  • MOT cannot extend past 48 months and if a contract originated with a term of 48 months or more, it is not eligible for a MOT.
  • If a MOT’s is in place, the accountholder is ineligible for additional Short-Term Financial Hardship Programs.
  • Payment is required on the day the hardship is processed.
  • Consumer must be on auto-debit.
  • Purchased accounts are required to be approved by management.
  • Servicing accounts do not have to be past due for MOT’s
  • Can be done on purchased and servicing accounts besides the client Servicing IEC