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The terms of the consumer’s contract may be adjusted to allow for a more affordable monthly payment. For example, this could be adjusting a payment term from 12 months to 24 months.

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Requirements

  • Balance greater that $500
  • Total of payments posted must be greater than one monthly payment
  • Loan term is less that 48 months
  • No previous modification of terms
  • OTs must be allowed on Service and Assignment Settings
  • Loan must have a current statement
  • Hardshios have not been frozen for that contract
  • Disposable Income must be:
    • Less than the new payment amount +$300
    • Greater than -$1000
  • Calculation for disposable incorm
    • Income = Monthly Gross + Child Support + Social Security + Disability + Other Income
    • Expenses = Rent/Mortgage - Car Payment - Loans - Utilities - Credit Cards - Food - Other Expenses