Debt Relief

[zhandfull]

So the wife is out of work now for who knows how long.

Thought this thread might be helpful if members post up any first hand experiences with debt relief.

Thinking about calling the mortgage company to see if they are going to offer any type of payment holiday for individuals affected over this crisis.

There has got to be more than a few people concerned with paying bills, rents, mortgages and car payments during a period of limited or no work.

I think My family can endure the shit storm either way. But help from a creditor, especially early on would go along way to assuring survival through to the other side of this mess.

So if you get help from a creditor let’s hear about it. Maybe the ones that help individuals can be rewarded by the community with additional business when this is all over.

 

[BONER]

I'm not out of work but I fully intend on exploiting this situation. Just got my Car Payment deferred for 120 days, working on the Mortgage and IRS Payments tomorrow.

I heard this morning, that Bank of America was deferring Mortgage Payments for 90 days.

 

[Riverfamlee]

My Son and his wife both were let go yesterday. He worked for a LA radio station and she was a Manager for the Ontario convention center. Both were told by their employers to file for unemployment. Probably going to see a lot more of this as business's try and stay a float. Hopefully the rebound is quick once this shit passes.

 

[DrunkenSailor]

So the wife is out of work now for who knows how long?

Thought this thread might be helpful if members post up any first hand experiences with debt relief.

Thinking about calling the mortgage company to see if they are going to offer any type of payment holiday for individuals affected over this crisis.

There has got to be more than a few people concerned with paying bills, rents, mortgages and car payments during a period of limited or no work.

I think My family can endure the shit storm either way. But help from a creditor, especially early on would go along way to assuring survival through to the other side of this mess.

So if you get help from a creditor let’s hear about it. Maybe the ones that help individuals can be rewarded by the community with additional business when this is all over.

Call your servicer. You want to ask for a forbearance plan. These typically come in 90 or 180 day terms. With the forbearance your payments will be deferred for a period of time. At the end of the forbearance you will be put on a repayment plan. These typically double your normal monthly payment for a 6 month period. If you cannot swing it request a modification and that will allow you to roll the unpaid interest into the upb and extend the term. Feel free to PM me if you need any help.

 

[DrunkenSailor]

I should probably add that I am in no way an attorney and anything posted above should not constitute legal advise it is merely a suggestion. Just a guy with 15 years in the industry.

 

[gqchris]

I'm not out of work but I fully intend on exploiting this situation. Just got my Car Payment deferred for 120 days, working on the Mortgage and IRS Payments tomorrow.

I heard this morning, that Bank of America was deferring Mortgage Payments for 90 days.

Keep me posted on the IRS Boner. I would like to do the same. How did you manage this?

 

[LakeMead Boater]

I have a few options for business owners looking to get through this as well.

1. If you have an SBA loan, check with your bank that processed it. Most are offering a deferment program for 3 months.
2. The EDD is offering assistance with those who are having their hours cut. We cut hours by approximately 20-30% at both of my locations and I recommended that all of my employees sign up for unemployment. The EDD is waiving the 1 week waiting period and you do not have to be looking for a job since this (hopefully) a temporary solution.

 

[Wendi]

I have called all my creditors, as well as my mortgage company (Wells Fargo) and they have all deferred by payments 60-90 days. It is worth a call. And they are waiving all interest and late fees during that period.

 

[WildHorses24]

Keep me posted on the IRS Boner. I would like to do the same. How did you manage this?

IRS is a 90 extension for payments but NOT filing. Deadline for filing is still 3/15 & 4/15.

A lot of good info in the thread for those not as lucky as some of us to stay open. I will also say anyone with State Farm Insurance can extend their payment by 30 days and will be spread over the next 3 months. I’d bet other companies are following suit, so add your insurance company to that call list.


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[gqchris]

UPDATES: this is from Payoff.com if anyone uses them to consolidate their cards. I actually have been happy with them the two years I have had a loan. Used the online Chat Feature.

+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
We are currently offering a skip-a-payment option to our members that have been impacted by COVID-19. This will skip one payment and apply that bill to the end of your loan; extending the term of your loan an additional month. Would that be a helpful solution? With your confirmation, we can make that change for you right away to provide some immediate relief.

 

[gqchris]

IRS is a 90 extension for payments but NOT filing. Deadline for filing is still 3/15 & 4/15.

A lot of good info in the thread for those not as lucky as some of us to stay open. I will also say anyone with State Farm Insurance can extend their payment by 30 days and while be spread over the next 3 months. I’d bet other companies are following suit, so add your insurance company to that call list.


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Awesome. When I mention IRS im hoping for my current payment plan to be deferred for a few months. Good call on State Farm.

 

[BONER]

Keep me posted on the IRS Boner. I would like to do the same. How did you manage this?

The Car Note was a cinch. I logged into my Account to get their Phone Number, and there were already Alerts setup regarding COVID-19. A few Mouse clicks and it gave me options to defer for 30 / 60 / 90 / 120 Days. I naturally selected 120. That was that. My Lender is Ally Auto.

I then called my Mortgage Company and they're already set up online to deal with this, atleast so the recording said. So I went online, logged into my Account and did the Financial Spreadsheet or whatever. When I clicked "Submit", nothing happened. So going to call them tomorrow.

I spent about 45 min on the IRS Website. I know I've chatted with them via Live Chat before, but I couldn't find it this go round. Tried calling, sat on hold for about 15 min and got disconnected. I've read in multiple places that the IRS is going to defer payments for 90 days. I just need to get ahold of somebody. I've played this Game before with them, and it literally took 2-3 hours every time I called. I'm sure it's going to be worse as I'm sure millions of Americans are trying to do the same thing I am.

I'll definitely post results but I have a feeling I'm going to get alot of relief, as easy as the Car Note was handled. And with BofA already saying they're suspending Mortgage Payments, I can only imagine other Mortgage Companies will follow suit.

 

[BONER]

Awesome. When I mention IRS im hoping for my current payment plan to be deferred for a few months. Good call on State Farm.

I've also heard, but have not verified that we have until July 15 to file. AGAIN, I HAVEN'T VERIFIED THIS YET.

 

[WildHorses24]

Awesome. When I mention IRS im hoping for my current payment plan to be deferred for a few months. Good call on State Farm.

Got it...
CPA sent me the IRS notice and it states the relief only applies to 2019 income tax payments and estimated 2020 taxable year due on 4/15


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[gqchris]

Guys just an FYI also if your'e paid Biweekly, Next month you can stretch out to 3 pay periods if needed. I get paid today, and the next pay periods are 4/3, 4/17 and 5/1. So you can use that 5/1 for mortgage and bank an extra check. Just a thought to help us.

 

[Riverfamlee]

So add my daughter to list, she just got moved from FT to PT. Usually the reason for that is to cut pay and not have to pay for benies which sucks given the situation.

Coronavirus the gift that keeps on giving

 

[dougiebear111]

Wife called Pennymac got no deferment service offered at this time., GM financial said you have to be delinquent before they will even consider any type of deferment.

 

[EBT531]

I see a bunch of people delaying payments. If you have the funds, aren't you just adding time until its paid off? Or do these people truly need the few months of delayed payments to get by?

 

[Boozer]

If you’re not broke I’d wait a little longer on the mortgage deal. There’s talk that Freddie, Fannie and the FHA will soon be offering a 12 month waiver for payments, interest and PMI. I’d hate to work something out directly with the lender now, only to find out it disqualified me from being able to work something even better out mandated by the feds a week or two later.


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[Instigator]

I'm not out of work but I fully intend on exploiting this situation. Just got my Car Payment deferred for 120 days, working on the Mortgage and IRS Payments tomorrow.

I heard this morning, that Bank of America was deferring Mortgage Payments for 90 days.

Gotta ask, Interest free or is it deferred only with compounded interest?

 

[gqchris]

I see a bunch of people delaying payments. If you have the funds, aren't you just adding time until its paid off? Or do these people truly need the few months of delayed payments to get by?

I personally am trying to get as much Capital liquid to float myself and employees over whatever hump lays ahead. I have already had clients start telling me Im not getting paid, so there it is. They are doing the same thing.

If this blows over and was all a false alarm, so be it. But with business lines of credit getting pulled as we speak, id rather defer payments then BK my business.

 

[Boozer]

The Car Note was a cinch. I logged into my Account to get their Phone Number, and there were already Alerts setup regarding COVID-19. A few Mouse clicks and it gave me options to defer for 30 / 60 / 90 / 120 Days. I naturally selected 120. That was that. My Lender is Ally Auto.

I then called my Mortgage Company and they're already set up online to deal with this, atleast so the recording said. So I went online, logged into my Account and did the Financial Spreadsheet or whatever. When I clicked "Submit", nothing happened. So going to call them tomorrow.

I spent about 45 min on the IRS Website. I know I've chatted with them via Live Chat before, but I couldn't find it this go round. Tried calling, sat on hold for about 15 min and got disconnected. I've read in multiple places that the IRS is going to defer payments for 90 days. I just need to get ahold of somebody. I've played this Game before with them, and it literally took 2-3 hours every time I called. I'm sure it's going to be worse as I'm sure millions of Americans are trying to do the same thing I am.

I'll definitely post results but I have a feeling I'm going to get alot of relief, as easy as the Car Note was handled. And with BofA already saying they're suspending Mortgage Payments, I can only imagine other Mortgage Companies will follow suit.

Been on hold with Capital One for almost an hour for one of the cars. Their website is worthless and doesn’t offer any advice.

I’m going to be pissed if I spend several hours on the phone only to be told I I can defer payments but the interest still accumulates. I’m sure a lot of people will go that route but it’s going to kill any if not all the equity they have in their vehicles and set their payoff date back much more than the few months they were allowed to defer.


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[Motoxxxloak]

I deferred everything I’ve called in so far.
Chase is only deferring credit payments for March until further notice but indicated they would likely extend that to March.

My wife’s car is with bank of the west and we deferred that two months as that was their max.

My truck is thru Alaska federal. I had been meaning to refi as I have equity in it and wanted to lower my payment. Took all of literally 5 min to refi with them, lowered the payment $200, dropped the interest rate down 1% and only extended the term 6 months (all I cared about was lower payment, I’m not keeping it that much longer anyways). They also let me defer it til May so, two birds one stone.

My wife has 4 sources of income, all of which have completely stopped. I can float is but not for long. Deferring was just a way for me to save some money for boat parts really.


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[Riverryder]

Wife called Pennymac got no deferment service offered at this time., GM financial said you have to be delinquent before they will even consider any type of deferment.

Bullshit!


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[ChumpChange]

I had a client that took a “settled for less than owed” offer from Wells Fargo back in the day. Wells called him so he took the offer. This was when they were hurting for liquidity.

approximately eight years later he is applying for a commercial loan with them and ends up being declined due to the fact that he short changed the bank even though they made the offer.

 

[Fastdadtsmith]

Been on hold with Capital One for almost an hour for one of the cars. Their website is worthless and doesn’t offer any advice.

I’m going to be pissed if I spend several hours on the phone only to be told I I can defer payments but the interest still accumulates. I’m sure a lot of people will go that route but it’s going to kill any if not all the equity they have in their vehicles and set their payoff date back much more than the few months they were allowed to defer.


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I called Capital One today and was told no deferred program, tomorrow I will have a late fee, and if not paid by Thursday my interest could go from 7.99 to 30.49. Nice little FU!

 

[BONER]

Gotta ask, Interest free or is it deferred only with compounded interest?

I'm finding out every Lender is different.

 

[Boozer]

I called Capital One today and was told no deferred program, tomorrow I will have a late fee, and if not paid by Thursday my interest could go from 7.99 to 30.49. Nice little FU!

Is that on auto loan or a credit card?

After sitting on hold for almost two hours my kid grabbed my phone and hung up!!


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[Fastdadtsmith]

Is that on auto loan or a credit card?

After sitting on hold for almost two hours my kid grabbed my phone and hung up!!


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I believe it's officially a credit card. Tied to a RZR, but all the statement references is "card ending in XXXX".

 

[Bobby V]

I had a client that took a “settled for less than owed” offer from Wells Fargo back in the day. Wells called him so he took the offer. This was when they were hurting for liquidity.

approximately eight years later he is applying for a commercial loan with them and ends up being declined due to the fact that he short changed the bank even though they made the offer.

Just curious CC. Last night I transferred some $$$ from my line of credit to my savings as a temporary emergency fund. Wells Fargo shows that the $$$ is in my savings but doesn’t show that there now is a balance due on my line of credit. Usually when I transfer $$$ it shows by the next morning. Wondering if WF is limiting transfers for line of credits?

 

[RCDave]

Just curious CC. Last night I transferred some $$$ from my line of credit to my savings as a temporary emergency fund. Wells Fargo shows that the $$$ is in my savings but doesn’t show that there now is a balance due on my line of credit. Usually when I transfer $$$ it shows by the next morning. Wondering if WF is limiting transfers for line of credits?

That sounds like perfection. Bit it won't last

 

[wet hull]

American Express rocks. They differed for 2 billing cycles, no interest, no late fees and all rewards points remain valid. That's a big relief as I owe $50k this month and not getting paid by some customers for awhile. They actually thanked me for staying on board with them for last 16 years. Small victory!!

 

[gqchris]

American Express rocks. They differed for 2 billing cycles, no interest, no late fees and all rewards points remain valid. That's a big relief as I owe $50k this month and not getting paid by some customers for awhile. They actually thanked me for staying on board with them for last 16 years. Small victory!!

Damn I just sent in my months 10k payment to them thinking they wouldnt budge. But thats better news to hear.

 

[wet hull]

Damn I just sent in my months 10k payment to them thinking they wouldnt budge. But thats better news to hear.

Well at least it's not due later

 

[Bobby V]

That sounds like perfection. Bit it won't last

Not sure what this means? What won't last.

 

[RCDave]

Not sure what this means? What won't last.

Found cash borrowed that you don't owe......

 

[Bobby V]

Found cash borrowed that you don't owe......

Sorry if that's how you read it or maybe I wrote my post wrong. Never meant to say that I wouldn't owe anything. There was a thread yesterday about the credit cards and banks possibly shutting down line of credits and credit card limits. Just curious why its not showing on the balance owed. Maybe the transfer won't go thru.

 

[RCDave]

Sorry if that's how you read it or maybe I wrote my post wrong. Never meant to say that I wouldn't owe anything. There was a thread yesterday about the credit cards and banks possibly shutting down line of credits and credit card limits. Just curious why its not showing on the balance owed. Maybe the transfer won't go thru.

Sarcasm.... most bank systems are live related to operations and deposit balances. Loan system balances are usually a day behind

 

[ChumpChange]

Just curious CC. Last night I transferred some $$$ from my line of credit to my savings as a temporary emergency fund. Wells Fargo shows that the $$$ is in my savings but doesn’t show that there now is a balance due on my line of credit. Usually when I transfer $$$ it shows by the next morning. Wondering if WF is limiting transfers for line of credits?

Just a timing issue. It will square up.

 

[gqchris]

Just a timing issue. It will square up.

Off topic but my ex one morning woke up and looked at her bank account. It had a deposit for 19k$ and no other info. She never had more than 200$ in her account. I told her to call bank and dont spend because it was mistake. Well long story short, she spent it and Ill be damed they never came looking for it. I was like WTF.

 

[dougiebear111]

Bullshit!


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why would I make that up.

Bullshit!


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Why would I make that up??? Just passing on the experience we had when we called.

 

[FCT]

Wife called Pennymac got no deferment service offered at this time., GM financial said you have to be delinquent before they will even consider any type of deferment.

I have PennyMac as well and they told me they are working on a program but it will be about 2 weeks before it’s in place.

 

[Tom Slick]

Just wanted to let you guys that have Bank of America mortgages, the deferment process is very simple and straight forward. Just contact the customer service number that is located on your monthly statement and ask to speak to customer service. If you are current on your mortgage you will qualify for the monthly deferment option. There are no penalties, no credit check or credit reporting. Interest does accrue and is tacked onto the end of your loan. The interest is not compounded. The are allowing you to defer on a month by month basis. So if you defer this month and want to defer the next, you will need to contact them each month.

My wife and I decided to defer this month in order to keep as much money in our back account as possible. Hoping that this Chinese Virus stuff becomes just a bad memory in the not to distanct future and we will go back to business as usual. For now knowing that we can at least defer our mortgage payment by choice each month adds a little bit of mental reassurance.

 

[Duck'ed_Up]

I deferred everything I’ve called in so far.
Chase is only deferring credit payments for March until further notice but indicated they would likely extend that to March.

My wife’s car is with bank of the west and we deferred that two months as that was their max.

My truck is thru Alaska federal. I had been meaning to refi as I have equity in it and wanted to lower my payment. Took all of literally 5 min to refi with them, lowered the payment $200, dropped the interest rate down 1% and only extended the term 6 months (all I cared about was lower payment, I’m not keeping it that much longer anyways). They also let me defer it til May so, two birds one stone.

My wife has 4 sources of income, all of which have completely stopped. I can float is but not for long. Deferring was just a way for me to save some money for boat parts really.


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Lmfao


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[BONER]

I went online with my Mortgage Company to see what they're offering. All they're doing is 90 day Forbearance. I signed up anyway, and waiting for a response.

I can pay my Mortgage, but if I can hold on to that money instead of it going out, I'm all in. In 90 days, we should have a better idea of where things are headed.

Allstate gave me a 60 deferment on my Auto / Home Insurance.

Haven't called any Credit Card Companies as I don't have any Balances. But I'm curious to see what they start doing, if anything.

 

[BONER]

Has anybody had any contact with the IRS in this Thread? I haven't tried reaching back out yet, myself.

I do know that Tax Day is officially moved to July 15:

2019 tax deadline - Google Search

I haven't even filed yet, because I know I owe.

 

[DC-88]

Has anybody had any contact with the IRS in this Thread? I haven't tried reaching back out yet, myself.

I do know that Tax Day is officially moved to July 15:

2019 tax deadline - Google Search

I haven't even filed yet, because I know I owe.

My CPA just sent me everything to docusign, and said the best route is to file by the normal date, and then the amount owed ( I owe a bunch also) can be paid by July 15th either in one chunk or in smaller payments.

 

[Boozer]

I just got off the phone with Chase. They deferred 3 months of car payments with no interest or late fees.

Our other car note is with Capitol One. Right now they will do their traditional deferral, interest accrues through the deferral period so it’s not worth doing if you don’t have to do it.


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[Riverryder]

I just got off the phone with Chase. They deferred 3 months of car payments with no interest or late fees.

Our other car note is with Capitol One. Right now they will do their traditional deferral, interest accrues through the deferral period so it’s not worth doing if you don’t have to do it.


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Who’d you call for chase? Kids mom was on the phone today for 4 hours and no dice!


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[Boozer]

I called the auto finance customer service line. I called them Monday and spent 3 hours on hold only to get hung up on. Called last night a a little after 7 Denver time and got right through.


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