More Time
It appears the government is doing something to address the consumer’s need for help in paying back their credit card debt.
The major credit card issuers have pledged to give card users an additional 30 days to get their affairs sorted, with the possibility of an additional 30 days; so 60 days in total.
This means that the credit card companies will suspend their collection efforts for 30 days if a debtor is in discussion with a not-for-profit debt advisory agency; there is the option of suspending their collection efforts an additional 30 days, if the agency the debtor is using can demonstrate that there is progress being made.
I am unsure how or what they mean by demonstrate progress, but it reasons that if the agency can show they are working on a repayment scheme with the debtor, it should qualify.
For many people this reprieve of the relentless phone calls and collection notices will be a relief and hopefully remove much of the stress associated with being in debt. I hope it prompts more people to contact agencies for help. If a repayment scheme cannot be worked out, it will give the debtor a chance to consider other options such as bankruptcy and allow them the time to get a petition filed. Once a bankruptcy petition is filed and you are made bankrupt, the creditors are to cease their collection efforts as well.
This is a good time of year for this type of thing to occur, as people are busy with the holidays and many turn their backs on their debts and finances. The reality of matters is that it doesn’t matter what time of the year it is, you need to get the debt situation sorted. And just because the banks and card issuers are going to hold off their collection efforts for a period of time, it is only if you are in contact and working with an agency to do this.
So if you are one of those that feels they are drowning in debt and struggling, make the call or email, and get the process started; that way Christmas and time with family may be less stressful not worrying about the phone ringing or the notices in the post.
The major credit card issuers have pledged to give card users an additional 30 days to get their affairs sorted, with the possibility of an additional 30 days; so 60 days in total.
This means that the credit card companies will suspend their collection efforts for 30 days if a debtor is in discussion with a not-for-profit debt advisory agency; there is the option of suspending their collection efforts an additional 30 days, if the agency the debtor is using can demonstrate that there is progress being made.
I am unsure how or what they mean by demonstrate progress, but it reasons that if the agency can show they are working on a repayment scheme with the debtor, it should qualify.
For many people this reprieve of the relentless phone calls and collection notices will be a relief and hopefully remove much of the stress associated with being in debt. I hope it prompts more people to contact agencies for help. If a repayment scheme cannot be worked out, it will give the debtor a chance to consider other options such as bankruptcy and allow them the time to get a petition filed. Once a bankruptcy petition is filed and you are made bankrupt, the creditors are to cease their collection efforts as well.
This is a good time of year for this type of thing to occur, as people are busy with the holidays and many turn their backs on their debts and finances. The reality of matters is that it doesn’t matter what time of the year it is, you need to get the debt situation sorted. And just because the banks and card issuers are going to hold off their collection efforts for a period of time, it is only if you are in contact and working with an agency to do this.
So if you are one of those that feels they are drowning in debt and struggling, make the call or email, and get the process started; that way Christmas and time with family may be less stressful not worrying about the phone ringing or the notices in the post.
