Over the past few months, creditors have been making some pretty generous statements to debtors about deferments, payment holidays, and forbearance. Usually, these things come in the form of a verbal assurance, given on a phone call from a debtor reaching out for help in the pandemic, and are not reduced to writing, not even an email.
Unless you get lucky, and your creditor actually does what they say they would do, you may be stuck once the creditor’s corporate masters decide that it is time to flip the switch and go collect the money. This is because you have a written contract with them. Even if it was only a click by which you signed the contract, State and Federal laws still make those written contracts binding.
So, watch your accounts. Make sure a creditor does what they said they will do. Send them a letter confirming your conversation so there is no confusion later on. Keep copies of everything. Consult an insolvency specialist if the promises turn out to be empty.
This article is written by an attorney at Attorney Donald Wyatt PC. Always consult an attorney before making any legal decisions. To make an appointment today, please click here to contact us.