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Corona 😭

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Contributor

Corona 😭

As businesses are shut down and pay checks eventually coming to a screeching halt, unfortunately the bills won't. Do any of you think there will be a possibility that creditors will waive late payment fees and/or suspend payments on credit card bills, car notes, mortgage or loans ? 





Message 1 of 10
9 REPLIES 9
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Valued Contributor

Re: Corona 😭

I know they are proposing canceling evictions in New York City. 

 

There could be other measures implemented, too.

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Message 2 of 10
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Regular Contributor

Re: Corona 😭

The Apple Card is allowing people to postpone March payments. I haven't heard of any other banks doing anything similar as yet. I am of the mind to get more credit now so I have a utilitization cushion in place once banks start tightening up on lending.

Message 3 of 10
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Regular Contributor

Re: Corona 😭

I'm pretty sure most lending institutions have contingency plans in place for different scenarios during this crisis that includes waiving late fees and payments, but we are in uncharted waters right now. It's anybody guess on where all of this ends up. 


@Termain wrote:

As businesses are shut down and pay checks eventually coming to a screeching halt, unfortunately the bills won't. Do any of you think there will be a possibility that creditors will waive late payment fees and/or suspend payments on credit card bills, car notes, mortgage or loans ? 



@Termain wrote:

As businesses are shut down and pay checks eventually coming to a screeching halt, unfortunately the bills won't. Do any of you think there will be a possibility that creditors will waive late payment fees and/or suspend payments on credit card bills, car notes, mortgage or loans ? 


 

Message 4 of 10
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Community Leader
Senior Contributor

Re: Corona 😭

This economy is going to the crapper real fast.

 

My son and DIL and my hubby all work in bar/restaurants jobs which are shutting down for undetermined amount of time.  The town announced all utlilities postponed and no shut offs. well thats great but your bills are just going to get bigger while you are out of work.

 

Unfortunately my son lives paycheck to paycheck no vacation time and we can help a little but not too much. This is going to wipe so many out not only health wise but more so financially....................................

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Message 5 of 10
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Senior Contributor

Re: Corona 😭


@Jnbmom 

Hey Sistah!Heart




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Message 6 of 10
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Frequent Contributor

Re: Corona 😭

I'm a banker and porfolio manager..  We're going to defer payments for anybody who asks. Not just delay... but defer to the back of their loans with no penalty.

Message 7 of 10
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Valued Contributor

Re: Corona 😭


@Jnbmom wrote:

This economy is going to the crapper real fast.

 

My son and DIL and my hubby all work in bar/restaurants jobs which are shutting down for undetermined amount of time.  The town announced all utlilities postponed and no shut offs. well thats great but your bills are just going to get bigger while you are out of work.

 

Unfortunately my son lives paycheck to paycheck no vacation time and we can help a little but not too much. This is going to wipe so many out not only health wise but more so financially....................................


I think this will be worse than 2008.

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Message 8 of 10
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Frequent Contributor

Re: Corona 😭

As of now, our local elec provider has extended our winter no shut off (Live in upper WI, cannot shut utilities off in winter). There is a petition to get it where our mortgages, rent and other utilities cannot be shut off with no forclosures or evictions. Not sure if that will go anywhere. Esp landlords as some of them rely on the rent to cover their own bills. 






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Message 9 of 10
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Senior Contributor

Re: Corona 😭


@Scuderia wrote:

I'm a banker and porfolio manager..  We're going to defer payments for anybody who asks. Not just delay... but defer to the back of their loans with no penalty.


+100




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