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As someone who works for a finance company, I just want to point out a few things about consumer entitlement.
1. If you have a line of credit with a company, unless your contract specifically has an Act of God clause in it, they are not legally or contractually obligated to help you when you can’t make payments because of a pandemic, natural disaster, etc.
2. Please be mindful that you are not entitled to any assistance. Any assistance that is proffered should be appreciated. Understand that companies are regulated and cannot legally just do whatever you expect them to do to help you.
3. Avoid, “what is your company doing to help me?” Or “So your company isn’t going to help me.” And “Well other companies are doing.....” Tone matters. Also the company you have a contract with does not operate the same as their competitors and are not required to do so.
4. Understand the full status of your account with the company before asking for help. If you were in default before the pandemic, understand the company most likely will be limited in what they can do to assist you and you should have been calling before the pandemic for help.
4a. If you are current, chances are you don’t want your credit to be impacted. Companies understand the importance of these things and they understand how the interest on the line of credit you have works so allow them to give you the info you need to make an informed decision.
4b. If you recently received help, be cognizant that getting help again could be a limitation that the company has to abide by which will in turn not give them the opportunity to help you right away. Gotta ride that out and charge it to the game.
5. Please don’t call into your company and tell them that your baby mama sis-in-law cousin Tracey told you what your company did for her and you want the same thing. No two accounts are alike. See 4 (A&B) on how to act accordingly.
6. You catch more flies with honey. Understand the person you speaking to does not make any decisions how the company handles the pandemic. They are merely the messengers. Don’t be rude to them because they are advising you what’s been passed down to them. Don’t be trash.
7. Understand that if there was something the company could do that would help all of their customers during this time, they would do it. It makes more sense for them to do it to keep their customers. Regulations stop companies from doing a lot of things, even during a pandemic.
8. Unless you have documentation in writing that the terms of your contract have been changed by the company you have a line of credit with, “no interest” does not exist on payments deffered or extended to the end of a loan. That’s how companies make their money, off interest.
9. If you are offered assistance and things change and you are back to the financial place you were in before the pandemic, do your best to pay on any deferred or extended payments to fight additional interest for accruing. It’ll save you money in the long run.
10. Stay safe. Follow all precautions outlined in your local area. Wash your hands. Sanitize. Wear masks if you got them. Don’t forget to get some fresh air. Be Well.
