Payment Programs
Another name for a payment holiday
Extension
Notes that should reflect on every inbound call
CIF (called in from), VSI (verified security information), LDOV (last date of verification)
Why is my payoff quote different from my current balance?
A payoff quote calculates interest assessed on the account; the current balance is your principal balance as of the current date.
Where to find the minimum monthly payment amount on the summary screen
Next Scheduled Payment Amount
My due date is on the 15th, but I don't get paid until Friday the 16th! Usually it's not a problem, but I don't want my automatic payment to draft this month and then get returned and cause a bunch of fees! What should I do?
Reschedule EFT for the following month's due date, and schedule a one-time payment for the 16th. Assure customer that no late fee will be charged; they may receive a call or message from us, but the payment will be set up.
The two term lengths of payment assistance programs
6 and 12 months
Result for a customer reporting they're working with a third party company to consolidate debt
Working With Debt Settlement
How many days past due can I be without reporting late to the credit bureau?
We report to the bureaus when an account is over 30 days past due.
Where to find a customer's scheduled payments
Servicing -> AutoPay
My car completely broke down and I have to fix it! I have no idea how I'm going to pay this month. What am I supposed to do? (All programs available)
A program wherein a customer pays off the account for less than the original balance (often handled by third party companies)
Settlement
Note for a call that has to be documented both in LoanPro and ZenDesk
Complaint Received
I made a payment through my bank bill pay! Why don't you have it yet?
Most banks do have to mail us a physical check if a payment is processed via bill pay; this can take 7-10 days to be received.
Where all call notes should be placed
Actions & Results
I know I'm two months past due... I lost my job, and I'm having a really hard time finding something. I have a part time job, but I just can't afford the full payment, and I know my credit score is tanking... is there anything you can do? (All programs available, cx first time delinquent)
Empathize, and offer Short Term and Long Term assistance. Enroll customer in their preferred program, and setup automatic payments for the required number of terms. Advise the customer that after 3 payments on program, the account will be brought up to date and current, and will begin reporting as such.
A process in which the account is brought up to date after three consecutive, on-time minimum monthly payments within 90 days
Re-age
Note indicating why a customer is past due
RFD (reason for delinquency)
I'm working with a debt settlement company, you need to talk to them! Why do you keep calling me?
We apologize, but we do need to receive a power of attorney from the company before we're able to work with them. Often debt settlement companies do allow the accounts to go farther past due before reaching out to make arrangements. Would you like us to see if we might have options in-house to help you?
How to locate the breakdown of all payments
Reports -> Transactions
Offer customer bi-weekly automatic payments, confirming that both halves of the payment are in BEFORE the due date. Offer a due date change or one-month extension if needed to make sure payments are coming in on time.
A process in which the account is brought up to date after three payments on a payment program
Waive Fees
My interest rate when I accepted the loan was supposed to be 7.11% so why are you charging me so much interest? I've made three payments and my balance has barely gone down!
Your interest rate is 7.11%, and that has not changed. Interest is assessed based on the principal balance of the loan. At the beginning of the loan, it will often seem like there is more interest, but as the balance goes down over time, you will see the interest go down as well. We apologize for any confusion.
Where to locate any and all fees
Servicing -> Charges
I don't know what I'm supposed to do anymore! I've been sick for months, I can't work, and my income barely covers my rent and food. I can't afford to pay you guys. (Cx 119 days past due, no programs available)
Empathize, and advise that the account is due to charge off at the end of the month it goes 120 days past due.