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Message
Adjusting a monthly note due to injury
Posted on 4/13/13 at 9:09 pm
Posted on 4/13/13 at 9:09 pm
My 24 year old son moved from Nashville to Prairieville to kind of start his life over two months ago. Working 2 jobs. Has a truck note(which I cosigned for about a year ago), insurance and cell phone bills. Broke his ankle yesterday and will be out of commission for 2-3 months. Will any of the above work with me on adjusting his monthly payments so it doesn't put him in a hole or strap me down? TIA
2
Posted on 4/13/13 at 9:22 pm to JBM210
I'm sure there's lots more detail to the larger story, but generally speaking if you "adjust" a fixed monthly obligation it is a massive credit score ding.
No offense, but the expectation when taking on a fixed monthly obligation is that you can handle an emergency like that somehow or another.
No offense, but the expectation when taking on a fixed monthly obligation is that you can handle an emergency like that somehow or another.
Posted on 4/14/13 at 8:00 am to JBM210
Give them a call. Not sure if they will, but my Chase Freedom credit card had an option on there for "Credit Protector". It cost 1% of my balance, but some really cool benefits. If you had a baby, got married, or bought a house, you were given 6 months with no credit card bill, interest, or charge for the program (card is still active and available to use). You could also take a 1 month "vacation" at any time, as often as you want. Only requirement was 1 month between each benefit period. They had a few other benefits too.
I never carried a balance, so didn't realize it was on there. I simply called to cancel ahead of my wedding, and learned about the benefits as a deterrent to canceling. Ending up having about 13 months of no interest due to wedding and home purchase. Really helped out during that time.
Since these are fixed loans, not sure they can do anything, but worth a shot. I'm sure they'd rather that then getting stiffed on payments.
I never carried a balance, so didn't realize it was on there. I simply called to cancel ahead of my wedding, and learned about the benefits as a deterrent to canceling. Ending up having about 13 months of no interest due to wedding and home purchase. Really helped out during that time.
Since these are fixed loans, not sure they can do anything, but worth a shot. I'm sure they'd rather that then getting stiffed on payments.
Posted on 4/14/13 at 8:06 am to LSUtigerME
You could possibly refinance the truck which will likely give you a little break before the next note is due
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