Sentences with phrase «partial payment to your creditors»

In a Chapter 13 bankruptcy, also known as an adjustment - of - debt plan, the debtor makes partial payments to creditors as part of three - to five - year repayment plan.

Similarly, many people are concerned about losing property in Chapter 7, because they may have heard that the bankruptcy trustee can sell non-exempt property to make partial payment to creditors.

If the total amount you request exceeds your Total Credit Line, we may send full or partial payment to your creditors in the order you provide them to us.

Not exact matches

The announcement comes as Venezuela faces acute financing problems after creditors and ratings agencies declared the government and state - run oil firm PDVSA to be in partial default for missing interest and principle payments on bonds.

A «means test» is applied to determine whether the debtor can afford to make partial payment to his or her creditors.

With a settlement, you ask the creditor to accept partial payment on the account and cancel the rest of the balance.

Consumer proposals involve contacting your creditors and saying, in effect, that as much as I would like to pay back my debts, I can't afford to do so, so will you accept partial payment and call it quits?

In some states, making a partial payment also resets the clock on the statute of limitations (how long the creditor has to sue you for the debt).

Some creditors accept partial payments and allow customers to make more than one payment a month.

If a creditor does challenge the discharge of a debt, Ginsberg states that the recourse is to negotiate a partial payment plan for that particular debt or to convert the case to a Chapter 13 Bankruptcy, which requires a court - ordered repayment plan over several years.

Often times, most creditors (including the IRS) are willing to accept a settlement — which is a partial payment of the total amount due — in lieu of going to court.

(1) Receiving or offering to receive funds from a consumer for the purpose ofdistributing thefunds among such consumer's creditors in full or partial payment of suchconsumer» sdebts;

Commenters asserted that if the Bureau decides to finalize the proposal, that the Bureau should define the term «partial payment,» what actions constitute acceptance of a partial payment, and provide model language that creditors may use to describe their partial payment policies.

Some commenters, including national trade associations representing banks, general consumer mortgage companies, and large mortgage finance companies, suggested that the Bureau adopt a provision in the final rule that would provide that creditors comply with the partial payment policy disclosure requirement by providing a statement directing the consumer to contact the consumer's servicer about how the consumer's partial payments would be applied.

With respect to the Post-Consummation Escrow Cancellation Notice and Partial Payment Policy disclosure, which are not and can not be included in the Loan Estimate and Closing Disclosure because they are delivered post-consummation, the additional costs are likely to be minimal and the disclosures should be relatively easy to implement because creditors already have to revamp their origination process due to the newly integrated TILA and RESPA disclosures.

The commenters expressed concern that the proposal would have required creditors to provide information about an issue, the treatment of partial payments, which they asserted is a complex mortgage servicing issue.

In an ex parte communication, two GSEs stated that the Bureau should require creditors to disclose whether a consumer will be in default when partial payments are accepted.

However, the CFPB has decided to require creditors to retain evidence of compliance with the integrated disclosure provisions of Regulation Z for three years after consummation of the transaction, except that creditors must retain the Closing Disclosure and all documents related to the Closing Disclosure for five years after consummation, consistent with the requirements of existing Regulation X. Creditors must retain evidence of compliance with the Post-Consummation Escrow Cancellation Notice and the post-consummation Partial Payment Policy disclosure for two years in accordance with the general retention period under 102creditors to retain evidence of compliance with the integrated disclosure provisions of Regulation Z for three years after consummation of the transaction, except that creditors must retain the Closing Disclosure and all documents related to the Closing Disclosure for five years after consummation, consistent with the requirements of existing Regulation X. Creditors must retain evidence of compliance with the Post-Consummation Escrow Cancellation Notice and the post-consummation Partial Payment Policy disclosure for two years in accordance with the general retention period under 102creditors must retain the Closing Disclosure and all documents related to the Closing Disclosure for five years after consummation, consistent with the requirements of existing Regulation X. Creditors must retain evidence of compliance with the Post-Consummation Escrow Cancellation Notice and the post-consummation Partial Payment Policy disclosure for two years in accordance with the general retention period under 102Creditors must retain evidence of compliance with the Post-Consummation Escrow Cancellation Notice and the post-consummation Partial Payment Policy disclosure for two years in accordance with the general retention period under 1026.25 (a).

National trade association commenters representing banks generally, consumer mortgage companies, and large mortgage finance companies further asserted that if the Bureau issues final regulations requiring mortgage servicers to provide a partial payment disclosure in connection with the Bureau's separate mortgage servicing rulemaking, then it would be unnecessary for the Bureau to also require creditors to provide the pre-consummation partial payment disclosure.

Some commenters, including several national trade associations representing banks generally, consumer mortgage companies, and large mortgage finance companies, asserted that the Bureau should withdraw the proposal to require the creditor to provide the pre-consummation partial payment disclosure on the Closing Disclosure.