Helpful questions below to call and ask your lender or creditor.
If I can’t make my payment as a result of the corona-virus, what are the hardship or relief programs available?
Are there fees associated with any of these programs?
Will I have the option of deferring the repayment of any amounts owed to the end of my loan?
If I’m able to defer or lower my monthly payments, will interest continue to accrue during this hardship or relief period?
How long does the hardship or relief period last and when will I need to start repaying?
If my financial situation hasn’t changed once the hardship or relief period ends, what will be the options?
How will this agreement or relief be reported to the credit reporting agencies? Note: that the recently passed CARES Act places special requirements on companies that report to credit reporting agencies if they provide payment relief due to corona-virus.
For credit cards—will I lose the ability to use my card if I enroll or request relief? (CFPB 7-27-2020)