Episode 003- COVID pt3

This week we are talking about the financial assistance and ramifications in place to lighten financial burdens during COVID-19 if needed. Some of the mechanisms in place are also available if you ever face a financial hardship in the future. By no means am I a financial expert I am just using my experience, knowledge, and research skills to help out those in need and/or those who want to learn with me!

KNOW YOUR OPTIONS

According to an article released by forbes.com Andrew Pietro

“Loan forbearance is not payment forgiveness or even deferment. Instead, all the missed payments, plus interest, are often due when the forbearance period ends; If the loan is federally backed—and about 70% of mortgages in the U.S. are backed or insured by a federal agency—then the mortgage servicer is supposed to grant it.” — You can read the full article here: https://www.google.com/amp/s/www.forbes.com/sites/andrewdepietro/2020/03/31/banks-deferment-mortgage-coronavirus/amp/

—Remember that extra coverage of payment-protection insurance to cover your account if you become ill or unemployment offered by credit card companies? Check to see if you opted in!

—Auto Insurance payback!! Did you know some auto insurance companies are issuing a partial refund of premiums and/or monthly payments?

—Payment extensions

—Deferred Payments

While credit cards, loans or lines of credit are valuable resources, there may be other ways to meet your financial obligations:

**Is it possible to have another source of income that could temporarily help satisfy your financial need?

**Can you work out a plan with creditors or renegotiate payments or terms with them?

**Are there places in your budget where you can cut back or pool resources with others? For example, you could cut out nonessential   services (like Subscriptions, Memberships, cable TV etc), find lower-cost options or swap services (like lawn maintenance).

**Some utility companies may work with you to set up a plan to spread your costs evenly over a year. So instead of fluctuating     payments each month with some high months and some low months, you’ll have one average payment that you can expect to pay   each month.

LINK TO FULL CARES ACT

https://www.congress.gov/bill/116th-congress/senate-bill/3548/text

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