No income due to coronavirus
The purpose of this article is to share resources for individuals impacted and experiencing financial hardship due to COVID19. We share what some banks and insurance companies are doing to help.
Things we know about COVID19
Coronavirus is creating financial hardship for individuals and small businesses. Meanwhile the pandemic is impacting communities everywhere. Subsequently the number of Unemployment claims was over six million last week.
We don’t know when it will end, but there are things we can do
Beware of scammers and fraudulent debt-relief companies that require upfront fee’s. Above all don’t give out sensitive information to unknown sources.
Things we may not be aware of
Many banks are actively seeking ways to help people who have been financially impacted by Coronavirus. However there is language you can use with bill collectors like “I have been financially impacted by COVID19
For example: 1. Citi Bank, Ally, Chase, Bank of America, Wells Fargo, Capital One, Truist.
It’s important that you specifically explain, “I have no income due to Coronavirus” when speaking to a representative. While banks want to be helpful, they cannot prompt you to say this. The American Bar Association (ABA) has a robust list of participating banks available online here. All fees related to expedited checks and debit cards, overdrafts and excessive transactions on savings and money market accounts are waived until July 16, 2020.
Citi Bank is waiving penalties for early CD withdrawals
Wells Fargo is suspending involuntary auto repossessions
Capital One is deferring loan suspension and offering minimum payment assistance
Customers with personal loans through Marcus by Goldman Sachs can postpone payments on their loans for one month with no interest, and their loan terms will be extended by one month. 1
If you are a customer of Geico Insurance, “you should know they are pausing cancellation of coverage due to non-payment and policy expiration, effective immediately. This pause will remain in effect through April 30, 2020.”
Credit Counselors and mortgage relief
In conclusion the financial and health impacts of the coronavirus has presented issues many folks never imagined. Here’s a guide for mortgage relief provided by our good friends at Consumer Finance Protection Bureau. Reach out to your banks, insurance companies, and credit counselors. They want to hear you from you. The worst thing you can do is hide or ignore the financial impact. You are not alone in your quest for financial assistance and finding organizations that are offering it during these hard times. If you have a unique situation reach out to us at firstname.lastname@example.org