AMENDMENTS / MODIFICATIONS

This document is to be used for minor changes to terms of collection account such as:

Interest Rate Changes
Payment adjustments
Maturity dates
Late Charge Modifications
Increase/Decrease of principal balance

WE CAN ONLY UPDATE OR ADJUST THE TERMS IN WHICH YOU PROVIDE. SO, IT IS HELPFUL TO BE AS PRECISE AS POSSIBLE REGARDING ANY AND ALL CHANGE IN TERMS, UPDATES OR MODIFICATIONS.

MAKE SURE TO PROVIDE A DATE THE ADJUSTMENT IS TO TAKE EFFECT.

IF INTEREST IS DELINQUENT, IS THE INTENTION TO ACCRUE THAT AMOUNT OR IS IT TO BE FORGIVEN? WE CAN NOT ADD DELINQUENT INTEREST AMOUNTS TO THE BALANCE OF THE LOAN.

BE SURE TO PROVIDE THE DATE NEXT PAYMENT IS DUE

IS THE MONTHLY PAYMENT AMOUNT CHANGING? IF SO PLEASE PROVIDE THE NEW AMOUNT
Example: Monthly payment will decrease from $900.00 to $750.00 beginning with the July 1, 2019 payment.

IS THE INTEREST RATE CHANGING? IF SO PLEASE PROVIDE THE NEW RATE AND WHEN IT BECOMES EFFECTIVE

IS THE PRINCIPAL BALANCE DECREASING OR INCREASING? IF SO, PROVIDE AN EFFECTIVE DATE.
ARE LATE CHANGES CURRENT? IF NOT, ARE THEY TO BE FORGIVEN OR ACCRUED?


IS THE INTEREST RATE CHANGING? IF SO PLEASE PROVIDE THE NEW RATE AND WHEN IT BECOMES EFFECTIVE.

IS THE FINAL DUE DATE CHANGING? IF SO, PROVIDE FULL DATE

IS ALL CONTACT INFORMATION UP TO DATE FOR ALL PARTIES? ADDRESS, TELEPHONE, EMAIL