Anna Maria Andriotis

speaker

3,396 appearances 52 recordings 1 series first heard Jul 2017 last heard Dec 2022

Anna Maria Andriotis’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Federal Loan Forbearance Doesn't Relieve Financial Strain for All · 16 Dec 2020 podcast

Her credit score fell.

And then when she was finally able to make some type of payment and she called her company, she found out that her card had basically been shut down.

her options at that point were to try to pay off her outstanding balance.

And then a discussion basically turned to how that would happen.

And in her case, she came to an agreement with the credit card issuer that she would essentially pay a portion of the debt of the balance that she owed this company.

And the credit card company, the credit card issuer would waive about 40% of her outstanding balance, assuming that she made the payments that she promised to make.

So they basically worked out a payment arrangement

to get her to pay back about 60% of the outstanding balance on her account and her account was shut down.

So a variety of conversations happening at this point when the deferment programs end, which can range from settlement plans to the accounts being thrown into collections, accounts being shut down.

So the outcome essentially for people who are coming out of deferment, who are unable

to get back to paying, but their lender tells them that they're no longer going to give them any extensions is not a pretty one.

That's what we're seeing at this point, and it impacts them from a variety of ways, including with a pretty harsh impact on their credit scores.

It is important to point out that banks say that in particular credit card issuers say that most of their cardholders who signed up for deferments

were making payments again when they exited those assistance programs.

For example, Capital One said that 12% of card accounts that exited deferment were behind as of September.

So 12% essentially were behind.

Meanwhile, Discover said that around 25% of credit card balances were

that exited deferment were behind as of September.

Again, they're not insignificant numbers.

But the flip side of those numbers is that you have many people who did exit and have been able to pay.

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