As we near tax time, Loan Operations takes this opportunity to try and recoup our losses. For the past few years we have sent out a letter to customers identified with an active charge off. This charge off can be a Credit Card, Installment Loan, or a Fresh Start account that was forgotten.
Loan Operations will be sending letters to over 100 customers notifying them of their charge off(s) and the balance(s). This is letting them know it is affecting their credit and we would be open to setting up a payment plan for them to get it cleared.
Loan Operations has selected this time of year as most people have a bit of surplus income from their tax refund, or perhaps a bit of spring cleaning on their credit score.
You may see an increase in people stopping in with the letter or calls concerning the letter. A copy of the letter will be in OnBase under Correspondence so you can see what they're seeing.
To set up a payment plan, please utilize the letter on SharePoint under Loan Group – Letters- Payment Plan. We will be accepting any monthly amount they would like to put towards the charge off. These repayment plan letters can be e-signed so please see someone with access on how to utilize this option if requested by the customer.
If you have any questions, please reach out to Loan Ops QC for assistance.
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