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A customer's next payment is due, but the customer is unable to make the payment and is filing for unemployment. Do we still have to deposit the customer's check due to the customer's failure to make the next payment?

Repayment plans are to be set up on the next three dates the customer receives regular wages or compensation from an employer or other regular source of income; however, future dates a customer receives unemployment benefits can be taken into consideration. In the example above, it is acceptable to not deposit the customer’s check and to amend the repayment plan by revising the installment dates based upon when the customer will be receiving their unemployment benefits.2


2 Existing repayment plans must not be cancelled in Veritec because system parameters may consider customers ineligible for repayment plans. The revised installment dates do not need to be entered in the Veritec database. When revising installment dates, licensees must place an auto-close hold on the transaction and document the new installment due dates within their own system or customer records. Please note an auto-close hold cannot be entered prior to the due date of the last installment payment. Management should generate reports in Veritec to identify when auto-close holds can be applied to specific transactions. The Transactions Scheduled for Auto Close report will provide this information for transactions with repayment plans, but this report will only include those where the final installment due date has passed. Licensees must ensure transactions remain open in the Veritec database until the obligations are satisfied. Written notification from the customer may be obtained by email, text or fax. When verbal notification from the customer is obtained, it is highly recommended the licensee record the call. If this is not possible, the licensee must document the verbal request by placing a note in the licensee system or the customer file. Licensees cannot charge a fee to modify repayment plan installment dates.