What is a licensee required to execute if a client wishes to add a creditor to a current contract?
If a debtor wishes to add an additional account to an active debt management contract the licensee must complete a new budget analysis to verify the debtor can reasonably satisfy the additional payment. If the budget analysis shows the debtor can satisfy the requirement, an addendum to the contract must occur which outlines the new contractual provisions (i.e. creditors which will receive payments under the contract, total amount owed to each creditor, payment amount to each creditor). Instead of an addendum, a new contract may be entered into by the client.
Related Questions
- One of my clients would like me to handle all of the contracts on their behalf. Do any scenarios exist in which a party may execute a Registry Contract on behalf of a Registry Operator?
- What is a licensee required to execute if a client wishes to remove a creditor from a contract or directly pay off a creditor?
- May a law firm bill the client more for the work of a contract lawyer than the firm pays that lawyer?
