Legal Question in Credit and Debt Law in Massachusetts
How much information am I obligated to give a bank on a hardship form? for the past two years I been dealing with a company that deals with Dept. consolidation, so far everything is working fine until yesterday. I was told that they really don't deal with Banks. The loan is consider a un-secure loan (personal). I have already done a hardship 2 years ago for this company. So, if I was to deal with the creditor myself, I feel that they are going to ask for a hardship form. But of course my situation is a little better now then before, but still dealing with issues of living pay check by pay check. So I am asking, what do I need to do and what am I required to give them. Please see below with some question I am asking. Thank You in advance for all you advice. Really do appreciate it.
1) I am living with a friend who was in need of help paying the mortgage due to there own personal reasons. But at the same time, I need a place to stay due to a separation, so it kind of worked out for both parties. It gave me a place to stay with my kid. So am I obligated to report that person name to them. or just the amount I pay for rent, in which I do not claim on my taxes. Due to, it might cause them problems with there own current situation.
2) Can I just send them the last 3 months of my bank statements? Which will show what I put in and what I have in there. Can I also, black out my home address and employee information?
3) I don't feel I need to tell them my place of work or address. Or do I?
4) I have about 57% money saved up through that program. Not sure if that something I should say to them.
5) What about W2, do I need to send that. Do I need to report any bonus I do get from my current employer.
6) Do they need to know if I'm Hourly or Salary?
7) Does any of the forms need to be Notarized?
8) Am I just able to send them just my house hold Expense?
9) last question. Am I obligated to sign the any portion of the Hardship Form. Or is it enough to sent the information only?
2 Answers from Attorneys
I would not volunteer anything about yourself or your finances. There is nothing saying you have to fill out a hardship form disclosing anything. I suggest you negotiate based on what you can pay, not what they think you can pay based on the information you give them.
You really don't have to provide the creditor with any personal information, unless pursuant to a valid discovery request or court order. The court may demand financial information in the setting of a payment review hearing or similar. That being said, if you want to convince somebody of your hardship for purposes of settling a debt, you should expect to provide data in support of your claim of hardship.
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