Methods, systems and articles of manufacture for managing delinquent financial accounts

• US 20030074290A1
• Filed: 09/12/2002
• Published: 04/17/2003
• Est. Priority Date: 10/17/2001
• Status: Abandoned Application

• Current Assignee: Capital One Financial Corporation
• Original Assignee: Capital One Financial Corporation
• Inventors: Clore, Lisa Dowdy
• Application Number:
  US10/241,581
• Publication Number:
  US 20030074290A1
• Time in Patent Office: Days
• US Class Current: 705/35
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03

Abstract

Methods, systems, and articles of manufacture are disclosed for providing a repayment plan to financial account customers, such as credit card customers. Customers may be offered membership into a repayment plan provided by a financial account provider to allow the customers to pay back debt associated with their credit card accounts. A customer may select one of several options associated with the plan that have various parameters, such as different payment amounts, due dates, and/or fees. The financial account provider may offer incentives to customers to make timely payments while a member of the repayment plan, such as adjustments to a credit bureau report upon successful completion of the plan. The financial account provider may also be configured to monitor the activity of a customer'"'"'s account during the repayment plan to ensure the customer meets determined criteria associated with the repayment plan option selected by the customer. If the customer fails to meet this criteria, their account may be reset to a delinquent status. On the other hand, if the customer does meet the criteria, the delinquent account may be adjusted to a good standing status by the financial account provider.

Claims

1. A method for managing a financial account, comprising:

identifying a financial account with a delinquent status;

providing a repayment plan offer to a customer associated with the financial account;

receiving a response from the customer including a selection of a repayment option;

monitoring activity associated with the financial account during a predetermined time period based on the repayment option; and

adjusting the status of the financial account based on the activity.

2. The method of claim 1, wherein monitoring activity comprises:

determining whether a predetermined payment is received within a selected time period.

3. The method of claim 1, wherein adjusting the status of the financial account, comprises:

changing the status of the financial account from delinquent to good standing based on a determination that the financial account is current with no past due balance.

19. The method of claim 3, further comprising:

providing a subsequent repayment plan offer to the customer when the status of the financial account changes from a good standing status to a delinquent status;

monitoring activity associated with the financial account during a second predetermined time period based on a second response from the customer reflecting a selection of another repayment option; and

adjusting the status of financial account from a delinquent status to a good standing status based on the activity monitored during the second predetermined time period.

20. The method of claim 19, wherein the customer does not receive further repayment plan offers when the status of the financial account changes from a delinquent status to a good standing status a predetermined number of times.

21. The method of claim 1, wherein providing a repayment plan offer to a customer further includes:

performing negotiations with the customer to determine one or more conditions for a repayment plan.

4. A method of managing a financial account, comprising:

providing an offer to a customer associated with a financial account that has a payment amount that is past due, wherein the offer includes a plurality of options including various repayment parameters;

receiving a response from the customer indicating a selection of one of the plurality of options;

associating the financial account with a repayment plan for a predetermined period of time based on the selected option; and

determining whether a payment is received that meets the repayment parameters included with the selected option during the predetermined period of time.

5. The method of claim 4, wherein the repayment parameters included with the selected option includes at least one of a predetermined payment amount and a selected time period from which the predetermined payment amount is due.

6. The method of claim 4, further comprising:

adjusting a status of the financial account when it is determined that a financial account provider has received one or more payments that substantially equal the payment amount that is past due.

7. The method of claim 4, further comprising:

adjusting a status of the financial account when it is determined that a financial account provider has received one or more payments that substantially equal the payment amount that is past due and one or more fees charged to the financial account.

8. The method of claim 7, wherein the one or more fees is charged to the financial account based on the option selected by the customer.

22. The method of claim 4, wherein providing a payment plan offer to a customer further includes:

performing negotiations with the customer to determine one or more conditions for the each of the plurality of options.

9. A method of managing a financial account, comprising:

providing an offer to a customer associated with a financial account that has a payment amount past due to a financial account provider;

receiving a response from the customer indicating an acceptance of the offer;

associating the financial account with a repayment parameter in response to the acceptance; and

determining whether a payment is received that meets the repayment parameter within a predetermined period of time.

10. The method of claim 9, wherein the repayment parameter includes a predetermined payment amount.

11. The method of claim 9, further comprising:

adjusting a status of the financial account when it is determined that the financial account provider has received one or more payments that substantially equal the payment amount that is past due.

12. The method of claim 9, further comprising:

adjusting a status of the financial account when it is determined that the financial account provider has received one or more payments that substantially equal the payment amount that is past due and one or more fees charged to the financial account.

23. The method of claim 9, wherein providing an offer to a customer further includes:

performing negotiations with the customer to determine one or more conditions for the offer.

13. A system for managing a financial account, comprising:

a processor; and

a memory including program instructions for causing the processor to;

offer repayment options to a customer associated with a delinquent credit card account,

receive a response from the customer reflecting a selection of one of the repayment options, and

monitor payment activity of the delinquent credit card account based on parameters associated with the selected repayment option.

14. The system of claim 13, wherein the memory further includes program instructions for causing the processor to:

provide the repayment options to the customer based on financial information associated with the delinquent credit card account.

15. The system of claim 13, wherein the memory further includes program instructions for causing the processor to:

provide the repayment options to the customer based on financial information associated with the customer.

16. A system for managing a financial account, comprising:

a processor; and

a memory including program instructions for causing the processor to;

offer a repayment plan to a customer associated with a delinquent credit card account,

receive a response from the customer reflecting an acceptance of the offer, and

monitor payment activity of the delinquent credit card account based on one or more parameters associated with the repayment plan.

17. The system of claim 16, wherein the memory further includes program instructions for causing the processor to:

provide the offer to the customer based on financial information associated with the delinquent credit card account.

18. The system of claim 16, wherein the memory further includes program instructions for causing the processor to:

provide the offer to the customer based on financial information associated with the customer.

24. A computer-readable medium including instructions for performing a method, when executed by a processor, for managing a financial account, the method comprising:

providing an offer to a customer associated with a financial account that has a payment amount that is past due to a financial account provider, wherein the offer includes a plurality of options including various repayment parameters;

receiving a response from the customer indicating a selection of one of the plurality of options;

associating the financial account with a repayment plan for a predetermined period of time based on the selected option; and

determining whether a payment is received that meets the repayment parameters included with the selected option during the predetermined period of time.

25. The computer-readable medium of claim 24, wherein the repayment parameters included with the selected option includes at least one of a predetermined payment amount and a selected time period from which the predetermined payment amount is due.

26. The computer-readable medium of claim 24, wherein the method further comprises:

adjusting a status of the financial account when it is determined that the financial account provider has received one or more payments that substantially equal the payment amount that is past due.

27. The computer-readable medium of claim 24, wherein the method further comprises:

adjusting a status of the financial account when it is determined that the financial account provider has received one or more payments that substantially equal the payment amount that is past due and one or more fees charged to the financial account.

28. The computer-readable medium of claim 27, wherein the one or more fees is charged to the financial account based on the option selected by the customer.

29. A computer-readable medium including instructions for performing a method, when executed by a processor, for managing a financial account, the method comprising:

providing an offer to a customer associated with a financial account that has a payment amount that is past due to a financial account provider;

receiving a response from the customer indicating an acceptance of the offer;

associating the financial account with a repayment parameter in response to the acceptance; and

determining whether a payment is received that meets the repayment parameter within a predetermined period of time.

30. The computer-readable medium of claim 29, wherein the repayment parameter includes a predetermined payment amount.

31. The computer-readable medium of claim 29, wherein the method further comprises:

adjusting a status of the financial account when it is determined that the financial account provider has received one or more payments that substantially equal the payment amount that is past due.

32. The computer-readable medium of claim 29, wherein the method further comprises:

adjusting a status of the financial account when it is determined that the financial account provider has received one or more payments that substantially equal the payment amount that is past due and one or more fees charged to the financial account.