Method and system for debt deferment
First Claim
1. A method of debt deferment for at least one credit account of a customer of a financial institution, comprising:
- marking a file by a credit protection system server of the financial institution for at least one credit account of the customer of the financial institution with information about enrollment of the customer for activation of a deferment benefit on the account upon verification of an event consisting of one of the customer and a household member of the customer involuntarily becoming at least one of unemployed, hospitalized, disabled, and on family leave, and sending the enrollment information to an administrator;
receiving information for the customer by the administrator about verification of the event, and sending notice of verification of the event to the credit protection server by the administrator; and
automatically marking the account file by the credit protection system server with an indicator for activation of the deferment benefit consisting of at least one of a zero minimum payment due, no adverse credit reporting, no fee accrual, and no new credit card charges on the account, and marking the account file by the credit protection system server with a maximum deferment benefit duration date counter.
1 Assignment
0 Petitions
Accused Products
Abstract
A computerized method and system for automatic deferment of debt on a credit account of a customer of a financial institution includes a credit protector system of the financial institution which receives a request for enrollment for the customer and automatically marks a file for the credit account with information about enrollment for activation of deferment of debt on the account upon verification of an event such as hospitalization, unemployment, disability or family leave of the customer. The account file is also marked with a maximum fee charge date counter which automatically prompts transmittal of a fee charge paid up notice to the customer when the maximum fee charge period expires. Information about verification of the event is transmitted to the credit protector system for the customer, and the credit protector system of the financial institution automatically marks the credit account file with an indicator for activation of a deferment benefit for the credit account, including for example, zeroing the minimum payment due. Likewise, the account file is also marked with a maximum benefit duration date counter, and the maximum benefit duration date counter automatically prompts the credit protector system of the financial institution to mark the account file with a benefit deactivation indicator when the maximum benefit period expires.
108 Citations
31 Claims
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1. A method of debt deferment for at least one credit account of a customer of a financial institution, comprising:
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marking a file by a credit protection system server of the financial institution for at least one credit account of the customer of the financial institution with information about enrollment of the customer for activation of a deferment benefit on the account upon verification of an event consisting of one of the customer and a household member of the customer involuntarily becoming at least one of unemployed, hospitalized, disabled, and on family leave, and sending the enrollment information to an administrator;
receiving information for the customer by the administrator about verification of the event, and sending notice of verification of the event to the credit protection server by the administrator; and
automatically marking the account file by the credit protection system server with an indicator for activation of the deferment benefit consisting of at least one of a zero minimum payment due, no adverse credit reporting, no fee accrual, and no new credit card charges on the account, and marking the account file by the credit protection system server with a maximum deferment benefit duration date counter. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26)
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27. A system of debt deferment for at least one credit account of a customer of a financial institution, comprising:
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means for marking a file for at least one credit account of the customer of the financial institution by a credit protection system server of the financial institution with information about enrollment of the customer for activation of a deferment benefit on the account upon verification of an event consisting of one of the customer and a household member of the customer involuntarily becoming at least one of unemployed, hospitalized, disabled, and on family leave, and sending the enrollment information to an administrator;
means for receiving information for the customer by the administrator about verification of the event, and sending notice of verification of the event to the credit protection server by the administrator; and
means for automatically marking the account file by the credit protection system server with an indicator for activation of the deferment benefit consisting of at least one of a zero minimum payment due, no adverse credit reporting, no fee accrual, and no new credit card charges on the account, and marking the account file by the credit protection system server with a maximum deferment benefit duration date counter. - View Dependent Claims (28, 29)
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30. A method of providing debt deferment to a debtor, comprising:
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establishing conditions for enrollment of a debtor in a debt deferment program which includes a debt deferment benefit;
establishing conditions for continued membership in the debt deferment program which must be met by the debtor if the debtor has not satisfied conditions for vesting of the debt deferment benefit;
establishing conditions for vesting of the debt deferment benefit whereby the debtor obtains the right to activate the debt deferment benefit after the debtor has satisfied the conditions for vesting;
establishing conditions for activation of the debt deferment benefit;
enrolling the debtor into the debt deferment program who has met the conditions for enrollment; and
permitting the debtor to activate the debt deferment benefit when the conditions for activation have been met by the debtor and the debtor has met either the conditions for continued membership in the debt deferment program or the conditions for vesting of the debt deferment benefit.
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31. A method of providing debt deferment to a credit card holder, comprising:
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establishing conditions for enrollment of a credit card holder in a debt deferment program which includes a debt deferment benefit;
enrolling the credit card holder into the debt deferment program who meets the conditions for enrollment;
charging the credit card holder who is enrolled in the debt deferment program a fee for participation in the debt deferment program which is proportional to the amount of the debt owed by the credit card holder;
establishing conditions for vesting of the debt deferment benefit whereby the credit card holder will be entitled to activate the debt deferment benefit without continued payment of the fee for participation in the debt deferment program;
establishing conditions for activation of the debt deferment benefit; and
permitting the credit card holder to activate the debt deferment benefit when the conditions for activation and either the condition for vesting has been satisfied or the credit card holder has paid the fee for participation in the debt deferment program.
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Specification