Kelsey and Cody have been making payments on this furniture for 18 months, but Cody gets laid off from his job, and their income drops substantially. They are unable to stay current on their account even though they have paid $2,070 of the bill. According to the above terms, what happens to their bill?

Question

Anya Sherman

Business

14 September, 22:46

Kelsey and Cody have been making payments on this furniture for 18 months, but Cody gets laid off from his job, and their income drops substantially. They are unable to stay current on their account even though they have paid $2,070 of the bill. According to the above terms, what happens to their bill?

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Gabriel Jacobson · Answer 1

Most contracts like this will not change based on the borrowers financial situation. In this case, Kelsey and Cody will still be responsible for paying the debt they owe. Several things will happen if they do not pay:

1. the debt will be sent to a collections agency

2. This will cause a derogatory mark on their credit history.