Does allowing a customer to change the payment due dates on an installment contract constitute a modification and new disclosures?

Can a change for a due date be done verbally, no signature required?

Thanks.

A due date change is a payment deferment, payment deferments are governed by state law.

The change is a modification to your legal contract. Why would you consider a verbal modification?

I work for a servicer and the bank customer was wanting verbal. I don't think verbal is good, though, I had thought of a confirmation letter affirming a change as a possibility.

For such a change I prefer a signed agreement that at the very least that states that the original agreement is incorporated. Essentially, an addendum to the installment agreement.

This is regarding secured installment agreements.

I agree 100%. Even when I worked for a finance company back in the mid to late 70's we required a signed form to change a due date.

Any change to the original contract should be formalized in writing and executed by both parties. Phone-call agreements will be disregarded if you have to sue for collection.

Thanks, that confirms what I already believed. I appreciate it.