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You still owe the money. But only if you continue to believe it is a loan. I have my doubts.
As soon as the moratorium period is over, there are going to be hundreds of thousands of foreclosures initiated and many car repossessions because an extra 30 million Americans are out of work, many are not receiving unemployment benefits and many who are getting unemployment benefits are threatened with a hold back of funds or cancellation of their benefits if their governor orders businesses open even when it is unsafe to do so.
It’s a case of your money or your life, which is what muggers say at the point of a gun. Whether the employee goes back to work risking the health and lives of themselves or their family or refuses to expose themselves the risk, they might lose their unemployment benefits.
In the meanwhile debt collectors are still demanding the money and the moratoriums at best only stop them from filing foreclosure actions. While there is some evidence that car repossessions are temporarily down it seems that is only a voluntary thing.
Moratoriums temporarily prevent enforcement of foreclosures but most do not prevent repossessions of cars. And contrary to popular belief, they are not orders to stop collecting payments nor are they orders commanding debt collectors to issue forbearance or forgiveness on missed payments. You must apply for forbearance and don’t expect forgiveness because you are not going to get it.
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