Credit Strategies
and Funding Prep
What they don’t want YOU to know!
If you have…
- A low Credit Score for Late Payments,
- Accounts in Collection, Bankruptcy
- A Need for Business Funding
- OR Just want an education
WE CAN HELP!
Credit Card Hardship Plans
Hardship plans are temporary relief programs for customers facing financial difficulties (job loss, medical issues, disaster) that can offer lower interest rates, reduced payments, or waived fees on credit cards, mortgages, or auto loans, allowing you to manage debt better while you get back on track, but you must contact Chase directly, provide proof of hardship, and understand terms are limited and might involve account freezes or increased total interest.
Chase’s hardship plans are a good example of how most work.
- Contact Chase (or your account holder): Reach out to Chase immediately by calling the number on your card or checking their website for specific hardship assistance.
- Explain Your Situation: Clearly state you’re experiencing financial hardship (e.g., job loss, medical emergency, natural disaster) and provide details.
- Provide Documentation: Be prepared to submit documents proving your hardship.
- Review Options: A Chase representative will discuss potential solutions, which vary by product (credit card, mortgage, auto).
- Agree to Terms: If you accept, you’ll agree to temporary terms, which might involve automatic payments or account freezes.
Common Hardship Options (Vary by Product)
-
Credit Cards: Lowered interest rates (APR), reduced minimum payments, waived fees, temporary payment pauses (forbearance).
- Mortgages: Request for Mortgage Assistance (RMA) form to explore options like repayment plans or forbearance.
- Auto Loans: Potential deferments (skipping payments) for 1-3 months or other assistance after a natural disaster.
Key Considerations
- Temporary: Relief is not permanent, often lasting 3-12 months.
- Account Freezes: You may be unable to make new purchases during the program.
- Credit Impact: While helping you avoid missed payments, programs can still affect your credit, so understand the terms.
- No Debt Forgiveness: You’re still expected to pay the full balance; interest may accrue.
NOTE: Even if you didn’t include all your unsecured accounts, they will all be closed once this hits your credit report.
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