Ford credit hardship program

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Our Toyota Supra 3. The offers for financial products you see on our platform come from companies who pay us. The money we make helps us give you access to free credit scores and reports and helps us create our other great tools and educational materials. Compensation may factor into how and where products appear on our platform and in what order. But since we generally make money when you find an offer you like and get, we try to show you offers we think are a good match for you.

That's why we provide features like your Approval Odds and savings estimates. Of course, the offers on our platform don't represent all financial products out there, but our goal is to show you as many great options as we can. If you are, you might be feeling frightened or overwhelmed. But your credit card company likely offers an unadvertised program that could make all the difference.

A hardship plan, also known as a credit card payment plan, is a well-kept secret that has the potential to save you big bucks in interest, reduce your monthly financial burden and finally let you break free of your debt spiral.

Think a payment plan might be right for your financial situation? With a debt management plan, you work with a credit counselor who acts as the liaison between you and all your unsecured debt creditors. Terms vary depending on the financial institution, the circumstances of your hardship and the deal you agree to.

Note that different kinds of hardship programs exist for different products, including mortgages, student loans, personal loans and more. This is, of course, assuming the lender offers such programs at all.

Bank confirmed to NerdWallet that credit card hardship programs are available at their institutions. Discover also offers general information about its hardship program through its website. But only a few were willing to comment on the specifics of their programs.

For that, you'll need to call your lender and begin the conversation. It can be a pride-wrenching task, but possibly an essential one to pay down debt. Every hardship is taken on a case-by-case basis. Examples of hardships that might qualify include:. A serious illness. A natural disaster. Jason Zook — co-founder of Wandering Aimfully, a membership community for creative entrepreneurs — qualified for hardship when his prior business, in T-shirt marketing, failed.

Zook enrolled in a hardship program for a few of his cards. At that rate, he was able to make only the minimum payment every month. Zook notes the APR on the card increased incrementally from there. But those initial lower interest rates made it possible for Zook to put a dent in his balance. American Express confirms that it's willing to work with cardholders faced with financial difficulties, but, of course, each case is different.

The steps for enrolling in a credit card hardship program may vary depending on your issuer, but here's a brief outline of how to approach the process:. Before contacting your card issuer, make sure you understand the financial impact of your hardship, says Katie Bossler, a certified counselor at GreenPath, a nonprofit credit counseling agency that helps cardholders navigate their financial options, which may include hardship programs.

That means building a budget based on your new reality: for example, your lower monthly income due to a pay cut or illness versus your expenses and bills. If your issuer offers a hardship program, your revamped budget can help you better explain your circumstances to that lender as you negotiate. In some cases, an updated budget might even be a prerequisite for enrolling in a plan. If your issuer does not offer a hardship program, you've at least taken a key first step toward getting your finances under control.

Now that you have a good idea of how your hardship will affect your ability to pay, your next step is to call the number on the back of your card. Your issuer may not offer a hardship program at all, but the only way to know for sure is to ask the representative. Be prepared to spend time being transferred or placed on hold, but remain polite and respectful.

Remember: You're asking the bank for a favor. Once you reach the right department or representative, be clear and honest about your situation and your needs, based on your new budget. Explain that you want to be able to fulfill your payment obligation, but that you're struggling at the moment and need assistance. If you have a long history of making on-time payments, the issuer may be more willing to work with you on a payment plan.