The future is unpredictable. Emergencies may arise, jobs may be lost and one may have to pay for medical bills. These reasons and more may prevent one from paying the monthly minimum credit card payment. So, if you find yourself in this predicament, you will need to reach out to your credit card company immediately for assistance. Your card provider will provide an alternative repayment option for you, like a credit card payment waiver for 3 months.
This credit card payment waiver will enable you to make smaller payments on your credit card debt with more preferred terms and waived fees that are convenient for you. The card waiver program is designed to assist credit card users who are facing personal and financial adversity from defaulting on their credit cards.
About Credit Card Waiver
The credit card waiver is also known as the “credit card hardship program”. It is a payment plan that card users negotiate with their card-issuing bank. The bank will then waive fees and reduce the card user interest rates over a specific time frame, usually over a short period of 3 months.
At times the waiver period may be more than three months, but it depends on the financial institution, the situation you are facing, and the deal you agree to. Credit card waiver programs are not advertised broadly and they are not offered by all issuers. But it is an option to consider if you need help.
Situations That May Qualify for A Credit Card Payment Waiver For 3 Months
Any credit card user who cannot meet up with payment as a result of hardship may qualify for a waiver. However, not all situations or circumstances will pass for a waiver. Here are some instances when you may apply for a waiver.
- A pay cut
- Unemployment
- A serious illness
- A family emergency
- Divorce
- A natural disaster
Requirements to Get a Credit Card Payment Waiver For 3 Months
The requirement to qualify for a credit card waiver is not static, it varies from issuer to issuer. One of the requirements that makes you eligible for a waiver is being current on your payment for at least six months. You will also need a good credit history and prove that you are going through financial hardship.
Some credit card institutions will also require that you meet a credit counselor or that you go through a debt management program to qualify for a credit card waiver.
How To Get Approved for a Credit Card Waiver
Getting approved for a credit card waiver will depend on your issuer, but here are the steps on how to go about it.
Get A Grip on Your Budget
You will need to understand the financial impact of your hardship/predicament before you inform your card issuer about it. This is to say that you will need to build a budget based on your new reality. You will need to build your budget around your lower monthly income due to a pay cut or illness and your expenses and bills.
If your issuer offers a credit card waiver, your budget will then help you explain your circumstances to the lender. Sometimes, an updated budget may be a requirement for getting a waiver.
Put A Call Across to Your Issuer
Having known how your predicament will affect your ability to make payment, your next step will be to call the number on the back of your card. When speaking to the credit card representative, you have to be clear and honest about your situation and your needs, based on your updated budget.
You also have to make it clear that you intend to fulfill your payment obligation, but that currently you are struggling and you, therefore, need assistance. If you have a good history of making payments on time, your issuer will be more willing to work with you on a payment plan.
Accept The Terms That You Can Afford
After accepting your call for assistance, your issuer will offer you some terms. Note that you do not have to accept new terms because your issuer offers a lower interest rate than what you are paying now. You have to ensure that you can afford the rate your issuer is offering you. And if you have a partner, you share household expenses with, you will inform that person too.
The truth is that you may not think clearly when going through hardship and you therefore accept whatever the issuer is offering you. This does not ought to be so, rather you just keep the negotiation going if you cannot afford the rate until you and your issuer agree. Once you both agree, your credit card payment will then be waived for 3 months.
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