I helped a family member save 350/mo in monthly payments and helped there credit score
they called me asking about a consolidation loan.... (im the family guru in finance)
They were running 30 days past due on there credit accounts .... never enough to make the payments on all of the accounts. All of the accounts were 27-29% apr ... they has been paying minimums for years 20k balances
b/c they used all $$ from pay to make minimums... they then used the cards to make ends meat
I told them to call synchrony credit soltions and ask for a hardship program... explain the income is less than when she got the cards... and they offered her the 60 month 0% apr plan. brought all her accounts current and new lower 60 month payoff amount. if she owed $1000 --> payment is 16 a month
Also had them ask the same of Citi, and Capital One. Citi granted the same as synchrony... Capital One offered a lower interest for 5 years 5.99
this saved them 350/month!! Now they can pay it down... at almost 0% Thats better than a consolidation loan!
YES - the accounts are closed.... NO it didnt hurt her credit... (it actually helped brought everything current)..and lowered DTI monthly.
As a bonus... i was able to get them into Navy Fed via Skipped Generation. Told her to give it 6 months before applying for anything... start paying OFF the debt... but doors open for better times ahead.
If you do anything... look at maybe refi your home to save there.
Also told them about her car loan... she can see if they offer a skip a payment or two (they put the payment at the END of the loan...) but just so they can catch up...
They are actually nearing retirement age... and If she was unable to get the hardship program I was going to recommend Ch7 BK... as they would qualify... and they shouldn't be paying debt... they should be saving for retirement.... However since they got the 0% give it 6 months to how they perform under this.... and if it still proves difficult PLAN B
| Credit Card/Loan | Creditor |
| Capital One MC | Capital One |
| Capital One MC | Capital One |
| Kohls | Capital One |
| Sears | Citi |
| Shell | Citi |
| Home Depot | Citi |
| Synchrony Home | Synchrony |
| Cardis | Synchrony |
| Penneys | Synchrony |
| Care Credit | Synchrony |
| Lowes | Synchrony |
| Walmart | Synchrony (Moving to Capital One in June) |
