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Hardship question

Your FICO® Scores can impact your loan interest rates, terms, approvals and more.
New Member

Hardship question

Hello, I am trying to establish a hardship program with Chase. I have three cards  through them with approximately 58k of debt between the three cards.  Would they lump all three together into a payment plan or would it need to be done separately? Also, if one card is in a hardship payment program, can the other two remain in regular payments (although that wouldn’t be ideal).  I called but they advised me to seek credit counseling.   I am only two days late on one of the cards, as I ave managed to make minimumpayemnets up to date so far, but can’t continue.  

Message 1 of 10
9 REPLIES 9
Senior Contributor

Re: Hardship question

Hi and welcome

I’m sorry I don’t know the answer but I Googled it and this is what I found.

https://consumerrecoverynetwork.com/question/is-this-chase-hardship-plan-the-right-way-to-go-or-shou...

Hope this helps. Also, call Chase and ask specifically what they offer. If a CSR can’t answer, ask to speak to a supervisor.
GOALS: Garden til DEC 2020 and 800 Club

Scores
APR 2019: EX 787, TU 789, EQ 781
JAN 2019: EX 794, TU 783, EQ 801
DEC 2018: EX 777, TU 783, EQ 799

|| AmX ED $25K || NFCU CashRewards $20K || Macy's $20K || Discover IT $15.7K || NFCU CLOC $15K || NFCU Platinum $12.5K || AmX Magnate $11.5K || CitiCostco $7K || CitiDC $6.3K ||
Message 2 of 10
Regular Contributor

Re: Hardship question

Former Chase rep here. There's no "hardship" program. If you go the credit couseling route they'll close all your accounts, they won't let keep 2 open with just 1 in counseling. 

Member FICO 800 Club
Message 3 of 10
New Member

Re: Hardship question

Actually I believe it’s called Balance Liquidation Program (I used the term hardship interchangeably).


@hinu wrote:

Former Chase rep here. There's no "hardship" program. If you go the credit couseling route they'll close all your accounts, they won't let keep 2 open with just 1 in counseling. 


 

Message 4 of 10
Senior Contributor

Re: Hardship/ balance Liquidation Program

Op
I don’t think it’s a good idea to post same question in 2 different posts. I and someone else replied in the earlier post
GOALS: Garden til DEC 2020 and 800 Club

Scores
APR 2019: EX 787, TU 789, EQ 781
JAN 2019: EX 794, TU 783, EQ 801
DEC 2018: EX 777, TU 783, EQ 799

|| AmX ED $25K || NFCU CashRewards $20K || Macy's $20K || Discover IT $15.7K || NFCU CLOC $15K || NFCU Platinum $12.5K || AmX Magnate $11.5K || CitiCostco $7K || CitiDC $6.3K ||
Message 5 of 10
New Member

Re: Hardship/ balance Liquidation Program

I tried to move the original post to this forum as I mistakenly posted it under personal finance, and tried to delete the original post but I cannot figure out how to do so. 


@CreditInspired wrote:
Op
I don’t think it’s a good idea to post same question in 2 different posts. I and someone else replied in the earlier post

 

Message 6 of 10
Senior Contributor

Re: Hardship/ balance Liquidation Program

Click on the 3 vertical dots in upper right-hand corner of your post, click report inappropriate content, and ask a mod to merge your two posts—that you had made a mistake.
GOALS: Garden til DEC 2020 and 800 Club

Scores
APR 2019: EX 787, TU 789, EQ 781
JAN 2019: EX 794, TU 783, EQ 801
DEC 2018: EX 777, TU 783, EQ 799

|| AmX ED $25K || NFCU CashRewards $20K || Macy's $20K || Discover IT $15.7K || NFCU CLOC $15K || NFCU Platinum $12.5K || AmX Magnate $11.5K || CitiCostco $7K || CitiDC $6.3K ||
Message 7 of 10
Regular Contributor

Re: Hardship question

as long as you can make the minimum each month they won't offer a blp, that's why they referred you to cccs instead. if your accounts are current frontline reps are trained to talk you off, they want to milk as much interest off you as possible while you can still "afford" it. speaking directly to collections may yield a different outcome but you'll need to call them directly, again front line reps are trained to decline transfers if your accounts are current. if you decide to apply for a blp they'll use an internal formula to detemine if they want to accept it. a blp will basically capitalize your current balances and amortize them over 60 months but the payment will be somewhat lower than your current minimum so you'll need to consider if you are willing and able to keep up those payments over 5 years.

Member FICO 800 Club
Message 8 of 10
Moderator

Re: Hardship question

OP I’ve merged your two threads together.
Message 9 of 10
New Member

Re: Hardship question

Thanks

Message 10 of 10