Stay away from creditor internal hardship programs
Hardship programs can be very beneficial for those who qualify, but it does depend on what type of hardship and why. Our economy has continued to take a hit and these programs help when it comes to medical, housing, debts and unemployment. Asking for credit card debt help is your right and receiving it can be a great stress reliever, but it is wise to be cautious when receiving this help for your debts. Government assistance and internal hardship programs are very different. As a nation we feel that if it is a hardship program it must be beneficial. In some ways that is correct, but is it really helping or is it just pro longing the situation. A hardship program is receiving some type of relive or wavier of your situation. This would include a government grant, housing, medical but not allows the case when it comes to our debts. The lenders devise a plan that makes the consumer feel that they are getting some type of reprieve, but this is not the case. When entering into a hardship program one is requesting help because they qualify for on an income verse expense situation. They should receive the help without penalty or prolonged penalty. When one receives help internally from their lender they are not actually receiving help they are basically prolonging their situation or being penalized for the reprieve. This is not in any way assistance or a hardship program.
Lenders are not assisting you with their internal hardship programs they are just doing what they can to keep you in their clutches. They may give the consumer a break for a month or two, but when all is said and done they are right back in the position that got them there in the first place. If a consumer is having troubles they need to look into a hardship program through a debt servicing company. These types of businesses are design for this exact reason. They can help the consumer in many ways in order for the consumer to get a hold on the finances and find financial freedom. Debt consolidation or settlement companies provide the services for those who are no longer able to pay their debt or are struggling to pay them.
Debt companies are able to get the consumer a lower payment, interest rate and debt length. The reasons why consumer are in the situation that they are in is due to the lenders terms. One should not return to the source of their troubles to receive help. Debt companies are able to assist any many different ways depending on the consumer’s individual needs. They have different programs that are suited for that consumers wants. Lenders have tied consumers into a lending process that has no real benefit and keeps them in a never ending cycle of debt. Offering the consumer a hardship program is just another way to keep the in debt with their services. This is no way to receive a hardship program.