Who Qualifies for a Credit Card "Bailout" Program
A full evaluation of your hardship situation, your future goals and your individual debts is necessary to completely qualify for this credit card debt relief program. You can see if your exact situation qualifies by completing the form to your right. However, below are general requirements for consumers to receive debt relief or a "bailout" from their creditors.
You can only reduce unsecured debts such as:
- Credit Card Debts
- Medical bills, Hospital bills
- Unsecured Loans
- Gas cards, Dept. Store cards
- Debts owed after an auto reposession.
- Loans that are not secured by an asset.
The total of all these debts must exceed $10,000. Other programs are available for debts under $10,000.
Debts that do NOT qualify:
- Home, Auto, Boat or RV loans.
- Federal Loans
- Student Loans
- Any secured debt. A debt that is backed with a physical asset.
Financial Hardships
You must have a financial hardship. Creditors must have a reason as to why they should reduce your debts. A qualifying hardship can be a loss of income from:
- Loss of job
- Loss of hours/reduced income
- Divorce
- Injury
- Medical condition
- Any unexpected situation that has caused a loss of income.
Your financial hardship must be severe enough to result in your inability to pay your creditor's monthly minimum payment. You should already be in default of paying your credit card debt or expect that this will be your situation shortly. *Consumers should never intentionally go late or default on their debts to qualify for a hardship program.
If you meet these requirements and would like to speak with a counselor to see if your debts can be reduced please complete the request to your right.
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