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  1. #1
    janritch is offline Junior Member
    Join Date
    Mar 2003
    Posts
    49

    citibank/hardship

    Reading this forum,I see that many people have had dealings with Citibanks hardship program,which I am thinking of seeking out. Ifirst have a couple of questions:

    Will citibank note a hardship program on your credit report?

    What if you are over-limit,do they make you pay that down before allowing you on the program?

    Thanks,Janet

  2.  
  3. #2
    Karen is offline Senior Member
    Join Date
    Mar 2000
    Posts
    401

    citibank/hardship

    The creditrport says something to the effect of "consumer under special payment plan".

    They will close your acount and that is reflected on the credit report.

    If you are over limit, they do not require you to pay the balance down to your credit limit before getting into the hardship program.

    My experience is this: Up to the date that I was 60 days late, they denied there was such a thing as a hardship program. They claimed to know nothing about it. On day 61, they called me with an offer to get on the plan. They dropped the APR substantially and reduced the monthly payment a lot. It was a take it or leave it. No chance to think about it. But, I assume I could have turned them down and then called back. But, after listening to them deny for two months that such a program even existed, I decided to take it.

    If you default on the hardship, like I did, the APR goes back up. Your original date of default kicks in. What that means is this. My first payment was due 60 days after they put me in the program, which was a total of 120 days after my first default. I paid for about four months and then defaulted. Their rule is that after 180 days late, they write it off. So I had only 60 more days until it is written off. At that point it goes to a collection agency or an attorney for lawsuit.

    They will negotiate with you when you call so do not take their first offer. They will lower the APR, monthly payment, and fees. And, in my case, they wanted the first payment within 30 days. I got them to give me 60.

    I will post this and then see if I can find my notes. There may be some more useful info there (I assume this was useful).

  4. #3
    Karen is offline Senior Member
    Join Date
    Mar 2000
    Posts
    401

    more info

    More details: No late fees or overlimit fees during the program; no finance charges, and the monthly minimum payment was reduced.

    If you default, they will not offer another payment program for 12 months. Or, at least they said so.

    After I defaulted, they called and offered: 0% for six months. If you make the payments on time during that six months, they will let you settle the balnace fro less than you owe (no idea what that would be).

    The number is 1-800-926-1058. Expect them to tell you the program does not exist, unless you are at least 60 days past due.

  5. #4
    jlynn is offline Senior Member
    Join Date
    Sep 2002
    Location
    Texas
    Posts
    6,201

    Re: more info

    Originally posted by Karen
    More details: No late fees or overlimit fees during the program; no finance charges, and the monthly minimum payment was reduced.

    If you default, they will not offer another payment program for 12 months. Or, at least they said so.
    My experience was similart to Karen's (in fact I think we compared notes).

    To answer a couple of questions, I was over the CL - that wasn't a problem. They offered me a hardship for 6 or 12 months. Just make sure that you choose the one that will put you under the CL before the program is up. Also, they required me to allow auto debit of the payment.

    My hardship expired in April, the APR went up to 24% (ouch), but I just received a letter the other day that because of my good payments, they are lowering the APR to the standard rate (they didn't mention what that is, but I'm assuming mid teens.

    The did a major kill job on my EQ report. Reported me "In CCCS", and decided I should be in "currently 120 day late" purgatory. I think my case may be isolated, and I finally got it cleaned up only because EQ dropped the ball. In fact, it is a good TL on this report now :) no lates or anything.

  6. #5
    Butch is offline Senior Member
    Join Date
    May 2002
    Posts
    6,411

    Re: Re: more info

    Originally posted by jlynn
    similart

    KOOL. A new word.

    :)~

  7. #6
    jlynn is offline Senior Member
    Join Date
    Sep 2002
    Location
    Texas
    Posts
    6,201

    more info

    Originally posted by Butch
    KOOL. A new word.

    :)~
    ha ha

    i am suufering from sun stoke.

    bee nice, or u will bee asimilatered.

    8)~

  8. #7
    Karen is offline Senior Member
    Join Date
    Mar 2000
    Posts
    401

    Hey Janritch

    Did any of this help you? Just curious.

    They have now offered me another hardship program. Not as good as the second one (that I could not do), but about the same as the first one. And, all this after they said I could not get on any hardship program for 12 months after I defaulted on the first one.

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