How to Ask for Hardship Help From a Creditor

Getting hardship help from a creditor can potentially save your credit rating. Some debtors skip payments if they don't have cash. However, skipping payments reduces credit scores, results in extra fees and can stop future credit approvals. Communication with a creditor and keeping the creditor alert to your economic situation may qualify you for hardship help.

Instructions

1

Request help before you default. Don't wait until you've missed a few payments before requesting hardship relief from a creditor. The creditor may readily recommend solutions if the account is current.

2

Disclose details about your situation. A vague description of your plight may not encourage help from your creditor. Creditors need details to assess if you qualify for hardship help. Information requested may include a list of your monthly debts and copies of income statements.

3

Propose a modification of your credit terms. A lower payment or interest rate on an account can increase affordability and ward off future defaults.

4

Talk about debt forgiveness. Get rid of balances fast with a debt settlement. Pay less than you owe to extinguish an outstanding balance.

5

Miss a couple payments with your creditor's consent. To assist the account holder who experience hardship, some creditors may temporarily eliminate payments on an account for several months. Deferments give debtors time to improve their finances in order to resume timely payments.