Things to know about a credit card financial hardship program
Finance

Things to know about a credit card financial hardship program

Financial challenges can be difficult to overcome sometimes, especially when one has debts to pay off and other financial responsibilities. One such constraint may be a credit card bill that needs to be paid off by the due date to avoid penalties and maintain a credit score. Fortunately, many financial institutions offer credit card financial hardship programs to help in such situations. Being aware of such programs helps one seek much-needed support during testing times. What are credit card financial hardship programs? A credit card financial hardship program is an initiative to help cardholders needing temporary assistance, such as temporarily reducing interest rates, payment extensions, and late fee waivers. Sometimes, the individual’s due payment may be suspended under certain conditions. In general, if one’s credit scores and payment records have been good, there is a higher chance of being given the waivers and benefits applicable to such programs. Who can apply for a credit card financial hardship program, and how to qualify for it? A credit card financial hardship program is generally suitable for those currently going through a difficult financial situation and cannot afford to pay their impending credit card bill on time. Depending on the circumstances and the program’s policy offered by the specific financial institution, they may either avail of a deadline extension or even a waiver or suspension.
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Things to consider before accepting a settlement amount
Finance

Things to consider before accepting a settlement amount

People often try their best to live a safe life. However, various elements could interfere with one’s cocooned approach, such as accidents or injuries due to unforeseen circumstances. Even a minor mishap may require vehicle repair estimates, doctor appointments, and insurance company calls into one’s calendar. In most cases, individuals may be eligible for a settlement check to address these expenses. But before accepting the check, it’s crucial to learn the details of settlements. Look for better offers Insurance adjusters typically start negotiations by offering an individual a low settlement amount. Sometimes, the amount might also be appealing to many. One should note that the first offer isn’t always the last. In most cases, the insurance company wants to gauge if the insured understands how much the claim is worth and determine how much one is eligible for and willing to accept. One should remember that one could always reject the first offer and make a counteroffer for a more reasonable amount. Doing so will show the adjuster that the individual is taking the negotiations seriously. Seek help from a lawyer When one hires an experienced legal professional, an insurance company might treat the claimant more respectfully. The personal injury attorney can offer detailed assistance and negotiate settlements from a position of strength to ensure the insurance company offers all the compensation to which one is entitled.
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