GE Money Bank credit card hardship programs.

While not a major credit card company, GE Money Bank also offers various assistance and hardship programs to account holders. They also manage numerous store branded credit cards for major retailers, such as Wal-Mart, Best Buy, and others.

Like many credit card issuers, GE Money bank is also adding to the number of assistance programs that they are providing to struggling account holders. While they do tend to quickly send a delinquent account to an outside collection agency, they will also offer consumers who can make some payments different options such as debt settlement, consolidation, and hardship programs.

Read below some example of how people are reducing their debt from GE Money Bank.

Example of GE Money Bank Hardship and assistance programs.

• A customer recently settled their outstanding credit card debt with them. They were about 150 days late on their payments. The total amount they owed was about $3250. After being about 30 days late and receiving some calls and letters from them, the customer called GE Money Bank to tell them of their financial situation. After about 150 days, GE Money offered them a settlement for $1900. The person said they couldn't do that amount, so a few hours later after that initial call another company that represents them called and offered $1150 as a settlement. The customer accepted the deal.
   
• Another customer had two credit cards with them, including one from Wal-Mart. The account was sent to an outside collection agency after about 3 months of nonpayment. They owed a total of about $4,000 on the two cards. The person worked closely with the collection agency, and they ended up settling for about $3000.
   
• Some common, recurring advice is that when settling with GE MoneyBank, get the deal in writing. Some people claim they sell the unpaid balance to a collection agency, who then calls you trying to get the money. So for example, if you settle for $2000 on a $5000 balance, some people say the $3000 difference will be sold to a collection agency, and they will contact and harass you. So if you have the deal in writing, you can quickly and easily show the collector that the $3000 was waived as part of a debt settlement agreement / program.
   
• They are willing to reduce interest rates as well. An account holder had their interest rate at 26% as they missed a couple payments. They contact the company, explained their personal situation, provided details on their financial condition, and they were entered into a hardship program. Their interest rate was lowered from 26% to 9%.
   
• Yet another example of a successful settlement and hardship program. After being several weeks late on their payments, GE Money Bank sent this customer an e-mail today offering to settle their debt of about $7100 for only $3176, so 55% reduction. The customer ended up accepting the deal.

Contact GE Money Bank Customer Service at PO Box 960061, Orlando Florida 32896, 866-396-8254, to learn more about hardship programs or other assistance they can offer you.