Credit card hardship programs from Fifth Third Bank.
When a job loss, medical issue, reduction in income, or other financial challenge makes it hard to keep up with your Fifth Third credit card, the bank does offer assistance to people in a hardship. Fifth Third Bank is committed to helping as many people as possible by offering a variety of options as noted below. Find details on what is possible from a credit card hardship program from Fifth Third Bank.
Hardship programs for credit cards
Fifth Third offers different resources to people depending on various factors. The lender directs cardholders to request help through online banking (select your credit card, then “Hardship Assistance”) or by phone. For consumer credit cards, there is a dedicated hardship phone number of 866-601-6391.
What Fifth Third may offer depends on your household financial situation and what you can document. As proof of the condition is always needed. For example, proof of reduced income, medical bills, job loss, or disaster impact). Some of the programs used in the past, and that are often offered to qualified borrowers, include the following.
Payment plans can be set up, which can include different components to them. Some people will have the interest rate on their credit card reduced to a lower fixed percentage rate, with some borrowers claiming it has gone to as low as 5% for a total of 60 months. In addition, Fifth Third will often reduce, or waive, over limit and late fees upon receipt of the first payment when you are on this plan.
- There is some flexibility with the minimum monthly payment as well. As they will try to set this at a possible lower rate, if possible. As the minimum payment will be calculated based upon approximately 1/60th of the current unpaid balance on the account at the time the customer enters this hardship program.
- Fifth Third Banks will often also consider structured repayment arrangements that close or suspend charging on the card while you pay down the balance on a set schedule; exact terms are case-by-case and not guaranteed.
Deferring payments is also an option. This can be done for a set period, and is often more done when the hardship is short term in nature. This can be factors like a seasonal job layoff or when a natural disaster strikes - Fifth Third will offer relief in those cases too. This plan will also suspend both any over limit and late fees upon receipt of the first payment after the customer enters the plan.
Fifth Third Banks also offers other forms of relief for customers facing a hardship due to temporary setbacks. This type of relief commonly focuses on providing breathing room such as a short-term payment deferral or a waived minimum payment and late-fee. This will allow you to stabilize and just as importantly avoid default and additional fees due to one or more missed payments.
Fifth Third Bank additional financial relief programs
Many customers have other types of loans (not just credit cards) with the bank. In fact, when someone takes out a credit card they will often use the bank for other financial needs - such as a car loam, mortgage or something else. Therefore a credit card hardship plans is often combined with other support.
- Car or boat loans and RV are also eligible for a similar type of loan modifications and repayment plans as described above for your credit cards. There are payment arrangements, reduction in fees and more explored. Contact Fifth Third Bank for more details on assistance plans if you are having difficulty with your payments for these loans.
- Mortgage modifications from Fifth Third are offered too. They may be able to modify the terms of your original home loan to make your monthly mortgage payments more affordable over the long term as part of a hardship program. They can adjust the payment, extend the term of your loan, lower your interest rate, or possibly even add the delinquent, unpaid interest amount to the principal balance. Or the lender will possibly even waive or defer past due interest, all in an effort to help you stay in your home and this can be done at the same time as a credit card.
Contact information
Today, the path still begins the same way: Contact the bank and ask for hardship assistance on your credit card or any other type of loan you have. Contact Fifth Third at 1-866-601-6391 for further information. The main customer service number is 800-972-3030 and that is another option to apply to these hardship programs.
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