Synchrony Financial credit card hardship programs.
While focused on store branded credit cards, Synchrony Financial (formerly known as GE Money Bank) also offers various payment plans and hardship programs to account holders. The lender manages numerous store branded credit cards for major retailers, such as Wal-Mart, Best Buy, Amazon and many others. As part of this process, they offer hardship programs to struggling customers. Find more details, as well as a phone number for help below.
Most customers of Synchrony Financial use a so called store branded credit card and many of the hardship programs, such as interest rate reductions or forbearance, will apply to them as well. Like many credit cards issued by regional or national banks, Synchrony Financial 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 afford to make some payments different options. Examples of the solutions available may be debt settlement, consolidation, payment deferrals, and other more generic hardship programs. Read below some example of how people are reducing their debt from Synchrony Financial.
Example of Synchrony Financial Hardship and assistance programs
A customer recently settled their outstanding credit card debt with them. They were about 150 days late on their payments to Synchrony Financial. 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 Synchrony Financial to tell them of their financial situation.
After about 150 days, Synchrony Financial 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 that was part of Synchrony Financial, and they ended up settling for about $3000. There was also a Synchrony Financial credit card from TJ Max that they entered into a hardship program for which lead to a cut in the interest rate.
Some common, recurring advice is that when settling with Synchrony Financial, get the deal in writing. Some people claim that the company will sell the unpaid balance to a collection agency, who then call 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 contacted 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%.
Synchrony Financial also works with a number of customers that have low credit scores, as many of them use the discount cards. Some customers who have Wal-Mart branded cards can have their interest rates or reduced reduced as part of the Synchrony Financial hardship program. One customer that had an 18% interest rate called the lender and had their rate reduced to 10% going forward, but the credit limit was cut.
Yet another example of a successful settlement and hardship program. After being several weeks late on their payments, Synchrony Financial 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.
Note that some of the store branded cards may be offered by Synchrony Financial in partnership with other companies. For example, Green Dot is often involved with Wal-Mart cards. So this can be more complicated, but hardship programs can still be entered into. One customer had to deal with both of those companies and placed calls to them. After multiple phone calls and continuing to ask for the customer representatives supervisor, they were able to have their interest rate lowered to 5% for a 12 month period of time.
Apply for Synchrony Financial credit card hardship programs
As noted, they operate dozens of store branded credit cards from national and regional retailers. Discount companies, such as Marshalls or full priced retailers, including Lowes Home Improvement, partner with the lender. Contact Synchrony Financial Customer Service at 1-866-419-4096, to learn more about hardship programs or other assistance they can offer you.