Do credit card banks in the Philippines offer “Hardship Programs”?

June 18, 2012 | By Fitz | Filed in: Loans, Debts & Credit Cards.

I am currently buried in credit card debts and I’ve reached a point wherein my (and my husband’s) total monthly income is not enough to pay even the minimum amounts required.  I read in some finance blog that if you’re having a hard time paying off your credit card, you can call your bank and ask if they offer hardship program.  I think this is where the bank can offer to slash or zero out the monthly interest rate so that the minimum will be smaller.  There were some other options mentioned.  However, this was a US blog so the banks cited were all US banks.  I’m not sure if there are banks here in the Philippines which offer such programs. 

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4 Responses to “Do credit card banks in the Philippines offer “Hardship Programs”?”

  1. ForsakenOne says:

    I think you should go ahead and ask. Worst case is they say no, and you aren’t any worse off than you are now. If they say yes, it’s ok.

    Fritz i think has a link to a pertinent webpage/site regarding this.

    But i’ve read somewhere before that the credit card company may forgo at least some of the interest, just to be able to collect from you. Unfortunately, based on what i read, it comes after a lengthy period during which a collection agency tries to harass you into paying (including threats of lawsuits and jail time).

    So there might tough times ahead before you get to the point where they take away the usurious interest rates.

  2. Mayette says:

    Believe it or not, I am currently in that situation. I have six outstanding credit cards and all of them are, as expected, past due. For the past 2 or 3 months, I tried to avoid those companies by not answering to their calls (so as not to add stress on me).

    But I have to face the situation and so I started answering their calls. Honestly, it’s a good decision. All of them encourages me to pay at least the minimum amount due of the previous month (its like I need to pay only 25% of the minimum amt due). Not only that, they extended my due dates, so as to avoid transferring my account to the law firm (btw, they are in the collection agency). And two of my cards give me the option to pay at a fixed amount with ZERO interest for the next two years. I hope they’ll do the same to you. Goodluck !!!

  3. ForsakenOne says:

    Wow, that’s great info!

    Mayette, did you have to bargain for that arrangement? Or did they volunteer that approach?

    If it was negotiaited, would you mind sharing some arguments/reasonings used on them? Some of us aren’t too good at negotiating…. ahem me ahem.

    If they volunteerd it, would you mind naming the company?


  4. mamacorky says:

    Thank you ForsakenOne and Mayette! Your answers give me hope! =)

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