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[01:54:03 AM Thursday, September 06, 2007]
You Applied for Credit and Had it Damaged in a Natural Disaster?There are different circumstances in life that may affect your credit rating - many of them unforeseen. Let's say you are suddenly taken ill or lose your job and income, then it is near to impossible for you to cope with your current balances. As a result you lose not only your ways and means but also your eligibility for future good credit card applications. Divorce, by the way, also falls in the category of circumstances damaging your credit history and credit score and it has become common already. But what would you do if you become victim of a natural disaster? What if your credit card or financial records are lost when you are attacked by a hurricane? More out of humane considerations than any other, let's drop off much more valued and dearer things you may be deprived of due to fatal actions of the elements, and speak on how you can fast recover from financial loses. If you have fallen victim to a hurricane, you needn't be afraid that you will be left alone in your credit and overall financial trouble. Almost all banks, credit card companies, mortgage and other financial companies are participating in the program of supplying financial assistance to credit consumers suffering from the aftermath of the hurricane. We mean the fall-out caused by Katrina. What are the companies offering you to ease, at least by little, your efforts to get back to your feet? Be sure, your creditor is always ready to hear out all your problems and suggest a best solution for your case. Unmanageable debt or bankruptcy as a result of natural disaster is not of great interest to your bank - the bank is more interested in getting something out of you than simply discharging all your debts. Your creditor will mostly likely suggest extending your repayment plan or intro periods or they can even defer your payments if you ask more assistance. If you had already been in debt before the hurricane captured you, the company may disclaim the late payment fees or stop sending delinquency information to the credit bureaus. Being victim of the natural disaster, or unmanageable circumstances in other words, you are also exempted from the importunate credit card debt collectors. Instead, the bank may offer you a longer term debt repayment schedule and decrease the interest on your credit card or a loan. Customers who have been suffering most of all and who once applied for credit at Capital One, Bank of America or American Express, can be assured that the creditors will willingly review the customers' accounts individually and consider forgiving past due fees and over limit penalty charges. The most lucky credit consumers, who have always displayed discipline and responsibility, may hope to enjoy exemption from the interest rates on their deals. Some banks will offer hurricane victims free replacement credit card with somewhat better terms and may increase their credit limits based on their previous payment history. Well, have you ever thought that your creditor is your enemy rather than a friend? Now, it's time to change your point of view and begin to trust those who initially trusted you and still believe in you even after such a misfortune. |
