Start My Answer

What is Synchrony Bank's Hardship Program?

George Simons | October 19, 2022

George Simons
Co-Founder of SoloSuit
George Simons, JD/MBA

George Simons is the co-founder and CEO of SoloSuit. He has helped Americans protect over $1 billion from predatory debt lawsuits. George graduated from BYU Law school in 2020 with a JD-MBA. In his spare time, George likes to cook, because he likes to eat.

Edited by Hannah Locklear

Hannah Locklear
Editor at SoloSuit
Hannah Locklear, BA

Hannah Locklear is SoloSuit’s Marketing and Impact Manager. With an educational background in Linguistics, Spanish, and International Development from Brigham Young University, Hannah has also worked as a legal support specialist for several years.

Summary: If life has thrown you a curveball and you're struggling with debt, Synchrony Bank's Hardship Program can offer relief. If you've been sued by Synchrony Bank, SoloSuit can help.

Synchrony Bank's Hardship Program is a credit repayment plan that helps account holders manage a difficult financial situation. The bank is renowned for issuing retail credit cards for popular brands like PayPal, Walmart and Amazon.

Unexpected life events can have a detrimental effect on your finances, causing you to fall behind on your credit card payments. In most cases, credit card debts become a burden to debtors and can harm their credit report in the long run. However, a credit hardship plan can stop that from happening and help you adjust to any new financial situation.

Even though a credit hardship plan may affect your creditworthiness, it may be a better option than other financial solutions. Find out more about Synchrony Bank's Credit Hardship Program below.

What is a Credit Hardship Program?

A credit card hardship program is a repayment plan you negotiate with the issuing bank to adjust some parts of the original agreement when facing a difficult financial situation. For example, the bank may evaluate credit limits, accept smaller minimum payments, waive fees, adjust a payment schedule, or lower interest rates for a short period to help you afford your debt installments.

Not all lenders offer this program to debtors. It is also less advertised than debt management plans and involves no intermediaries during the negotiations. Synchrony Bank is one of the many financial institutions that offer several credit hardship plans under this program.

Circumstances That Qualify for a Hardship Program

Financial institutions offering these programs may be specific on what they consider 'financial hardships'. Here are some commonly acceptable circumstances:

  • A natural disaster has affected your livelihood and source of income
  • Divorce
  • Family emergencies
  • Job loss
  • Wages cut
  • Serious injury that prevents you from working

The bank may need proof of these circumstances before allowing you to sign up for their hardship program. Therefore, ensure that you gather all the documents, such as medical reports or employment termination letters, before contacting the bank.

How to Get a Credit Hardship Program With Synchrony Bank

Synchrony Bank offers several hardship programs to its account holders. However, because the bank partners with dozens of stores to issue credit cards, the terms of these programs may differ depending on the business terms with the different partners.

The typical process of enrolling into a hardship plan starts with contacting the bank to know the options available. Here are a few tips to help you prepare for these negotiations.

Adjust Your Budget

Before you enroll in a hardship program, consider adjusting your budget to match the changes in your finances. This decision will help you cut unnecessary expenses and save more money to settle your bills.

Adjusting your budget will help you explain your financial situation to the bank during negotiations. In addition, you can use your new budget as the blueprint for customizing a suitable hardship program if the bank accepts your request.

Contact The Bank

Since Synchrony Bank offers hardship programs, they have a specific department that handles requests from account holders. All you need to do is call the bank and request to speak to someone from the credit hardship programs team. Once you reach the right representative, explain your financial situation and find out how they may help you.

The bank representative will discuss a few options depending on the type of credit card and your financial situation. Keep in mind your budget and the amount of money you have at your disposal and compare with the options offered by the bank.

Discuss The Terms of the Options

The bank representative will most likely persuade you to accept the terms of their plans. However, not all options may be suitable for your budget. For example, if an option offers a lower interest rate than what you currently have, calculate how many monthly payments you'll need to pay under the plan. You may find out that you'll eventually pay more than you can afford, causing you more financial frustrations.

Sign an Agreement

When you finally find a suitable plan, you'll be required to sign an agreement to enroll in the program. Ensure that you're up to date with payments to avoid breaching the contract and damaging your credit.

Effects of a Credit Hardship Program on Your Credit

Enrolling in a credit hardship program has no effects on your credit score. Instead, it shows that you're taking the right steps towards clearing your debts rather than skipping payments. However, there are a few actions that can potentially affect your creditworthiness.

For example, Synchrony Bank may indicate on your credit report that you participated in their credit hardship program. Unfortunately, some creditors may interpret this entry as a poor credit history and reject your request for credit.

Some hardship programs also have harsh terms and conditions. For example, if the agreement includes suspending or closing your credit card until the program ends, you won't be able to use the card for a long time. Additionally, closing a credit account may increase your credit utilization ratio, thus, lowering your creditworthiness.

On the brighter side, a successful hardship program can improve your credit score. At first, you may notice a drop in your credit score when you enroll in the program due to factors like a shortened credit history or a higher utilization ratio. However, if you complete the program, you will notice positive changes in your credit report.

The bottom line

Financial hardships can lead to crippling debt if not properly managed. However, you can avoid such headaches if you approach your creditor to negotiate a credit hardship plan sooner. Failure to work with the credit card company to find a solution could result in the debt being sent to collections. When that happens, it'll hurt your credit score and damage your credit history for several years. And that's not all—debt collectors can file a lawsuit against you and obtain a default judgment if you fail to respond.

If you're sued for debt, make sure to respond to the lawsuit in court with SoloSuit in order to avoid losing by default.

What is SoloSuit?

SoloSuit makes it easy to respond to a debt collection lawsuit.

How it works: SoloSuit is a step-by-step web-app that asks you all the necessary questions to complete your answer. Upon completion, you can either print the completed forms and mail in the hard copies to the courts or you can pay SoloSuit to file it for you and to have an attorney review the document.

Respond with SoloSuit

"First time getting sued by a debt collector and I was searching all over YouTube and ran across SoloSuit, so I decided to buy their services with their attorney reviewed documentation which cost extra but it was well worth it! SoloSuit sent the documentation to the parties and to the court which saved me time from having to go to court and in a few weeks the case got dismissed!" – James

Get Started

We have answers.
Join our community of over 40,000 people.

You can ask your questions on the SoloSuit forum and the community will help you out. Whether you need help now or are just looking for support, we're here for you.

Ask a Question

>>Read the FastCompany article: Debt Lawsuits Are Complicated: This Website Makes Them Simpler To Navigate

>>Read the NPR story on SoloSuit: A Student Solution To Give Utah Debtors A Fighting Chance

How to answer a summons for debt collection in your state

Here's a list of guides for other states.

All 50 states.

Guides on how to beat every debt collector

Being sued by a different debt collector? Were making guides on how to beat each one.

Win against credit card companies

Is your credit card company suing you? Learn how you can beat each one.

Going to Court for Credit Card Debt — Key Tips

How to Negotiate Credit Card Debts

How to Settle a Credit Card Debt Lawsuit — Ultimate Guide

Get answers to these FAQs

Need more info on statutes of limitations? Read our 50-state guide.

Why do debt collectors block their phone numbers?

How long do debt collectors take to respond to debt validation letters?

What are the biggest debt collector companies in the US?

Is Zombie Debt Still a Problem in 2019?

SoloSuit FAQ

If a car is repossessed, do I still owe the debt?

Is Portfolio Recovery Associates Legit?

Is There a Judgment Against Me Without my Knowledge?

Should I File Bankruptcy Before or After a Judgment?

What is a default judgment?— What do I do?

Summoned to Court for Medical Bills — What Do I Do?

What Happens If Someone Sues You and You Have No Money?

What Happens If You Never Answer Debt Collectors?

What Happens When a Debt Is Sold to a Collection Agency

What is a Stipulated Judgment?

What is the Deadline for a Defendants Answer to Avoid a Default Judgment?

Can a Judgement Creditor Take my Car?

Can I Settle a Debt After Being Served?

Can I Stop Wage Garnishment?

Can You Appeal a Default Judgement?

Do I Need a Debt Collection Defense Attorney?

Do I Need a Payday Loans Lawyer?

Do student loans go away after 7 years? — Student Loan Debt Guide

Am I Responsible for My Spouses Medical Debt?

Should I Marry Someone With Debt?

Can a Debt Collector Leave a Voicemail?

How Does Debt Assignment Work?

What Happens If a Defendant Does Not Pay a Judgment?

How Does Debt Assignment Work?

Can You Serve Someone with a Collections Lawsuit at Their Work?

What Is a Warrant in Debt?

How Many Times Can a Judgment be Renewed in Oklahoma?

Can an Eviction Be Reversed?

Does Debt Consolidation Have Risks?

What Happens If You Avoid Getting Served Court Papers?

Does Student Debt Die With You?

Can Debt Collectors Call You at Work in Texas?

How Much Do You Have to Be in Debt to File for Chapter 7?

What Is the Statute of Limitations on Debt in Washington?

How Long Does a Judgment Last?

Can Private Disability Payments Be Garnished?

Can Debt Collectors Call From Local Numbers?

Does the Fair Credit Reporting Act Work in Florida?

The Truth: Should You Never Pay a Debt Collection Agency?

Should You Communicate with a Debt Collector in Writing or by Telephone?

Do I Need a Debt Negotiator?

What Happens After a Motion for Default Is Filed?

Can a Process Server Leave a Summons Taped to My Door?

Learn More With These Additional Resources:

Need help managing your finances? Check out these resources.

How to Make a Debt Validation Letter - The Ultimate Guide

How to Make a Motion to Compel Arbitration Without an Attorney

How to Stop Wage Garnishment — Everything You Need to Know

How to File an FDCPA Complaint Against Your Debt Collector (Ultimate Guide)

Defending Yourself in Court Against a Debt Collector

Tips on you can to file an FDCPA lawsuit against a debt collection agency

Advice on how to answer a summons for debt collection.

Effective strategies for how to get back on track after a debt lawsuit

New Hampshire Statute of Limitations on Debt

Sample Cease and Desist Letter Against Debt Collectors

The Ultimate Guide to Responding to a Debt Collection Lawsuit in Utah

West Virginia Statute of Limitations on Debt

What debt collectors cannot do — FDCPA explained

Defending Yourself in Court Against Debt Collector

How to Liquidate Debt

Arkansas Statute of Limitations on Debt

Youre Drowning in Debt — Heres How to Swim

Help! Im Being Sued by My Debt Collector

How to Make a Motion to Vacate Judgment

How to Answer Summons for Debt Collection in Vermont

North Dakota Statute of Limitations on Debt

ClearPoint Debt Management Review

Indiana Statute of Limitations on Debt

Oregon Eviction Laws - What They Say

CuraDebt Debt Settlement Review

How to Write a Re-Aging Debt Letter

How to Appear in Court by Phone

How to Use the Doctrine of Unclean Hands

Debt Consolidation in Eugene, Oregon

Summoned to Court for Medical Bills? What to Do Next

How to Make a Debt Settlement Agreement

Received a 3-Day Eviction Notice? Heres What to Do

How to Answer a Lawsuit for Debt Collection

Tips for Leaving the Country With Unpaid Credit Card Debt

Kansas Statute of Limitations on Debt Collection

How to File in Small Claims Court in Iowa

How to File a Civil Answer in Kings County Supreme Court

Roseland Associates Debt Consolidation Review

How to Stop a Garnishment

Debt Eraser Review

Do Debt Collectors Ever Give Up?

Can They Garnish Your Wages for Credit Card Debt?

How Often Do Credit Card Companies Sue for Non-Payment?

How Long Does a Judgment Last?

​​How Long Before a Creditor Can Garnish Wages?

How to Beat a Bill Collector in Court