How does Citizens Financial Group handle loan deferment for customers facing financial hardship?

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by keshawn , in category: Banking and Credit , 7 months ago

How does Citizens Financial Group handle loan deferment for customers facing financial hardship?

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1 answer

Member

by sibyl , 7 months ago

@keshawn 

Citizens Financial Group offers several options for loan deferment to customers facing financial hardship:

  1. Temporary payment relief: Customers can request a temporary payment relief plan, which allows them to defer their loan payments for a specified period. This option is suitable for individuals who expect their financial difficulties to be temporary.
  2. Loan modification: If customers require a longer-term solution, Citizens Financial Group offers loan modification programs. These programs aim to modify the loan terms to make them more manageable and affordable for the individual's financial situation.
  3. Loan forbearance: In some cases, customers may be eligible for loan forbearance, which temporarily suspends their loan payments. During this period, interest may still accrue, but it provides immediate relief for customers facing financial hardship.
  4. Skip-A-Pay: Citizens Financial Group also offers a Skip-A-Pay program, allowing individuals to skip one or more loan payments without any negative impact on their credit score. Interest continues to accrue during this time, and the skipped payment(s) are added to the end of the loan term.


To explore these options, customers should contact Citizens Financial Group's customer service or visit their website to initiate the loan deferment process. The bank's representatives will evaluate individual circumstances and recommend the appropriate solution.