Navigating Financial Struggles with Your Synchrony Installment Plan

" "

After purchasing a couch from Living Spaces for $1600 through Synchrony, an unforeseen financial setback has left me unable to make the monthly payments. Suddenly, owing money for a purchase I no longer have a stable income to support.

" "

Recently, I was laid off from my job. As distressing as this situation is, it is not unique. Many individuals find themselves in similar circumstances, and it is crucial to handle the situation responsibly and proactively.

" "

Should I Contact Synchrony?

" "

Yes, it is advisable to call Synchrony and explain your current financial situation. They may be able to offer you a more flexible payment plan. Ignoring the bill will only exacerbate the problem by negatively impacting your credit score.

" "

Contractually, Synchrony is required to enforce the terms of your agreement, but they may be willing to work with you if you communicate proactively. Synchrony is one of the largest credit card issuers in America, and their customer service may be more understanding than you anticipate. However, they will likely inform you that you still owe the full amount, which is typical of how financial contracts are structured.

" "

Exploring Your Options

" "

1. Request a Payment Hold or Flexible Plan:

" "

Start by calling their customer service center. They may have a specialty department dedicated to helping customers with payment holds or installment agreements. Ask if you can put your payments on hold until you find a new job. This installment plan may be more flexible than you expect, but be aware that interest rates may increase if your account becomes delinquent.

" "

2. Consider a Charge-Off:

" "

If a payment hold is not an option, you might ask for a charge-off. A charge-off is a flat amount that you can pay in 3 to 4 installments to settle your debt. While this may be a last resort, it can help alleviate the stress of the current situation. Keep in mind that even if they agree to a charge-off, you may still have to pay the first installment within a short timeframe, typically within four weeks.

" "

Seeking Additional Support

" "

Applying for unemployment benefits may provide some financial relief. Start applying immediately and intensify your job search efforts to resolve your current financial burden as soon as possible.

" "

Remember, while it is distressing to find yourself in this position, it is important to handle it with responsibility and proactivity. Synchrony, like many financial institutions, is more likely to work with you if you communicate clearly and explain your situation. Addressing the issue now can help prevent further complications down the line.