Banks and credit institutions have many instruments to help out clients. One corporation offers things like the Citigroup loan forgiveness, which is a thing for those regular clients who may have extenuating circumstances involved in their financial problems. There are usually several things that can happen here.
One of them is that you will need the services of an attorney and accountant to order your books. Then there are requirements from a bank say that has lent you money specific to your loan and your account. This is a thing that should be more or less documented, and you need to make things clear and legal for any process involved
The forgiveness is not something that anyone can have, and this is why you need to study and prepare for your application. Citicorp is one of the more enlightened of big corporations that can provide services like these to their consumers. Their audience is wide ranging and is usually the better payers for loans.
Your loan document may have this clause for you, and since it is part of the process, you should be able to access it well enough. The thing is to have it relevant to your case, and also your decision should be something that is well made with regards to this. Your study can come up with any number of positive items.
Citicorp is big enough to absorb losses but it also has stricter rules that may be enforced here. For those who will make it to the forgiveness process still have some ways to go before they can be out of debt. In fact, the system here is tasked to make clients pay, but with some grace periods or forgiveness of defaults.
This means that there will typically be no added interest or charges that apply. You have to study your details and plead your case with an attorney in assistance. He or she might draw up some legal docs that are helpful in convincing the financial institution that you are honest and above board.
The fact is that debts might be paid up but sometimes there are factors which tend to be problems. One of these is your income earning capacity and how this might already be tasked to pay for things you already have. Payments could be thought of here, and loans should be decided on after factoring it in the budget.
Those folks who can get this kind of relief from Citicorp will be benefited. But they will realize in time that it is about being able to pay off loans after a time. There is a strict regimen involved, although your credit rating may not be affected otherwise or in a negative manner.
It is simply about gearing up to have some money available for addressing the payments here. And you should work this out in detail with an accounting expert, ideally one that knows how debt servicing should work. There are also government programs you can enroll in besides this company service.