Account Restructure Program

Q. Why did I receive this communication from Merrick Bank?

A. Your account is seriously past-due and we wanted to let you know that we have the Account Restructure Program (ARP) that can help you pay off your debt sooner.

Q. I lost my offer code. Do you have another one?

A. If you received a postcard, please call toll-free 1-877-487-5596 and a customer service representative can assist you.

Q. If I enroll in this offer can I start to use my card again?

A. Unfortunately, no, you will not be able to use your card while you in this program. As part of the Account Restructure Program, we help you pay off your debt by closing your account so that additional debt is not added. We are then able to set a low fixed APR and a monthly payment that is workable for you.

Q. After I pay off my debt, can I use my card again?

A. No, the account will not be reopened for use.

Q. How is not paying my account affecting my credit?

A. Your payment performance, whether positive or negative, is reported to the three major credit reporting agencies every month. By not making your required payments, this information is reported to the credit reporting agencies and can negatively impact your credit profile and score.

Q. How will my account be reported to the credit bureaus if I participate in ARP?

A. Your account will be reported to the credit bureaus as “account closed at consumer’s request.”.

Q. Why should I do this?

A. The top reasons why you should consider this offer are:
     1. You will no longer receive collection calls from our agents;
     2. You can eliminate your debt with us within 5 years or sooner if you pay more;
     3. Your APR will be reduced to a fixed APR of 6% and no future annual fees are assessed; and
     4. You don’t have to pay the entire past due amount that is currently outstanding.

Q. When will you re-age / bring my account current?

A. After 3 consecutive payments, in the agreed amount and payment dates are met, the account will be report as current.