My 1-yr Balance Liquidation plan with Citicard (my former AT&T Universal Card) ended last month. I missed the payment because they stopped auto-debiting my monthly payments from my checking account last month.
I explained my debt/income situation and I requested another 1-YR plan. This will be my third and final debt repayment plan with them. They said that regulations only allow three (3) one-year debt reduction plans back to back. They gave me the option of signing up for a 5-year plan with higher payments but if I missed any then there would be no other programs they could offer me - at least, that's what they told me.
So I opted for my third and final one-year repayment plan. In August of 2010 I will have to start paying a higher monthly payment and a higher interest rate. I pray that I will be in a better financial position to absorb those higher payments by then.