What DEICE is and who it's for

DEICE stands for Debt Elimination and Income Correction Evaluation. It's a program Citizens Bank created to help customers who are behind on payments work out a plan to catch up, rather than defaulting or losing the account. The program doesn't erase debt — it restructures how and when you pay it back.

DEICE is designed for customers whose accounts have fallen behind due to a temporary financial hardship: job loss, medical emergency, divorce, or a sudden drop in income. If you've missed payments but still have the ability to resume payments with a modified schedule, DEICE may be an option. The program is not available to customers in active bankruptcy or those whose accounts are already in charge-off status (meaning the bank has written off the debt as uncollectible).

Citizens Bank does not advertise DEICE heavily, and you won't find an process form on their website. Instead, the program is typically offered by a Collections or Loss Mitigation representative during a phone conversation after you've fallen behind. If you call Citizens Bank about a past-due account, mentioning that you've had a temporary hardship and want to catch up may prompt them to discuss DEICE as an option.

Key Takeaways

  • DEICE is a loan modification program that restructures your payment schedule, not a forgiveness program — you still owe the full amount.
  • The program is typically offered by Citizens Bank to customers who are 60 to 120 days behind and can demonstrate a temporary hardship that has now resolved or is resolving.
  • A DEICE agreement usually involves a lower monthly payment for a set period (often 6 to 12 months), after which payments return to the original amount or a new permanent schedule.
  • You must contact Citizens Bank directly to discuss DEICE; the bank does not have a public process process or dedicated enrollment channel.
  • Acceptance depends on your account history, the reason for the delinquency, and your ability to prove income has stabilized.

How the program restructures your payments

When Citizens Bank offers DEICE, they're proposing a temporary change to your loan terms. Instead of the payment you originally agreed to, you'll make a smaller payment for a defined period — typically 6, 12, or sometimes 24 months. During this time, the bank may also pause or reduce interest accrual, depending on the account type and your situation.

After the restructuring period ends, your payment either returns to the original amount or shifts to a new permanent schedule that extends the loan term. For example, if you had a car loan with 24 months remaining and fell behind, DEICE might reduce your payment for 12 months, then add those 12 months to the end of the loan, so you'd owe payments for 36 months total instead of 24. Your total interest paid may increase because you're borrowing for longer.

The exact terms depend on what you owe and why you fell behind. A customer who lost a job for three months and is now back to work may get more favorable terms than someone whose income is still uncertain. Citizens Bank will ask for proof of current income — recent pay stubs, a job offer letter, or tax returns — before finalizing any agreement.

What documents you'll need to discuss

When you contact Citizens Bank about DEICE, have the following ready: your account number, the current balance, and the amount you're behind. You'll also need to explain the hardship — what happened and when — and provide evidence that your situation has stabilized.

Proof of income is the most important document. This can be recent pay stubs (usually the last two months), a letter from your employer confirming your return to work or your current salary, or tax returns from the past year. If you're self-employed, bank statements showing deposits may work. If you're retired or on fixed income, Social Security statements or pension documentation will do.

You may also be asked for a list of your current monthly expenses and other debts. Citizens Bank wants to confirm that you can actually afford the restructured payment without falling behind again. Be honest about what you spend — the bank has access to your credit report and can see your other accounts.

The timeline from first contact to agreement

The process typically takes two to four weeks from your first call to a signed agreement, though it can move faster if you have all documents ready and the bank's workload is light.

Week one: You call Citizens Bank's customer service line and explain that you've fallen behind due to a temporary hardship. You'll be transferred to Collections or Loss Mitigation. They'll pull up your account, confirm the delinquency, and ask basic questions about what happened. If your situation sounds like a fit for DEICE, they'll explain the program and ask you to gather income documentation.

Week two to three: You submit your documents by mail, fax, or through Citizens Bank's online portal (if available for your account type). The bank reviews them and runs an internal assessment of your ability to pay. A representative may call back with questions or to clarify details.

Week three to four: If approved, Citizens Bank sends you a formal agreement letter outlining the new payment amount, the restructuring period, and what happens when that period ends. You sign and return it. Your new payment schedule begins the following billing cycle.

What happens if DEICE is denied

Citizens Bank may decline DEICE if your income documentation doesn't support the ability to pay, if you're too far behind (typically beyond 120 days), or if your account has already been charged off. They may also deny it if you've been offered DEICE before on the same account and failed to stick to the agreement.

If denied, ask the representative what specific reason was given and whether there are other options. Some customers are offered a one-time forbearance instead — a temporary pause on payments without restructuring. Others may be directed to a hardship program specific to the loan type (auto loans, personal loans, and credit cards sometimes have different programs).

If you disagree with the denial, you can request a review by a supervisor or ask whether the bank will reconsider if your circumstances change. Document everything in writing — follow up phone calls with an email summarizing what was discussed.

How DEICE affects your credit report

A DEICE agreement does not remove the delinquency from your credit report. The missed payments that led to the program remain on your record for seven years from the original missed payment date. However, once you enter DEICE and begin making the restructured payments on time, the account status changes from "delinquent" to "current" or "in forbearance," depending on how Citizens Bank reports it.

This matters because future lenders see that you've caught up and are paying as agreed, even though the earlier missed payments are still visible. Your credit score will begin to recover as on-time payments accumulate, but the damage from the delinquency doesn't disappear when ready.

Before you agree to DEICE, ask Citizens Bank how they will report the account to the credit bureaus during the restructuring period. Some banks report it as "current," others as "deferred" or "modified." The difference affects how quickly your score recovers.

What to do if you fall behind again during DEICE

If you miss a payment during the DEICE restructuring period, contact Citizens Bank when ready. Missing even one payment can void the agreement and send your account back into collections status. The bank may offer a second chance — a one-month extension or a slight adjustment to the payment — but this is not may provide.

If you know a payment will be late, call before the due date and explain. Some representatives will work with you to shift the payment date by a few days or to accept a partial payment. Waiting until after you've missed the payment makes negotiation much harder.

If the restructured payment turns out to be unaffordable, contact Citizens Bank again to discuss whether a different restructuring is possible. The bank would rather modify the agreement than lose the account to default.

Frequently Asked Questions

Does DEICE cost anything to set up?

No. Citizens Bank does not charge a fee to enter DEICE. However, you still owe all the interest that accrues during the restructuring period, and if the loan term is extended, you'll pay more total interest over the life of the loan because you're borrowing for longer.

Can I pay off the full balance early if I'm in DEICE?

Yes. Most DEICE agreements allow you to pay more than the restructured amount at any time without penalty. If you come into money or your income increases, paying extra can shorten the restructuring period or reduce total interest paid. Call Citizens Bank to confirm there's no prepayment penalty on your specific account type.

Will DEICE show up on my credit report as a negative mark?

The delinquency that triggered DEICE is already on your report. DEICE itself doesn't add a separate negative mark, but it may be noted as a "loan modification" or "deferred payment plan." What matters more is that once you're in DEICE and paying on time, your account status improves and future lenders see you've recovered from the hardship.

What if my hardship isn't temporary — what if I'm still struggling?

DEICE is designed for temporary hardships. If your income is still unstable or you're facing long-term financial difficulty, tell Citizens Bank. They may refer you to a different program, such as a longer-term forbearance or, for auto loans, a loan modification that permanently extends the term. Be honest about your situation — the bank would rather know now than have you default again in six months.

Can I negotiate the terms of DEICE, or is it take-it-or-leave-it?

There is some room to negotiate, especially if the proposed payment is still unaffordable. Ask whether the restructuring period can be longer, the payment lower, or the interest treatment different. Citizens Bank's goal is to recover the debt, so they may adjust terms if it means you'll actually stick to the agreement. However, they won't eliminate the debt or forgive interest — the negotiation is about timing and amount, not forgiveness.