108 replies to this topic

[RM21]

I called Chase this morning at got my 9300.00 balance in their 12 month at 8% program. I make my next payment of 262.00 and then 12 auto-drafts of 141.

141 is a HUGE difference and since we're currently at 29.9% (never being late ONCE mind you!) and we make a bigger dent in our balance paying 141 a month at 8% than paying 262 at 29.9 - MUCH bigger dent.

We wanted the flexibility of having the extra 120 a month to pay bills or to pay the balance down further and they agreed to that, said it wouldn't be a problem.

Now time to call citi

Nice! What info did they need in order to get you set up on the program? Did they close your account permanently? I'm curious to hear how you make out with Citi.

[byronm]

Nice! What info did they need in order to get you set up on the program? Did they close your account permanently? I'm curious to hear how you make out with Citi.

To get into the program they asked a few financial questions - mortgage/rent, after tax income and general amount of other credit card payments. The account is closed permanently but it is closed as "closed by customer" - They said they would be happy to do business again after 12 months in the program, but i'll definitely pass on any future credit cards and just stick with 1

I did just get off the phone with Citi as well. I had one card for 4800 with them and they agreed to do a 12 month program on that card as well - no change to my minimum payment however the interest rate is 5% (much better than 29.9%) so i'm am thrilled about that. They said the program could be extended after 12 months and that normally if you are paying on time they will NOT adjust your APR. This is essentially a < 60 month payoff which is perfect. no "DMP fee" to bother with. As with Citi, i was NEVER late on the card (still shafted...) I called (866) 936-4814 and the first person i spoke to took care of me.

BofA is my next call... first time they referred me to a DMP "Take charge america" but i'll see if i can't just get an acceptable account closure offer.

[geneva54]

I need to call BofA too but Im waiting till Im alittle late. Im curious on how it works out for you. Where you late when they referred you to a DMP?

Chase and Citi sent me both deals in writing so Im all set.

[byronm]

Just got off the phone with BofA.. Turns out they had already closed my credit account without telling me so i'm not sure if that increased my chances of getting an internal program, but here is the deal.

They only offer a 60 month pay down and the APR they quoted me was 11%.. They were charging me 22.9% so it cut my APR in half and they reduced my payment to 100/month for the term. I plan on paying it off much quick and telling BofA to go to hell.

They purchased this account from Citi and it sucked (upromise)
They then purchased my mortgage - and they suck in processing that (never processing payments in time)
They then purchased my heloc - reduced it and froze it and now that really sucks.

I've canceled 3 paid in full accounts with BofA over the past 5 years and no matter how much i try and get away from them, they leech from everyone else for what they're worth.

BofA is notorious for pulling tons of credit reports to check your current status, i had some fraud happen (someone stole a rental car in my name) and after that, everything with BofA went to hell and they're tough to play ball with.

After my experiences with the industry in working on the inside and as a customer, "Credit worthiness" is the scam if the century. screw 'em all

oh yeah, i might add, i have to get "approval" and that can take 5 days to get. I'll post if i'm fully approved.. just passed their initial pre-checks and they ask a TON of questions and as i said - initially passed me off to an external debt management service. I told them the 3-5 k i would pay a DMP is money i could use to pay them and that i've gotten better offers with my other bankcards than what the DMP offered.

Edited by byronm, 12 March 2010 - 05:57 PM.

[MonaG]

By accident I got to this website and it really helped me. I just called Chase and got one of my cards on the program from 29.9% to 6% interest. They did close it but I am saving a lot of money on the long run.
I am also planning on calling them about my other card that is at 24.5% tomorrow, and also I want to call Citi and Amex Blue. But I do have a question... with AMEX blue would it affect my other cards with them? I have a platinum and a green account with AMEX that I am paying off monthly, if I tell the blue card that I can't make my payments to lower my apr, would it affect the limit on my other two, since they have "no limit"?

[miyahsmom]

BofA offered me 60 mos. repayment at 8% interest. I couldn't get on the repayment program until I was able to show that I could afford to make payments.

[byronm]

American Express offers a program as well. It was easy to find, just search for "assistance with payments" and one of the first help links is:

We can help you if you're having difficulty paying your bill. To learn about programs that can help you pay down your debt with American Express, please go to htttp://www.americanexpress.com/paymentplan or call us at 1-800-592-1160. From outside the United States, please call collect at 1-336-393-1111.

0% for 6months and 9.99% for 6 months after that. Will reduce your balance by quite a bit.

[zephdog]

To people who called Citi: did they ask you questions like if you were able to get a second job or able to sell some of your personal items?

They didn't ask about things like this. In our situation, spouse has been looking for work and I have health issues that restrict hours I can work. They were fine with getting the information and asked a few more questions, like how will we get the money to pay the agreed amount. Once they felt we could pay our obligation, they offered the 0% for 1 yr.

[Imanevilpoptart]

CHASE allowed us to enter into a hardship program without being late. Five years @ 6% interest....on two accounts. Account was closed, but ok by us.

Balance $1600 + $3400

I've got their letter, let me scan it.

[RM21]

To those of you who have recently gotten into the hardship programs, how has it affected your credit report? Do the accounts list as being in a special plan?

[realitycheck123]

I called chase 1-800-404-6220 not behind on 2 cards & was offered 0% for 60 months to pay it off. We're thrilled. they were VERY helpful.

Citi called 866-444-4986, also current. Offered 0% for 12 months. They can't help me with SEARS for some reason and said it needs to be late first.

Barclays will not budge and I'm at 21 days late.

Chase and Citi stated that my CR will show current. We'll see.

[miyahsmom]

Barclays/Juniper does have a hardship program but you have to be at least two weeks late to qualify. There is short term assistance which is 6 months and then long term assistance which is 12 months. I don't remember the interest rate for either one but it is around 8% maybe less. I don't think you can get on long term assistance unless you can complete the short-term program first. Can anyone confirm?

In any event, I think when dealing with these fools you may be better off trying to set up a payment plan through CCCS or something because they are so unwilling to work with consumers.

[RM21]

Well, I tried calling Citi today to discuss a possible hardship program. I called (866) 936-4814 as was listed in the Contact Info for Hardship Programs thread, but the automated message said their office was closed. This was about 15 minutes ago at 11:45am EST.

[RM21]

Finally spoke with someone at Citi (called 866-444-4986). The person I spoke with said that because I have a promotional balance transfer rate of some of the balance on my account I'm not eligible for any of their temporary hardship programs. Not the answer I was looking for.

[realitycheck123]

Barclays/Juniper does have a hardship program but you have to be at least two weeks late to qualify. There is short term assistance which is 6 months and then long term assistance which is 12 months. I don't remember the interest rate for either one but it is around 8% maybe less. I don't think you can get on long term assistance unless you can complete the short-term program first. Can anyone confirm?

In any event, I think when dealing with these fools you may be better off trying to set up a payment plan through CCCS or something because they are so unwilling to work with consumers.

Barclays has been very difficult to deal with. Their advice was what started this whole process. I called CCCS about 3 weeks ago and was advised to contact an attorney. (A road we do not want to travel) According to CCCS were -$373 short. I still have equity in my home and do not want to take a chance on losing it thru bankruptcy. Anyway after speaking with Chase, Citi & Amex our minimums have been reduced by over $250 and will be paid off in 5 years.

Well, I tried calling Citi today to discuss a possible hardship program. I called (866) 936-4814 as was listed in the Contact Info for Hardship Programs thread, but the automated message said their office was closed. This was about 15 minutes ago at 11:45am EST.

Yes that number is no longer working. Call 866-444-4986

Finally spoke with someone at Citi (called 866-444-4986). The person I spoke with said that because I have a promotional balance transfer rate of some of the balance on my account I'm not eligible for any of their temporary hardship programs. Not the answer I was looking for.

Citi must have different rules than Chase. Both my husband and I had partial promo balances and still qualified. Maybe try again once yours has expired?

[subluxfxr]

I just spoke w/Citi and it only took about 5 minutes. They gave me a 0% for 12 months and its still open. I am current on the card and my statement is not due to come out for 9 days still. Pretty cool really.

[RM21]

Citi must have different rules than Chase. Both my husband and I had partial promo balances and still qualified. Maybe try again once yours has expired?

It was a 7.99% promo balance transfer rate that's good until the balance was paid in full. The bulk of the balance on the card is at 19.99%.

[hindsight]

To anyone that has success with Citi, were all of these Citi/Citibank direct cards, or were any of these store cards backed by Citi? The card I would like some relief with is a Macy's Visa (roughly $7500 @ 24.5%), which is through Department Stores National Bank, which is the entity that was set up when Macy's sold their credit operations to Citi. .

Citi definitely considers it a Citi account, as I was unable to transfer a balance from the Macy's card to my Citi card.

Also, to those that have been able to land a program offer of 0%/12 months, were any of these offers come with the ability to keep the account open (after the 12 month period)? My credit score is fairly good right now, and I don't want to take the hit of losing a high limit card.

[Medsport]

Interesting thread. I was going to do BK7, but really hate the thought of no credit cards for awhile and no decent loan rates for years. I have always had excellent credit, but more cc balance has continued to increase the past couple years. I'm making the most money I've made in years working 2 jobs. but its just not enough being single with mortgage, car, student loans, ect. I keep hoping I can land a higher paying job, but it has'nt panned out yet. All in need is about $300/month to break even, but that's a good 15% of what I make. If I was to file it would most likely only wipe out the cc debt which is about 325 min. payments right now, but I would still be cutting it tight and hope no major expenses/repairs come up without any credit to fall back on (have no insurance either).
I've been picking up some extra days at my second job lately so I'm doing ok right now, but who knows how long that will last. Plus I recently stopped paying my credit cards for the first time ever (as what the atty said to do) so I have a little extra cash saved up. But if I file, I can say goodbye to that for lawyer fees, ect.
Anyway, I don't know if one of these hardship programs would work out for me or not? One of the cc companies has already called and offered one, no specifics yet, but said I would have to let them go late a little longer to qualify. If I could get very low interest and 1% of payments, that would cut my payments in half and I'm "supposed" to get a raise soon that would make up most of the other half, but I realize this is speculation and best case scenario for the cc. I have about 12 of them with balances and I'm sure they won't all give me a good program, although some of them are through the same company. I wonder if you could try one of these and then if it does'nt work out, go ahead and file later? What about your credit rating-I'm assuming this will lower it, but probably not as much as BK? If you did do one of these programs and then filed, would it affect it more? Sorry for all the questions, just trying to figure out what to do.

Edited by Medsport, 10 June 2010 - 12:52 AM.

[miyahsmom]

@hindsight - I put both my Citi cards at 0% for 12 months with the option of reopening the original credit line upon completion of the program. This wasn't offered to me until I had 4 months of payments though.

@medsport - it would be easier to advise as to BK or DMP if you list all of your CC balances, minimum payments and budget. Don't forget to list the issuer as well. Some issuers are more flexible than others

[Medsport]

Ok miyahsmom, here is my fairly recent cc info. I'm sure they are slightly higher due to interest and late fees.

Citicard 4485 11.6% 87
Cap. 1 1460 11.25% 28
PNC 2435 7.25% 61
Chase 415 9.99% 10
Chase 335 24.24% 10
Chase 760 18.24% 19
Chase 795 6.24% 16
Discover 245 9.29% 11
Citi. 3395 8.63% 59
FIA 1655 12.9% 74

For a grand total of around 16k and min. payment of $375. Dang last time I checked (a month or two ago) my min. payment was about 330! I'm not sure what you mean about budget, but without breaking it all down, my total expenses are around 2250 and I normally make about 1850 from my main job. I do get paid every two weeks, so that would break down to about 2000/month if you figure it that way. I "usually" pick up 1 or 2 days a month at my second job, which I would make 100-200, but its an as needed position and if I don't work there for a month or two I really get behind. My total expenses don't take into account any extra things that come up like clothes, entertainment (what is that), house or car repairs and maint. and savings (which I have none). I also have no health insurance or retirement and very little life insurance. About the only things I could possibly cut out are cable, gym and some food costs as I know I spend a lot more than average on food due to my weight lifting hobby. But I've been doing that for 20+ years and it keeps me healthy and young looking for my age.

[miyahsmom]

@medsport I wouldn't BK for 16k of debt but that's just me. I don't think your debt is high enough at this point for anyone to sue you except Capital One. Your debt is low enough that you should be able to get on a hardship program without much of an issue.

First things is make sure you have some cash put aside for emergencies. Day to day living is more important than cc payments and credit scores.

Some companies may ask you to document your hardship. Citi asked me to fax 2 pay stubs showing income reduction then they deferred my payments for 3 months and ten put me on 0% for 12 months. My credit took a hit because they marked my CR "making partial or modified payments."

I would call Chase and see what they could do. The hardship # is posted in one of these threads. Alot of people have had success with getting 0% interest until the balance is paid off. I'm not sure if the cards would remain open. FIA (BofA) doesn't offer hardship until you are at least 30 days behind. Things may have changed though. Their hardship program is based on your income and they tend to put you on a 60 month payment plan at around 6-8% interest. I would push for 0% in your case because of the low balance.

Pay off Discover as soon as you can. No matter what happens you'd still have one positive tradeline.

Not sure about Capital One or PNC hardship but Capital One is known to sue if you have a balance over $500 and you haven't made payments in over 6 months.

The other alternative is to pay off any issuer of your choice and stop making payments on other cards until you have a nice piece of change saved up for a settlement. EarnIt has great posts in the BK forum on this method.

http://creditboards....howtopic=383818

[Medsport]

Thanks for the reply. There may be a problem with claiming a reduction in income in my case because there hasn't been any. I'm actually making more right now due to picking up extra days when they are available. I have no idea how long it will last though. I did hit a tough point a couple months ago when there were no days to pick up for a couple months and that got me behind and that is when I thought about filing. I then talked to a lawyer and started to stop paying my credit cards right away.

I don't know, even if I qualify for one of these, its going to take years to pay them off and I'm tired of worrying about bills. It seems its all I worry about and have been for the past 10-15 years. That's why I went back to school (twice) and racked up more student loans and credit card bills and now am a little worse off than before. Although I do have a decent career (LPN), but you can't make good money without an RN degree. I'm just to the point that I want to give up and get from under the debt so I can start over and start rebuilding my credit again. But then again I'm also thinking of getting a smaller, more efficient house with a garage hopefully, but know that will be difficult for a few years if I file.

btw, have used a couple of my cards since I stopped making payments for groceries and gas. That has been a few weeks ago. I would like to keep using one like the Discover for small things so I have been paying the min. balance on that one at least. Do you think that's a good idea if I end up filing or not? I also need a new washer really bad as mine broke down a couple months ago. Been going to the laundromat, but that adds up and bought a used one, but it was junk too. Any advice what to do for a washer? I don't know if its better to just pay by check and delay filing a little longer if I do or take a chance of using a credit card? I don't want to be accused of fraud if I end up filing, but its not like I'm going out buying luxury items. Would putting it on one of the cards and then making a payment or two on that card suffice or not worth the risk?

edit: I just got my Citi bill that I skipped paying and its now at 4600 with a 208 min. payment! Funny thing is it was just due on June 1st. No way I can afford that. I'm pretty sure that is the one that was calling a last week about setting up a hardship program though. If you figure the other cards will have similar fees and interest, my balance is more like 17k now. It adds up fast...

Edited by Medsport, 10 June 2010 - 05:26 PM.

[miyahsmom]

I'm clueless when it comes to BK so any BK-related questions should be posted in that forum.

As far as qualifying for hardship I don't think it hurts to call and ask. I find they are more flexible now because of the economy.

[BKinSM]

Have anyone try hardship on Home Depot card?
I have a home depot business card that has been closed and charging 16% interest.
It will be nice if they can reduce this down..

Thks!

BkinSM