Need Urgent Advice

[Hermione Granger]

Hi,

 

I got a 10K creditline with HFC over a year ago. I lost my job and haven't been able to make any payments since April. When I called them last time to come up with a payment plan the woman kept calling my name every other word and wouldn't want to let me off the phone without making a large payment. Upon telling her that I had no means of giving her the large payment she was asking she then told me I would qualify for their hardship program but that she would need a few hundred dollars to bring it before the committee. When I refused again (which i said I'd have to call her back - not a blatant refusal) she didn't want to let me off the phone. To add insult to the injury, I could hear her supervisor asking her to put me on hold (I guess she was a trainee) which made me even more furious as I had been put on long holds twice already with her. She kept on playing the cat and mouse game with me until she left me no option but to hang up on her. They stopped calling me after that. And I just received a letter from them threatening me with a legal action. Any advice how to repel these people? What courses of action do I have available? I felt very uncomfortable while trying to negotiate with them. Eventhough I was hoping to come up with a plan they came across as rather predatory.

[radi8]

HFC isn't the nicest bunch to deal with when an account is late. This isn't a loan secured by your home, is it? If it's unsecured, their only options are to keep annoying you with calls, or to actually sue you. Somewhere in between they may take a settlement offer or repayment plan, hard to say exactly what and when though.

I'd write them with a repayment offer that fits your budget and see what sort of reply you get. The collectors on the phone aren't going to offer you much, they don't have any leeway to deal with you.

[Hermione Granger]

HFC isn't the nicest bunch to deal with when an account is late. This isn't a loan secured by your home, is it? If it's unsecured, their only options are to keep annoying you with calls, or to actually sue you. Somewhere in between they may take a settlement offer or repayment plan, hard to say exactly what and when though.

I'd write them with a repayment offer that fits your budget and see what sort of reply you get. The collectors on the phone aren't going to offer you much, they don't have any leeway to deal with you.

 

 

Unfortunately this is an home equity line of credit. Does that make a difference? and to what extent? Very panicky!!!

[radi8]

Unfortunately this is an home equity line of credit. Does that make a difference? and to what extent? Very panicky!!!

 

 

You might qualify for some sort of loan modification. Might start here:

http://makinghomeaffordable.gov/

 

If you have little to no equity in the house, they aren't going to do very much. If they foreclose they'll get nothing after paying off the first mortgage, so it's unlikely they'll take that route. More likely that they'll just charge it off at some point and pursue standard collection methods.

[Hermione Granger]

Hi,

 

After a little cat and mouse play, I was referred to their law firm WHILE I was still trying to negotiate a repayment plan. It seems that they were not interested in any plan but wanted a settlement amount a couple of hundred dollars less than the actual initial loan amount! They gave me a dealine to come up with the lump sum. It didn't help that I kept telling the person that it is impossible for me to come up with the money. They told me that their law firm was going to take me to court and get a court judgment against me. They are very articulate in scaring you!! It's noteworthy to say that I am in good standing with all my other creditors including my mortgage co., it's only this menace that isn't willing to work with the situation and my willingness to negotiate!!

 

Anyway, I am planning to write a letter with a repayment plan. Is that a good idea? And are there any templates that I could use?

 

Thank you for your time and advice.

[Hermione Granger]

I need urgent help please!!!

 

With regards to HSBC, I could offer $1000 down and 200/per month. Alternatively, I could also settle for 4-5 grand. Please give advice as to which would be more feasible and/or acceptable by HSBC. What are the options of settlement with them?

 

Thank you for your time and advice.

[radi8]

I need urgent help please!!!

 

With regards to HSBC, I could offer $1000 down and 200/per month. Alternatively, I could also settle for 4-5 grand. Please give advice as to which would be more feasible and/or acceptable by HSBC. What are the options of settlement with them?

 

Thank you for your time and advice.

 

Offer them both. Either $1K down and $200 until paid, or $4500 lump sum as payment in full.

[simply1]

Just curious if you followed up with a HUD advisor or not?