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Hardship programs

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Chase gave me a 2% rate to pay off balance in 5 yrs. Account closed.

 

Capital One continues to tell me that I do not qualify for a hardship (both my husband & I are unemployed with only 1 unemployment check) or that they do not have their hardship programs ready to go. Which is it????

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Hello folks,

 

I called my citicard diamond preferred card to get into the hardship program but they said I did not qualify. I have never been late on it, have a 6% APR and the account was closed by me about 6 moths ago. They said to call them back when I'm late, but if I do that and then they don't accept me in the program they will increase my rate for defaulting and I will have a dent on my credit report.

 

From your experience,

1) is it really feasible that I can be late just 15-20 days and be accepted into the program and make a payment then in order to avoid a late reporting to the credit bureaus?

2) I wonder if they pull credit to see if Im behind on other cards to consider you into the program.

3) I have another card with them. An american airlines citicard that I would like to keep open as I use it for cash flow and pay in full every month. WIll they close this card if I get into the program on the other one?

 

I appreciate the replies!!

 

Thanks

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So it's been a year since I entered Citi's hardship program. I was looking into my checking account and saw that they had not taken anything out of my account. I called and the rep told me that the accounts were actually closed. Is this a good thing or a bad thing? What's next?

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Hello folks,

 

I called my citicard diamond preferred card to get into the hardship program but they said I did not qualify. I have never been late on it, have a 6% APR and the account was closed by me about 6 moths ago. They said to call them back when I'm late, but if I do that and then they don't accept me in the program they will increase my rate for defaulting and I will have a dent on my credit report.

 

From your experience,

1) is it really feasible that I can be late just 15-20 days and be accepted into the program and make a payment then in order to avoid a late reporting to the credit bureaus?

2) I wonder if they pull credit to see if Im behind on other cards to consider you into the program.

3) I have another card with them. An american airlines citicard that I would like to keep open as I use it for cash flow and pay in full every month. WIll they close this card if I get into the program on the other one?

 

I appreciate the replies!!

 

Thanks

Question #1 answer:

 

In my experience- Citi is a wildcard at entering folks into the program with just one late pay.

Question #2 answer:

They often can review your report based solely on which Agency they report under- Trans, Equifax, Experian.....They rarely can get all three reports so if you have accounts only listed under another credit bureau, it may be a blessing...

Question #3 answer:

Often they close them each as part of the agreement into the hard ship.

 

Now my question back to you is : What would be the point in going into a program that you willing closed the account on? Basically the decision to close the account of your own accord held you to the terms at that time. I realize you maybe going thru some economic challenges....

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Hi,

Just want to tell everyone that I am able to get 0% for 60 months to pay off my home depot business mastercard with citibank. They will directly withdraw from my checking account. Of course, I have to be late 1st before I can get the offer.

 

So, if anyone needing this info (like me before), the answer yes, you get hardship with business home depot mastercard.

 

I am looking if anyone has experience getting hardship with credit union such as patelco credit union or nasa federal credit union.

Thks in advance.

 

BkinSM

Edited by BKinSM

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Hi,

Just want to tell everyone that I am able to get 0% for 60 months to pay off my home depot business mastercard with citibank. They will directly withdraw from my checking account. Of course, I have to be late 1st before I can get the offer.

 

So, if anyone needing this info (like me before), the answer yes, you get hardship with business home depot mastercard.

 

I am looking if anyone has experience getting hardship with credit union such as patelco credit union or nasa federal credit union.

Thks in advance.

 

BkinSM

 

 

What number did you call to enroll ?

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I owe Chase $30,000 over 3 cards (2 personal, 1 business). Or as my husband likes to point out, "the cost of a new car". I have read every thread here related to "Chase Hardship", and finally bit the bullet and called today. Here are my results:

 

3 cards totalling around $30,000. Rates for various transactions at 12.24, 16.24, 19.24, and 29.99%.

 

I called the 1-877 number given earlier. The first time, the automated system told me they couldn't find my account. I hung up and called back. Same thing. Third call, it immediately said "Press 3 if you want to discuss a payment plan". That was weird, but I got an Indian rep who spoke perfect English and was very polite.

 

I had to tell them what in our circumstances changed (decrease in income), what our net monthly income was, what was the source ("full-time employment" is what he seemed glad to hear), and what we pay for mortgage, installment loans, and other cards. At first, he tried to offer a 12-month plan, but I said I was really intersted in the 5-year liquidation. He asked if I expected an increase in income or decrease in expenses in the next 12 months and I said "no". He said "ok, let's work on a 60-month plan". I was not asked for any additional informaton, like employers information or other creditor names, or anything.

 

He had to call me back about the business card (he called back in 5 minutes) because he had to ask for an "exception". When he called back, he asked if we had any other expenses, like medical bills. I decided, right or wrong, that he was prompting me, so I said yes, and added $100 a month to our expenses. Bingo - approved. In the figures I provided, between net income and expenses I had $1100 left.

 

They gave me 6% on both personal cards and 12% on the business card. My combined monthly payment dropped from nearly $785/month to $605/month, and my balance will be $0 in 60 months. All cards will be closed and marked "closed by consumer". I don't care about them being closed.

 

I was rate-jacked on both personal cards right before the "new" regulations kicked in, and the business card, not being subject to those regs, was jacked from 6% to 29.99 after an unfortunate past-5 PM payment. The business card interst is deductible, so that softens the blow a bit that they wouldn't do better than 12% (this card had an $8k+ balance at 29.99%, so I'm still ahead).

 

They wanted the first payment for each card today (they wouldn't combine them, so I have 3 accounts on the liquidation plan), which I paid via ACH. My next payments are due this time next month. I had 2700+ points in their rewards program, and this morning I logged in and had them use that for a $27.00 payment on one of my cards (in case they took the points away).

 

All in all the call was painless and I'm very happy that there is an end in sight now!

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Everyone talks about a lower interest rate but what I need is a lower payment (maybe half as much) until I can get back on my feet. Anyone have any luck getting their monthly payment minimum SIGNIFICANTLY dropped as part of the hardship program?

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Me too, DebtHeavy, more focused on the monthly payment but lower interest usually translates to lower payments. Crossing my fingers, getting ready to call Chase. Soon.

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Hello,

 

I been dealing with capital one for a long time.. and still no programs with them.... anyone has any information if they have a different kind of program for lower payments ? or a HP that they are not disclosing?

 

thanks

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I have been trying to deal with Capital one, Chase and State Farm Bank for months with no luck. The best I could do is get Chase down to a 4.5 interest rate for 6 months. Capital jusped my rate to 29% because I was late once. I signed up with Take Charge America and they got the Capital one to a 1.9, state farm 3.51, chase 2%. Now all cards are closed and will be paid off in 4.5 years. It makes you mad that they will not deal with us the same way.

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Your CRs probably indicate "settled for less" and "debt management program"

 

Creditors presume if you go to a debt management program you're a few steps from federal BK court anyway. So a little is better than nothing.

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