Any advice is much appreciated!
I graduated with my masters in Aug 2020 and havent had a full time job since Dec 2019. My mom was laid off because of covid in March 2020 and I stopped making payments to credit cards after graduating from my masters (Sept 2020) because my student loans stopped coming and my mom could barely make her own mortgage payments. Since Sept 2020, Ive severely damaged my credit and am now in over $27k cc debt.
I've since moved to Europe and don't plan to come back to the US, at least not for several years, to pursue lower cost education here.
I don't know how to proceed with my cc debt because I've been told since my credit is already tanked that it wouldnt matter if I pay off my debt, attempt to lower my 23-25% interest rates on my 9 credit cards, or try to negotiate a lower payoff.
I work part time remotely for a client in the US but the work is random and not guaranteed. The most I've made since I started with her in Dec 2020 was $1100 a month.
I contacted a debt consolidation law firm in the US but they want to charge me a $750 retainer and then $600 a month for 36 months to pay off my cards. Im waiting to hear if they guarantee these cards will be paid.
No idea how to proceed and feeling overwhelmed because I want to do the right thing but Im drowning in interest rates and have called two banks to talk with them only to be yelled at and shamed.
Do you have any advice for me?
I just have a question on deciding if I should pay this in full or over the next few month.
I had to file chapter 13 in 2015.
I’ve been rebuilding since discharged in June 2019. I’ve done really good with CC’s since then. I was approved for 3k with PayPal credit. I only use it for purchases over 100 so I can get 0% for 6 months. I owe $1300 on it now. (Christmas) It will be interest free until June.
I needed a an installment loan so I got $3600 via Upstart. I refused more because I just need the trade line.
My question is do I just pay $350 over the next few months and put the money in savings or go ahead and just pay it in full?
The total credit lines for Credit cards including the PayPal is $8750
I owe less than $1400 total.
I’m going to let them draft the payment for the loan monthly and then just pay it in full at 13 months.
That’s my plan and it makes sense in my head. I just don’t know what to do about the Paypal account. Pay in full now or wait and get the extra interest from savings account.
any advice? I over think everything.
Trying to help a friend and thought I'd pose the question to the board as I do research here on best course of action. I'm having a little trouble deciding on the best advice to give here...
Backstory: Financial hardship going back years. Besides making some poor choices, extenuating circumstances exist...
~3.5 years ago, 2 things converged - debtor decided to take highest balance and highest APR CC, and get Cap1 to zero-out the APR via 60-90 day late (thought that was the only way to get the offer). Right before that ball rolled, Cap1 sold the account to a theretofore unknown CC Co. Debtor decided to stick with the plan and on day 80-whatever, got the financial hardship, closed account 0% APR with the new CC Co. Balance was $7K. Fast-forward 3 years, this company supposedly sent 2 letters saying the financial hardship plan was expiring. Debtor received no communication from them in the mail. Received no email. Company is claiming they sent them. Company is saying the payment plan the account is under is no longer available and they've reinstated the original APR but did not reopen the account (at least to the debtor's knowledge they have not). Debtor will not be able to manage under the reinstated APR (26%), balance is now ~$5K. Debtor was under the impression that the payment plan was there until the account was paid to 0, as they closed the card - does not recall receiving any written confirmation of the payment plan terms, and it will take some time to dig through files (if they did provide something in writing, it is saved somewhere in a file). Calling the company was bush league - seemingly no financial hardship department, agents who didn't seem to understand what options were available for financial hardship, could not answer whether the account was currently open or still closed, request to speak with a supervisor has so far gone unheeded - no returned phone call.
What I'm trying to determine firstly is - what rights does the debtor have here if any? Is there any recourse for not receiving notification of this expiration? Currently there is no option to transfer the balance. I'm unsure whether to advise for a flat "withhold payment and settle." But perhaps it has come to this. By all accounts there are no professionals to speak with via phone for this CC Co. Maybe this is just a strategy of "best of bad options to dump this creditor and move on."
Appreciate help in brainstorming...
Hi All - I am new here.
We are looking for help on how we can move our high APR CCs to 0% with a BT to new cards.
We have the following CCs with CL info. We are looking to do BTs to 0%. We opened a couple cards but got low CL, asked for a higher CL but were denied. We opened up US Bank cards to do BTs but got CL of $500 - 600. I tried asking US Bank to increase our CL to no avail. I thought we can leverage our open CL's on other CC, meaning I can lower the CL on a Citi card with 0% util and they would give me more but the CCC said it would not help.
One thing I noticed, we had been saying we earn $45k but we did not realize we earn $80k...
We are not sure what to do next.
I assume we should move around some CL or balances to bring the CS back up, then open a new card or raise the balance on a card with a BT offer, and do the BT.
I will look into getting the CR's to review if anything is not supposed to be there.
Meanwhile, these are the cards for me and DW.
ME, FICO 726 owe CL CL utiliz. APR % rate until Notes FICO 726 (was 750 in Nov) Bank of A 0 17200 0% Chase Freedom 9550 13000 73% 15.24 Citi AA MileUp 0 13200 0% Citi Double Cash 3600 3900 92% 0 6/16/2022 New DW - FICO 689 Bank of A 4030 6900 58% 18.99 Bank of A 4200 6000 70% 22.99 0% until Feb 15, 2021 Citi Double Cash 2430 2500 97% 0 7/3/2022 New
(Citi AA MileUp
0 19700 0%
What can I make more clear?
TIA for all advice!