Anybody here ever call their credit card company and work out a payment plan ?

WorldNumberOne · Feb 3, 2009

are they accommodating ?

something along the lines of 8 or 9 % over 4 years ?

i gotta believe the banks would be willing to work with people during these tough times instead of letting people fall farther and farther behind or go thru one of the consolidation companies .

anybody ???

CollegePro · Feb 3, 2009

i did and i am happy with what they offered... it's more like 4-5%

WorldNumberOne · Feb 3, 2009

CollegePro said:
i did and i am happy with what they offered... it's more like 4-5%

would like to hear more about your situation if you can share . private message me if you want. thanks

ArkhamB · Feb 3, 2009

You can just call and ask them to drop your rate, worst thing is they can say no. If you're behind, I doubt they will.

If youre trying to get out of debt, check out the Dave Ramsey show. Its on the Fox Business channel, or I think he has a website too. I just started watching it, and its good stuff.

If you're behind on payments you might want to try settling with them. I don't know the details but you can do some sort of settlement with them, offer them 25% of what you owe. They talk about this on the show alot, but I could be missing some detail.

Brian

WorldNumberOne · Feb 3, 2009

ArkhamB said:
You can just call and ask them to drop your rate, worst thing is they can say no. If you're behind, I doubt they will.

If youre trying to get out of debt, check out the Dave Ramsey show. Its on the Fox Business channel, or I think he has a website too. I just started watching it, and its good stuff.

If you're behind on payments you might want to try settling with them. I don't know the details but you can do some sort of settlement with them, offer them 25% of what you owe. They talk about this on the show alot, but I could be missing some detail.

Brian

they probably want it all at once doing this . i would basically like the rate locked for about 4 years at 6 to 8 % . its either that or i use a debt consolidation company .

i'm not trying to skirt my debt. wanna do whats right.

ArkhamB · Feb 3, 2009

I only hear BAD things about debt consolidation companies. Like they ruin your credit, stuff like that. See what other options you have...

Also if the CC company doesn't want to lower your rate, I can't imagine getting an unsecured debt consolidation loan at 6-8%

WorldNumberOne · Feb 3, 2009

ArkhamB said:
I only hear BAD things about debt consolidation companies. Like they ruin your credit, stuff like that. See what other options you have...

Also if the CC company doesn't want to lower your rate, I can't imagine getting an unsecured debt consolidation loan at 6-8%

i have talked to a place. they can do me at 9 % . he told me that the cc companies give him 6 or 7 % . they basically make a few points and another 49 bucks a month for a fee off my payment.

NickPappagiorgio · Feb 3, 2009

everything is different now with the credit crunch.

WorldNumberOne · Feb 3, 2009

which makes me think the banks would love to get a call from me with the intention of working something out , right ??

barman · Feb 3, 2009

Anyone had any recent (past year) success with negotiating a one time payout?

We have one nagging Citibank card that's sitting at about $900 and only about $500 of it is actual charges...The other $400 is about a dozen $30 charges for late pays or over limit ($600)

I've heard of some folks calling and offering half (or less) straight up to get them to write it back down to $0

PapaParlay · Feb 3, 2009

barman said:
Anyone had any recent (past year) success with negotiating a one time payout?

We have one nagging Citibank card that's sitting at about $900 and only about $500 of it is actual charges...The other $400 is about a dozen $30 charges for late pays or over limit ($600)

I've heard of some folks calling and offering half (or less) straight up to get them to write it back down to $0

Many times if you call them, they will offer to drop all of the late fees if you just start making payments.

sean1 · Feb 4, 2009

Debt consolidators ruin your credit. They negotiate a better rate, but the card gets recorded as a default/settlement.

If you call and negotiate a better rate, it will not ding you credit. Just call and ask... Unlikely they will lock in 4 years, but just call and say hey, I am going to default, but if you lower my rate to say 8%, I will keep paying... Worst they can do is say no. Then call again a few days later..

If you settle for less, they will mark your credit default/settled.

If you get them to remove fees, there will be no penalty to your credit. Best option is to call and say you want to pay in full, but want the late fees removed. Most cards will... $500 is better than $0.

WorldNumberOne · Feb 4, 2009

i am going to call them and try and cut a deal. want to pay in full , but want them to work with me on a time frame.

i want a decent rate locked in at a payment i can afford.

while i want a 4 year time frame to calculate the payment , i fully expect to be able to pay them off within 2 to 2.5 years.

i would also want them to delay my first payment until april 1 .

just meet me half way is all i ask.

the govt can bail their ass out , the least they can do is work with someone who is willing to pay in full.

terps1313 · Feb 4, 2009

I got myself in alot of trouble a few years back. Racked up about 20K in CC debt. I looked for a quick fix so went through a debt consolidation company. I paid about $200 a month to them. They explained I would get constant calls, and to just do my best to avoid the calls. If I did answer the calls, explain to them a 3rd party is handling all of my business.

To make a long story short, I got fed up with the calls, so decided to cancel my contract with the debt consolidation company. I called the CC companies and explained the situation. They were more then willing to work with me, and couldnt understand why I didnt just contact them first. They are always willing to work out a deal. I cant remember the exact figures we agreed on, but I was very pleased.

terps1313 · Feb 4, 2009

WNO I remember 2 of the companies giving me interest free for over a year. I know it sucks, but really try to make your situation seem worse then it is.

WorldNumberOne · Feb 4, 2009

terps ..

i contacted a debt consol. company . it took me a few days to figure out that all they do is take the money i pay them and divide it up amongst the c/c companies .

well shit , i can do that... and avoid their monthly fee of 50 bucks and also avoid all the calls that you say will continue .

see, i figured the calls would stop cause the debt consol. place would have worked out a deal with them . good info to hear that they dont stop.

i'm pretty good at getting people to see my side .

and i am trying to make good . not trying to screw them at all . i'd be happy with 6 or 7 % ...

i appreciate everyone's input here

terps1313 · Feb 4, 2009

Good luck with everything... yeah it took me 6 months or so to realize the calls do not stop.

stump · Feb 4, 2009

Call your credit card company and tell them you need to speak with the Hardship Department. Most larger banks will do 0 to 2% for 5 years. Others will do zero interest for a year. Best if you have a valid reason, i.e. loss of income, medical bills, etc. Don't just tell them you got overextended. They want to work with you but will try to settle for as much as possible. They will also ask you what you can afford to pay, tell them less then you can because they will tailer a program to your payment.