Bank of America CC - Received Letter we can help

[Fallonedward]

I received a letter from BoA and in the letter they say they want to help me and to contact them to get help if I'm experiencing financial hardships...

Does anyone think they would work with me to try and get payments lowered so that I can not do a 13?

thanks

[shark66]

I see no connection between them lowering your payments and potential inability (?) to file for a Ch. 13...could you please clarify?

[Fallonedward]

I see no connection between them lowering your payments and potential inability (?) to file for a Ch. 13...could you please clarify?

I'm hoping to not file for chapter 13 but currently with both hubby and I out of work we can not make the payments to our Credit cards with just unemployment.

My hope is that they will work with us and lower the payment and not add late fees or jack up the interest rate. We have been looking at a 13 but we are hoping to avoid this as both hubby and I are in finance and we have been told by an attorney that if we declare we will not be able to gain employment in our fields...

so confused and not sure what to do, thanks for the help

[Lissy]

When I lost my job a year and a half ago, BoA was very helpful. I had 4 accounts with them and they reduced the interest rate on all of them (down to 4-5%) and lowered my monthly payments by about $400 per month combined. It goes on your credit report as being in a reduced payment plan, which does hurt some, but that's better than missing payments and/or filing BK. There's no harm in calling to see what they can do for you.

[Fallonedward]

When I lost my job a year and a half ago, BoA was very helpful. I had 4 accounts with them and they reduced the interest rate on all of them (down to 4-5%) and lowered my monthly payments by about $400 per month combined. It goes on your credit report as being in a reduced payment plan, which does hurt some, but that's better than missing payments and/or filing BK. There's no harm in calling to see what they can do for you.

Lissy, your the best, thanks so much

[shark66]

FWIW, I doubt that you could file a successful Ch. 13 with both of you being out of work...you may want to check out Ch 7. though...

Careers change, especially in turbulent times...

My $0.02 only...

Good luck.

[Fallonedward]

FWIW, I doubt that you could file a successful Ch. 13 with both of you being out of work...you may want to check out Ch 7. though...

Careers change, especially in turbulent times...

My $0.02 only...

Good luck.

thanks shark, I will look into that...
since its only been two months since we have been out of work, we would need to wait a few more months so our look back reflects what is truly going on in our lives

[jwmc1]

You should wait to file for ch 7, I see no reason when you are out of work to try and make arrangements. Sounds like it is time for a fresh start.

[albacore44]

yes. wait. you are just starting this journey. Who knows how long you could be unemployed, and with no jobs the certainly won't put you in a Ch-13. you can go at least a year not paying before things get ugly. i can not stress more, plan, plan.plan.

[NewPage]

You should wait to file for ch 7, I see no reason when you are out of work to try and make arrangements. Sounds like it is time for a fresh start.

Agreed. Hugs to you.

[Jackdog]

They want to work with all of us once you stop paying them. I get letters daily stating if I'm having financial hardships to contact them. I'm too far gone now. They wouldn't work with me when I was paying on time and barely making ends meet. So why bother now my credit is already shot from missing payments. I played their game for years sucking up the interest rate hikes because I got close to credit limit. Sucked up them reducing my credit limit to lower than what I owed to charge me over limit fees. If they wanted to work with me they should of back then when I was paying on time and asking them for help.

[Fallonedward]

They want to work with all of us once you stop paying them. I get letters daily stating if I'm having financial hardships to contact them. I'm too far gone now. They wouldn't work with me when I was paying on time and barely making ends meet. So why bother now my credit is already shot from missing payments. I played their game for years sucking up the interest rate hikes because I got close to credit limit. Sucked up them reducing my credit limit to lower than what I owed to charge me over limit fees. If they wanted to work with me they should of back then when I was paying on time and asking them for help.

I agree, I called Home Depot today using a script that I got here asking them for help and asking them for a payment reduction for a set amount of months and they basically told me their was nothing they could do for me because of the new laws, they then asked if I would pay they bill and I said sorry their was nothing I could do for them...

[Fallonedward]

They want to work with all of us once you stop paying them. I get letters daily stating if I'm having financial hardships to contact them. I'm too far gone now. They wouldn't work with me when I was paying on time and barely making ends meet. So why bother now my credit is already shot from missing payments. I played their game for years sucking up the interest rate hikes because I got close to credit limit. Sucked up them reducing my credit limit to lower than what I owed to charge me over limit fees. If they wanted to work with me they should of back then when I was paying on time and asking them for help.

It's quite funny that after I stopped paying for 2 months they sent me the letter saying they are willing to help and when I proposed my debt reduction plan, they stated that my debt was greater then my income. Very confusing as I showed that I had a DMI of $640 a month. They gave me the name of a Debt Consoldation Company and suggested I call them for help

[Fallonedward]

yes. wait. you are just starting this journey. Who knows how long you could be unemployed, and with no jobs the certainly won't put you in a Ch-13. you can go at least a year not paying before things get ugly. i can not stress more, plan, plan.plan.

Albacore, when you state to plan, plan, plan...

What should I be planning?

I have been tracking our budget very carefully and saving for our home insurance that is due. We are current on our house payment and car payments and will continue to stay current for at least the next 6 months and thats when the savings will run out