I think they're getting desperate

[yomama]

Last year we turned over 6 of our 7 credit card accounts to a debt negotiation company, which happened to not work out for us and we asked for the remainder of the money that was put into a trust account be sent to us. We probably should have filed for bankruptcy a year ago, but we were really trying to do the "right" thing and pay on our debts. Fast forward a year. Our lawyer will probably be filing this week. I don't know if credit cards someone get wind that we're filing or they probably just figure since we are no longer working with that negotiation company that bankruptcy would naturally be our next move. Anyway, today we received a letter in the mail from one of our credit cards saying that they will take 80% of what we owe them instead of 100%. Last year at this time we owed approximately $22,000on that card. Just in late fees and finance charges it's now up to a little over $30,000. 80% of that would be $24,000, which is $2,000 more than it was when we stopped being on it (and also charging on it) a year ago. Oh, how kind of them to only want $2000 more than we owed on it last year. NOT! I think they know they're not going to get their money if our Chapter 7 goes through okay, and I really don't see any reason why it wouldn't...at least I hope it goes off without a hitch. I think it's outrageous that credit cards are allowed to charge their ridiculous rates in the first place.

[Spartan]

I can sympathize with that. I don't want to make excuses, but the high rates do take its toll on your ability to repay. I remember during the past years when interest rates were scrapping bottom, and yet cc were charging 24%+..

On the flip side, the argument is if you don't incur the debt, high rates would have affected you. True. But high rates do push those who do incur debt, into filing.

[yomama]

Spartan, I'm not trying to make excuses either and I wish we could have been able to pay them back, but like probably so many others, it got to the point where it got ahead of us. The high interest rates really make it hard for a person to repay, and I also don't like that they set your credit limit very high. At least I thought ours were pretty high. Not that it's any excuse, but I wish they had tightened their limits.

[CAB_44]

yes, and how about the fact that the CC companies will literally SIT on your payment (meaning holding it until it actually IS late before they cash it), when you have a 4.9% interest for the life of the loan.....2 cards did this with me. THEN they charged me the 29.99% .... this is what threw me over the edge~ where I decided to do BK ~ I've busted my butt getting all of my cards down to a 3.99 , 4.99 and one that was 7% ... ALWAYS sent my payments in at least 10 days before they were due......they started "holding" them so they would look late...that's how they started to raise my interest rates.
Dallas is where the payment is sent...I live about 2 and 1/2 hours from Dallas...my mother who lives about 4 hours south of me in TX gets my mail in 3 days ....so they insisted that they didn't get it in 12 days?????? BS!!!!!!!!!!

[SinkingFast]

From the time we first started consulting with attnys to the time we filed 10 months later, our debt went up over $25K.

Those letters are pretty standard. We got several of them from various different Creditors. Seems an 80% offer is the starting point. We did get one as low as 60% right before we filed.

[Runnin on empty]

I've wanted to do the right thing for years, tried in vain to stay ahead of the curve, even though deep down I knew it wasn't going to happen. I just wanted to "do the right thing" and pay them off correctly. Unfortunately, the CC companies will never allow that to happen. Considering the insurmountable debt incurred by myself and my wife, there still isn't a day that doesn't go by that we aren't inundated with offers for even more CCs, LOCs or whatever. It isn't uncommon for us to get offers in excess of $100K every week.

I used to feel bad about wanting to file. Almost like I was doing something to hurt those CC companies. That is not the case anymore. While I am ashamed that I have let us get into this situation in the first place, I know that BK is our only logical choice, and I will make right the wrongs done by both sides (CC and us) by being smart this second time around.

I feel little if any sympathy for these jackals. They have made buckets of money by intentionally screwing over their fellow Americans.

[ConnieS]

[QUOTE=

I feel little if any sympathy for these jackals. They have made buckets of money by intentionally screwing over their fellow Americans.[/QUOTE]

Couldn't have said it better myself!

[yomama]

yes, and how about the fact that the CC companies will literally SIT on your payment (meaning holding it until it actually IS late before they cash it), when you have a 4.9% interest for the life of the loan.....2 cards did this with me. THEN they charged me the 29.99% .... this is what threw me over the edge~ where I decided to do BK ~ I've busted my butt getting all of my cards down to a 3.99 , 4.99 and one that was 7% ... ALWAYS sent my payments in at least 10 days before they were due......they started "holding" them so they would look late...that's how they started to raise my interest rates.
Dallas is where the payment is sent...I live about 2 and 1/2 hours from Dallas...my mother who lives about 4 hours south of me in TX gets my mail in 3 days ....so they insisted that they didn't get it in 12 days?????? BS!!!!!!!!!!

Now that's about as LOW as a company can get! Like they don't already get enough of our money! We had late charges a few times and now that you said that, I wouldn't be surprised if they pulled that on us a few times too!

[yomama]

From the time we first started consulting with attnys to the time we filed 10 months later, our debt went up over $25K.

Those letters are pretty standard. We got several of them from various different Creditors. Seems an 80% offer is the starting point. We did get one as low as 60% right before we filed.

Okay, then I guess there's nothing out of the ordinary the way they're doing things.

[yomama]

I've wanted to do the right thing for years, tried in vain to stay ahead of the curve, even though deep down I knew it wasn't going to happen. I just wanted to "do the right thing" and pay them off correctly. Unfortunately, the CC companies will never allow that to happen. Considering the insurmountable debt incurred by myself and my wife, there still isn't a day that doesn't go by that we aren't inundated with offers for even more CCs, LOCs or whatever. It isn't uncommon for us to get offers in excess of $100K every week.

I used to feel bad about wanting to file. Almost like I was doing something to hurt those CC companies. That is not the case anymore. While I am ashamed that I have let us get into this situation in the first place, I know that BK is our only logical choice, and I will make right the wrongs done by both sides (CC and us) by being smart this second time around.

I feel little if any sympathy for these jackals. They have made buckets of money by intentionally screwing over their fellow Americans.

I know exactly what you meant. That's they way we felt, wanting to do that right thing and that's why instead of filing last year when we realized we just couldn't keep up anymore, we didn't decide to do bankruptcy until just recently. Our lawyer will probably file this week. We're not proud of getting in this position. We get credit card offers in the mail almost every day. They get put in the burn bag immediately. I don't want any more credit cards. I don't know exactly how a person establishes credit without cards, but I don't want any more cards period. You're right and my husband and I came to that same conclusion last year that the CC's just want to keep you reeled in. If they'd just cut a person some slack and not always be piling more and more on top of what you already owe, I think we could have done it. I think it's STUPID that they're allowed to charge those high late fees. I don't know why the law allow it. I believe you when you say you wanted to do the right thing. I bet most of us are like that but we get so sucked into the CC hole that we can't dig our way back out without bankruptcy. I felt bad too about having to file and thought that here we are stiffing the companies that loaned that money expecting to get it back, but I no longer feel the way that I did. I agree 100% with your last statement. I even tried to get them to lower the interest rates, but they wouldn't agree to that. Had they done that the burden wouldn't have been quite so hard to bear and we might have been able to do it. Of course, with my husband's job loss, I guess we probably would have ended up in this same position anyway. I don't think any of us should feel guilty for ending up filing because yeah, I feel screwed over. Those cards weren't sympathetic and now they're being so "kind" as to offer that we only pay 80% of our debt instead of all of it. Funny thing is that it' would still be lots higher than it was at this time last year. I kind of hate to say they're getting what they deserve because that sounds arrogant, but I wish they wouldn't have such ruthless tactics and maybe I'll feel more sympathy for them.

[CAB_44]

I've wanted to do the right thing for years, tried in vain to stay ahead of the curve, even though deep down I knew it wasn't going to happen. I just wanted to "do the right thing" and pay them off correctly. Unfortunately, the CC companies will never allow that to happen. Considering the insurmountable debt incurred by myself and my wife, there still isn't a day that doesn't go by that we aren't inundated with offers for even more CCs, LOCs or whatever. It isn't uncommon for us to get offers in excess of $100K every week.

I used to feel bad about wanting to file. Almost like I was doing something to hurt those CC companies. That is not the case anymore. While I am ashamed that I have let us get into this situation in the first place, I know that BK is our only logical choice, and I will make right the wrongs done by both sides (CC and us) by being smart this second time around.

I feel little if any sympathy for these jackals. They have made buckets of money by intentionally screwing over their fellow Americans.

DITTOS here too RunninOE~ exact same feelings here...I laughed and thought...I wrote that post didn't I ????!!!!!!!!!! You said word for word how I feel!!!!!!!!!!!!!!!! Most of us here are right with ya~

[CAB_44]

"Jackel" now there's a GREAT way to describe Credit Card Companies......................................... ..... EXCELLENT!!!