I wonder will this plan work?

[lovemybugs10]

Yup- I'm at a year of not paying on my cc's. Discover is settling with me for *40* %

I say *40* because they want 40% of what my balance was plus the fees. Nope, no way. 40% of what my balance was or- well there is no or- I'll have to pay them weather I file bankruptcy or not, lol.


NONE of them were willing to work with us when we weren't behind and we were struggling. None of them. We got to the point where I told them- Next month, you wont get a payment, I wont have any money. They didn't care.

[Fallonedward]

I talked to mine (one of them) today and they have a 12 month hardship program. They close the account and drop your payment to 1% which amounts to about 1/2 the payment min prior. I am current on my cards and trying to be proactive. They appriciated it and were very helpful. They have said that if I can't make that work than I should look at BK. cutting my payments in half for 12 months would maybe let me break even each month but after 12 months I am not sure I'd be in a much better situation so I still think BK is the way to go.

2 of my hubbys CC's worked with us and we are on a 12 month reduced plan with them. BoA sent letters saying they would help and when I called they told me my income was not high enough for them to help me...
what a joke

[catleg]

I talked to mine (one of them) today and they have a 12 month hardship program. They close the account and drop your payment to 1% which amounts to about 1/2 the payment min prior. I am current on my cards and trying to be proactive. They appriciated it and were very helpful. They have said that if I can't make that work than I should look at BK. cutting my payments in half for 12 months would maybe let me break even each month but after 12 months I am not sure I'd be in a much better situation so I still think BK is the way to go.

I agree sounds like BS too.

Before I went belly up, Chase was willing to give me 0% for 5 years on one of my cards (BP, ironically). HSBC was a real pain, they dangled just such a hardship plan but said I had to "qualify" , using that as an inducement to get a payment out of me. Then I find out, very sorry, you no qualify. I did a Reg E claim to reverse the payment from my bank.

[StartingOver08]

business reporting has become little more than regurgitating press releases from the corporate pr world.

+1

[flyinbroke]

I agree sounds like BS too.

Before I went belly up, Chase was willing to give me 0% for 5 years on one of my cards (BP, ironically). HSBC was a real pain, they dangled just such a hardship plan but said I had to "qualify" , using that as an inducement to get a payment out of me. Then I find out, very sorry, you no qualify. I did a Reg E claim to reverse the payment from my bank.

See this happened to me too; I felt it was a way to restart the SOL clock AND to find out where I worked and how much I made. I made the mistake of admitting where I worked to BoA though they never used it (maybe because I am in TX, so garnishment is a nonissue.) Did not qualify...they offered 5.9% for 5 years, payment would have been higher than the minimums. I passed. GEMB offered a reduced payment of 105 a month with NO reduction in interest. This is throwing money into the fireplace IMO.

That article was PR fluff only. "Oooh, let's see how nice we sound. Let's let them think we are here to help." Don't bend over...

[Quagmire]

Thanks Everyone. I really appreciate all that you have shared on this posting. Last year when Citi (for my Sears Gold MasterCard) rate jacked me to about 25% (from about 12%) last summer, I called as soon as that bill arrived and tried to nicely tell them that my new minimum payment was way more than I could afford. They were nice back and basically told me (to go pound sand . . . in a nice way of courseFlyinbroke, it was just a PR fluff piece. When I read that part of that article and remembered what happened when I talked with Citi last year, I was just wondering had the attitude of creditors changed since then . . . yet based on the feedback of this forum on this subject, creditors like that just DO NOT exist in this world. Yet I guess whoever wrote that article just wrote something nice, so that they could get paid, so that they could pay their bills.

Thanks again Everyone!!!

Quagmire