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Posted: Wed Jul 16, 2008 5:21 pm Subject: Who to contact?

I'm currently not late on any of my bills, but I just lost about 60% of my self employed income. I want to request a "Hardship repayment plan" before I cannot meet my payments (like next month) . Which department do I send the request to? Any suggestions would be helpful!
Thanks

Posted: Wed Jul 16, 2008 6:23 pm Subject:

If you are referring to credit card bills, then you call the company and ask for collections and specifically the hardship department. They are usually more than willing to work with you.

Guest · Posted: Wed Jul 16, 2008 10:11 pm Subject: who to contact?

Should I call, or write and send it Certified mail? Thanks again.

Posted: Thu Jul 17, 2008 5:28 am Subject:

I would initially call but then followup in writing. If they are willing to work with you and give you terms, then recap (memorialize) everything in writing and send it to them. I would send it CM but use the e-mail notification and not RRR. It's a couple dollars cheaper and you still get the same info from USPS.

Posted: Thu Jul 17, 2008 6:22 am Subject:

does anyone know if receiving help from a hardship department negatively affect your credit in any way?

Posted: Thu Jul 17, 2008 6:38 am Subject:

They will likely notate it on the tradeline and it might dip your score

Posted: Thu Jul 17, 2008 8:35 am Subject:

hmmmm there are always so many things to consider ...

Posted: Sun Jul 20, 2008 1:07 pm Subject:

I assume it affects the credit score, but I figured that I had to do somethingn rather than nothing so it seemed like the right thing to do for me.

Bman90278 · Posted: Sun Jul 20, 2008 3:41 pm Subject: my thoughts

You will find out that some cards do special interest rates for hardship, but they might close your account as well. Some don't offer much at all until you fall behind. That being said, your #1 priority should be getting your secured debts down and not worrying so much about your credit points. I'm saying this because I was so worried about getting into programs a year ago when I should have because I didn't want a dip in credit points. Now I'm barely a step away from bankruptcy if I get lucky.

If you want to you can post what credit card companies you are dealing with and members from the board can let you know what programs are available.

Good luck to ya.

Posted: Mon Jul 21, 2008 3:33 am Subject:

Bankruptcy is considered as the last option to become debt free.
Before going for it one should look at the alternatives available to him/her. Debt Settlement7 or debt consolidation is considered as the bankruptcy avoiding solutions. debt settlement can decrease your debt burden to the tune of 40 to 60%.

Posted: Wed Jul 23, 2008 2:28 pm Subject:

Bankruptcy is definitely a last resort. It is emotionally draining and doesn't make you feel good to have to do it. However, I was in such a financial mess, that it was the best thing to do FOR ME.

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