hardship programs

Have you called in and asked for a Loan Modification? Try calling in and asking for the Loss Mitigation department. Lenders really do not want to foreclose...it costs them a ton of money.

Hi madioocha,

Don't worry, go to court - they will find in your favor.

You should only send Debt Validation letters to those creditors who you feel you do not owe. It is not a method to get a delay in collection activities.

Good luck, and keep us posted!

chrys

I have found that most credit card companies will work with you on the hardship program. The only one that I didn't have any luck with was BoA. LOL they go for a hand out yet want help the people that helped them.

I think the credit score junk should be done away with. Right now people need to get access to funds. I ran into the problem the banks raise or require the credit score or fico score to be so high that most of us can not get the loans we need to consoildate or pay off the credit cards and have one payment. Something needs to be done with the fico stuff!

hardship programs... that I have entered into is because I lost income, got behind on payments credit cards and mortages. I was put on a hardship program for a year...now who nows what will happen after that year. My payments may go through the roof. At least the interest and late payments fees have stop and the accounts are closed and hopefully they report it at least making payments.

Does the hardship program affect your credit score? Does it make the account default when you enter the program, and does the rate expire in a set time frame? Would scenarios qualify for the hardship program?

Thanks!!!

Are you saying that Debt Consolidation Programs offer 'Hardship programs'..or...do you mean the CA's may have 'Hardship Programs' you may qualify for?

the banks are insane, there are soo many tricks they pull on us common folk. i used squareone east debt settlement and settled my $20000 debt for $9800 in 24 mths ,the best part was i saved the money in my own account. they said they sent some letter and then the phone calls stopped. i would reccomend them

Hi Guest,

They're not insane, they're greedy.

chrys

i am in a plan with discover. my payment stayed the same($76), and they automatically withdraw it for the next 6 months, but my interest droppped from $29.99% to 3.99%. i was late by 2 days, that's why my interest was so high. i never completely missed a payment. but now, instead of $60 going towards interest, only $12 is.

I settle with Discover all the time.

I am going through this right now. I am not behind on any payments, but BoA upped my rate to 27.99%. My fault entirely, my last payment was $5 short. I use automatic bill pay through my bank and pay a set amount monthly. Didn't realize my minimum payment went up and I was $5 short. Well, that's how my 1.9% was bumped to 27.99%.

KEEP calling them! On my third try, I did get someone willing to help me. They transfered me to a debt counseling company after I talked with them a while. The debt counseling can't do anything for me. They told me to call back BoA and ask for a hardship plan. They gave me a number to call, which I am going to call this afternoon. I told them that I want to pay my debt, not walk away from it. My interest rate is due to go up to 19.99% in April. Hello, we are there. I told them that I can't afford the 19.99%. So, I will call this afternoon. I'll post the # later if anyone wants it. You don't go to Customer Service with this number, you go to people who will try to help you, that is what I was told.

Good luck! Keep calling, you WILL eventually get someone who will listen and try to help you. I do agree with one poster, you need to have a good attitude and tone when calling. Try to keep upbeat.

866-635-4311

I called them. They couldn't offer me a hardship plan, but they could offer me a debt settlement. I have too much debt for the hardship program. My payment would have only gone down $30 a month on that anyways. No help to me. The settlement on $15K is just under $9K which I have 3 months to pay. Offer good for 'today' only... How can I commit to that when I don't know where I will get $9K?

The lady was very nice though. I thanked her alot during the process... Good luck!

I too have entered into a hardship program with BOA. I had missed about 3 payments. My advise is that when you call and ask about the program DO NOT accept the first thing they throw out there. They offed me 5.5% fixed rate for 5 years with a payment of 180 each month. I told the man that I could not pay 180 because I had to eat and put gas in my car. He then offered 0% fixed rate for 58 months with a payment of 160.00 a month. I couldn't turn that one down.

Well normally a hardship program will take a larage amount that is owed,t hey will then do an expesnse sheet and program setup to see if you can afford to pay your bills.. BOA did this with me, they took all my expenses and then took my income and found that i wasnt just bs'ing them and they then came back and gave me a loan for $190 a month for five years.. for a 10k debt i had them with.

I just got reduced by discover to 9% for 6 months and they say afterwards if all is good and you're still having a hard time they can reduce to 3%. discover and capital one are hardballs on settling so if you can get a lower percentage, i say go with it.