Hardship letter??

Ask an Expert

Posts: 0
Credits: 116.9
Send message to mom2faithandgrace

Sub: Hardship letter??

Sat, 02/19/2011 - 01:16

Hello all. I am new here and will apologize upfront if there have been previous posts on this subject.

I am just beginning the process of debt settlement. Our major players are WAMU (now Chase), GE and Capital One.

Would anyone care to share a copy of their hardship letter? Please feel free to black out everything. I just want to get an idea of how the body of the letter should read.

Also, which address do I send the letter to? The one on the back of the card?

Thank you so much!!

Kimberly

Add new comment

smo65d11
tiffanywhite11@gmail.com

Debt Samaritan
Posts: 1393
Credits: 13388.55 Send message to smo65d11

Sub: #1 I think that hardship letters should be written from scratch andTue, 03/10/2009 - 08:30

I think that hardship letters should be written from scratch and

I think that hardship letters should be written from scratch and most importantly from the heart. Any company that receives what appears to be a form letter probably won't pay much attention compared to a scratch letter. Just my opinion anyway!

Anonymous

Sub: #2 Thanks. Do you know which address we should send them to? Is iTue, 03/10/2009 - 09:25

Thanks. Do you know which address we should send them to? Is i

Thanks. Do you know which address we should send them to? Is it the one on the back of th card?

smo65d11
tiffanywhite11@gmail.com

Debt Samaritan
Posts: 1393
Credits: 13388.55 Send message to smo65d11

Sub: #3 if you look at your statement there should be a "correspondence"Tue, 03/10/2009 - 10:14

if you look at your statement there should be a "correspondence"

if you look at your statement there should be a "correspondence" address listed.

Bossy4455
Bossy4455@aol.com

Posts: 5800
Credits: 74318.7 Send message to Bossy4455

Sub: #4 Welcome to the Community :D I was able to do a hardship programWed, 03/11/2009 - 08:06

Welcome to the Community :D I was able to do a hardship program

Welcome to the Community :D I was able to do a hardship program for me and my husband and also my son, but I didn't send a letter, I called.

I had to call several times,sometimes I called once a day, until I got someone that would work with me. I explained that I wanted to pay them off, but couldn't, due to the circumstances, and told them what they were.

They put me on their hardship program which lasted a year ,one was a little longer. I had two drop the interest for the year, and lowered my payments.

If you do get on this type of program, be sure that you will be able to make the payments and make them on time, or they will drop you.

I finally was able to get them all paid off, but it took a while. Good Luck to you..karen

As long as you are alive, there's always hope

anjeim

Posts: 7
Credits: 235.5 Send message to anjeim

Sub: #5 Does a hardship program affect or show up on the credit at all?Wed, 03/11/2009 - 08:59

Does a hardship program affect or show up on the credit at all?

Anonymous

Sub: #6 As a general rule, hardship program enrollment does not effect tWed, 03/11/2009 - 09:13

As a general rule, hardship program enrollment does not effect t

As a general rule, hardship program enrollment does not effect the credit score.
Further, if you were behind a month or 3 prior to establishing hardship plan, many creditors will reage with 6 months of consistent payments (remove lates). Some will tell you this upfront and some you will have to solicit to see if they will offer.

Mileage may vary.

Anonymous

Sub: #7 Thanks all. I am not trying to get into a hardship program. I Wed, 03/11/2009 - 10:56

Thanks all. I am not trying to get into a hardship program. I

Thanks all. I am not trying to get into a hardship program. I am attempting to settle my debt at a much lower rate due to hardship.

Thanks!

anjeim

Posts: 7
Credits: 235.5 Send message to anjeim

Sub: #8 SE, thanks for the info... Well, I called BOA again to try toWed, 03/11/2009 - 11:04

SE, thanks for the info... Well, I called BOA again to try to

SE, thanks for the info...

Well, I called BOA again to try to lower my APR some more. They hicked it up from 8.9 to 20.9 several months ago and just noticed it. Got it down to 18% but no luck any lower. They refered me to a money management company. I'm wondering if this is a hardship program or just like Take Charge America...

Anonymous

Sub: #9 hardship info on resourcesSun, 07/19/2009 - 19:30

hardship info on resources

Hardship letters are important there is no doubt about that. More important then finding a hardship template is understanding what your lender is looking for and also what not to do.

One thing you should always do when seeking advice such as this is to check many sources and compare answers. this is usually pretty easy as there are many site s on debt solutions. here is a quick list of ones i like...
HopeNHousingOrg
loansafeOrg
Zillowcom
.DebtConsolidationCare.

Anonymous

Sub: #10 i have a program on all my credit cardsFri, 08/21/2009 - 17:22

i have a program on all my credit cards

if i can't work they pay my monthy payments