hardship programs

I was at 29.99% and $335.00 per month with Discover, I called in and told them my employer had cut back my wages which was true. They transferred me to the hardship department and I was offered 3.9% for six month's if I paid the same amount I was paying and signed up for automatic withdrawals. After 6 months I can renew for another 6. the number is (866) 567-1660

Just don't say you're on unemployment. BOA denied me hardship because my only income is unemployment. Uh, HELLLLOOOO if that's not hardship, what is?

Stop paying, after two months they will be calling you to offer a hardship.

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well, depending on the bank. all depends on the right number you call. but if i had more info i could walk you through it

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depending on the bank you have. all depends on the right number you call, cant call cust serv # cause you have to deal with a hardship department or "payment assistance" or "fixed pay" department, or "collections department" one of those will work for ya. or just get a new bank account...lol

to cxl with discover call 1800 347-47791 you'll know you're there cause you'll hear a beep every 30 seconds letting you know the call is recorded. BTW i could of got you a 3.9% rate with disc. very easy to do

no the number i know, cause i do it everyday is 1800 347 4779. ask for the 3.9% for 12 MONTHS. they have that program also. i do it everyday

STEWART - that hardship program is bunch of BS. the good hardship programs ( and i do it everyday) are the ones that liquidate your balance to be paid off in 5 yrs. so take your balance divide by 60(months) and there you have it, thats the payment you could get if you can speak true game to these criminal banks.....damn i'm good

ya BOA denied you b/c you're unemployed!!!!! duh!!! unemployment doesnt last forever, so that's not a guarenteed source of income that's going to last forever. now does it make sense????? look at it this way, if you're unemployed most likely you can't afford the new hardship payments, and if you're thinkin "well it's less, it puts me in a better situation" you're wrong cause BOA doesnt wanna know how you're able to make the payments if your income is unemployment or elsewhere off the record.

The credit card companies will not reduce the amount you owe unless you settle with them. Typically credit card companies will not settle with you unless you use a debt management company or the account goes into collections. A lot of companies have really good hardship programs you just really need to know how to get into them by playing a little bit of hardball and writing down a financial outline of EVERYTHING AND ANYTHING that you spend money on each month to show them that you truely are living paycheck to paycheck. but your outgoing amount cannot exceed your income and your income can not exceed your outgoing amount by a whole lot. Trust me I deal with hardship programs EVERYDAY! When enrolling in a hardship program you can either be on fixed income or getting some kind of pay cut. you cannot be jobless. and let the credit card companies know that you're living paycheck to paycheck to make the reps understand even more. Chase has bal. liquidation program that you get set up on for 60 mo (5 years) it lowers your payment and gets your APR down to approx 6% depending on the financial situation and your balance on your card. Discover has some really good offers as well, HOWEVER they only last for 12 mo and your acct is suspended then you have to go back in after the 12 mo and either reapply or ask them to unsuspend your acct. FYI Advanta doesn't do anything because they are actually closed. they are just waiting on everyone to repay them. they still have collection agencies that work for them so you don't want to just not pay it

Also, BOA is the worst bank to try to get into a hardship program. they make you try to qualify for their Consolidation dept. (which closes ALL OF YOUR ACCTS)(AND HAS A HUGE FEE!) and if you don't qualify for that then they'll put you on their hardship program

Whatever you guys do... Dont stop paying it looks worse on your credit and they dont call to set up hardship they call to collect and they can garnish checks. I never advise my clients just to plain stop paying because it will bite you in the a$$

I had no trouble getting in the hardship program with Bank of America. I called told them no money and they enrolled me with no fees.

Stop paying is bad but it does get settlement offers.

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Well said Lovemythings. Theguru seems to be going against the grain.

hello, I have about 15000$ on 3 different citi cc, I am struggling to make the minimun payment due to a salary cut but I never missed a payment. I heard that i order to qualify for a hardship program you must miss one or two payments, is that true? can I qualify for a hardship program if my accounts are current?

You don't always have to miss payment to qualify for hardship. Try calling and asking. If they say no then you may have to fall behind.

look at it this way it doesnt hurt to ask, explain your situation and if they say no, you are no worse off than you were before.

:)yes ask about the obama affordability plan ,see if they can modifi your loan that way ,look plan up in search engins to read more

I have a Mortgage with BOA and dont have funds available to pay this months payment.

I only need a break from mortgage for about 6 months and then i should be ok.

What are my options and is there any hardship plans for home loans?

well im not too familiar with the way things are with mortgages and such but call them and see if they can help you out i know my bank would allow me to defer 1 payment every 2 years so it was only for a 10 year loan though. i tried to not use it unless i absolutely had to incase i would really really need it later though. but i know there are more things comming out to help the homeowner now scince last year. maybe someone else can tell you something more for sure, but it doesnt hurt to ask!

I had the same situation with Citi. I called them today and They reduce interest to 0% for 60 months. automatic draft from your checking. You don't have to miss any payment. good luck

hi lukef, what exactly did you say to them? what questions did they ask you?

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I have a card with Bank of America. Somehow my statements stopped coming by snail mail and I missed a payment. I was called by them and I paid it over the phone. I asked why I was not recieving my statements. They didnt know. The next month the same thing happened. I believe it was August and Sept. January 1, 2010 they raised my rate from 8.5% to 27.25%. I called and talked to at least 5 different people who said they cant change it and was told to write a letter to the president which I did and again nothing happened. I notified them I was only going to pay the 8.5% and on my January statement that is all I paid. A few weeks later I got a call from them saying that my payment was late. I said it was on time but I was not paying the 27%. The person on the phone very nicely said well why dont you use the hardship program? I didnt know about it but I did sign up for it at that time. My rate for next month payment is 7.4%

It's worth trying!