Hardship Program
Date: Wed, 07/22/2009 - 16:59
Today while talking with Chase they mentioned their Hardship Program. I was informed that I would volunteer to close my account and a repayment over 60 months would be worked out. They told me tht this gets reported to the Credit Bureau as "consumer closed" vice "creditor closed" which happens under DS or DM.
So I ask, is this not the best option?
Yes, since you are closing your account voluntarily, it will get
Yes, since you are closing your account voluntarily, it will get reflected in your report as "account closed by consumer". However, before you start making any payment under the hardship program, you should get the agreement in writing from Chase. Can you tell us how much is your total debt with Chase?
Sure, we have two accounts. One is for $5100 and the second i
Sure, we have two accounts.
One is for $5100 and the second is for $6000
Also, make sure that you will be able to keep up with the paymen
Also, make sure that you will be able to keep up with the payments they set down in the hardship program, or they will take you off of the program..karen
these cc companies will not send anything in writing until you m
these cc companies will not send anything in writing until you make your first pymt with them right then and there.I have done it and they do send the paperwork out
I have a question for you about Chase - did they make you go ove
I have a question for you about Chase - did they make you go over your debt to income before offering you this plan? What was the monthly plan they offered? They refused to help me the other day because they said they weren't sure we'd be able to make the payments. Citibank was much more helpful.
We only informally talked about this program. No definites. Th
We only informally talked about this program. No definites. The lady actually talked to me about keeping my account open since I have a large work bonus coming and giving that all to Chase to catch up.
As soon as I get that bonus I can catch up all my past dues and restart paying the minimum monthly payment. I just need to find a way to cover the next 30 days.
Quote "these cc companies will not send anything in writing unti
Quote "these cc companies will not send anything in writing until you make your first pymt with them right then and there.I have done it and they do send the paperwork out" Unquote
Actually this is not true with all companies. Most of the CC companies I am dealing with made the agreement over the phone, with no money exchanged, and sent us a letter outlining the program before the next payment was even due. 2 companies required AutoCheck for the agreed monthly amount, but again, nothing was paid over the phone, and we received the agreements by mail before the first payments will be paid.
Appreciate all the comments. Basically what I take away from th
Appreciate all the comments. Basically what I take away from this, if you can meet the monthly payment requirement...this is probably the best avenue. Accounts get reported as consumer closed vice creditor closed, you know your account is paid off in 5 years, etc.
Hardship Program
I want to make sure I am understanding this correctly..... with the hardship program your interest rate is reduced and you are given lower payments for say 60 months. And of course you close your account. If that is the case, this would work much better than the debt settlement companies b/c of course they charge you a large fee in upwards of 14% of the total balance owed or more.
What kind of interest reduction are we talking about here... I h
What kind of interest reduction are we talking about here... I have a $17,000 bal. with citibank at 12%. Would the reduction be enough to make it worth closing the account