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Interest Rates

Date: Sun, 11/15/2009 - 16:41

Submitted by family of six
on Sun, 11/15/2009 - 16:41

Posts: 18 Credits: [Donate]

Total Replies: 2


Has anyone been successful in negotiating a lower rate or NO interest rate repayment plan? I realize we incurred the debt so feel somewhat of an obligation to repay it but cannot do it at 29.9% per month. If a company was willing to negotiate a lower interest rate, I may be able to swing that instead of resorting to settlement or Chapter 13.

Companies in question:
Amex (husband----balance 30K)
Amex (me-----balance 40K)
Chase (balance-----15K)
Sears/GE Money (balance------9K)

Chase and my Amex are behind by two payments; husband's Amex by one; Sears still current.

Chase calls 8 or more times daily. Amex has called me twice; called my husband once.

Thanks!


i have heard of many people getting into what the cc companies call a hardship program were they close the card and give you x amount of time to pay it off. but you will need to call them and see what they are willing to do. explain to them the situation your in but keep in mind no matter what you do your cards are gonna most likely be closed. but yes people are getting what your interested in but your gonna have to call them and make arranagements


lrhall41

Submitted by love_my_things on Mon, 11/16/2009 - 06:44

( Posts: 1434 | Credits: )


I negotiated a lower interest rate 6.99 with Discover (who called at least 10 times a day) with the minimum payment for one year. I brought the account current. My balance with them is much smaller than my others, so I wanted to keep my settlement funds for the biggies.

I would tell the credit card companies that you cannot afford the high interest rate and that you can pay minimum payment at a lower interest rate. I would think they would accept this rather than Chapter 13.


lrhall41

Submitted by aubrey on Mon, 11/16/2009 - 07:44

( Posts: 1203 | Credits: )