New guy with a plan that needs help
Date: Sun, 12/13/2009 - 09:37
What I am left to get rid of is unsecured debt:
Capital One Installment Loan - 25K (missed one payment, 8.99%)
Capital One CC - 10K (current, 12.99%)
Chase CC - 24K (current, 6.99%)
USAA Mastercard - 22K (current, 7.75%)
My plan was to take on 2 at a time starting with both Capital one accounts since they are by far my worst interest rates but I am very scared about that since I have read nothing but bad things from others that have dealt with Capital One.
I am not worried about my credit rating as it is going to take a hit from the short sale anyway. I will get out of debt somehow and rebuild down the road.
I don't plan on falling behind on Chase and USAA until June 2010 just so I don't have to take on all this at once. Is this a mistake?
I would be willing to try a payment plan if Capital one would combine the debts. Does anyone see this as a good idea? I would like to avoid court and or legal fees. I do have access to a lawyer through a program with my employer but I know this could be a losing battle if Capital One won't work with me.
Any advice is appreciated. Now that I have received my first phone call I am getting nervous.
I can show a pay cut and hardship circumstances. How much info should I provide to these companies? I can continue to make the minimum payments but I feel I am treading water.
Thanks,
Blah
Have you tried calling all of your credit card companies and tel
Have you tried calling all of your credit card companies and telling them you are in a bad situation? My friend went into bad trouble, couldn't pay her credit card for a few months, called the bank, and they gave her 0% interest on her card as long as she paid 150 a month....granted that won't happen to everyone...but it is good to call the banks and talk
Thanks Tony, I will try that approach with Capital One for sure.
Thanks Tony, I will try that approach with Capital One for sure. Their interest rates are the worst and that relief would help, right now the rates are horrible. I am hoping there is a way to combine both Capital One Debts into one and make it affordable. I am still thinking about hiring a debt settlement company, the one's I talked with before said they accept Capital One Debt.
I have to close my Chase CC this month because if I don't they raise my rate from 6.9 to 11.9. If I close it in time then the rate is locked in which gives me breathing room but still that is a $500 a month payment.
I wonder if it would help to close the Capital One CC as well? I'm not sure if it affects things either way?
Well Capital One only offered to transfer one payment to the end
Well Capital One only offered to transfer one payment to the end of my loan period essentially giving me breathing room by allowing me to skip one $600+ payment. I'm not sure if that is enough to get me through this period. I don't think I have the stomach or time to do this myself so I think I will either hired a debt settlement company or transfer the $24K to a credit card with a slightly lower interest rate but at least my monthly payment would be less during these rougher months. I anticipate I will be able to pay more in the summer.
I too thought I couldn't stomach talking to the credit card comp
I too thought I couldn't stomach talking to the credit card companies. But after reading how everyone else did, I made a game plan. I constructed a "script" that I repeated whenever they contacted me. I told them my circumstances, and offered them a percent to settle. Lo and behold, I settled $14,000+ on my Bank of America card for 33%, and 50% on my HSBC (balance was about only $3,800). They set up monthly installments for me, and I can now sleep at night.
Citibank won't accept my 30% offer as yet - I'm only 90 days late. So I just keep giving them the same script.
You CAN do this. It's so easy. Why pay someone else the fee and then still have the credit card companies hounding you?
Start out with one credit card and then go on to the next one.
Thanks for the push Aubrey. I just wish I didn't have Capital On
Thanks for the push Aubrey. I just wish I didn't have Capital One to go against. I have not heard of much success with them and with my high balances I am very concerned with being sued as they seem to sue quickly.
Does anyone know, when you settle these debts are you closing a door with these companies forever?
time to play by the rules
Quote:
Originally Posted by blahshmah Thanks for the push Aubrey. I just wish I didn't have Capital One to go against. I have not heard of much success with them and with my high balances I am very concerned with being sued as they seem to sue quickly. Does anyone know, when you settle these debts are you closing a door with these companies forever? |
[COLOR=black]Capitol One was not willing 4 months ago to work with me. So, they ended up on the bottom of the pile, and I don???t pay what is on the bottom of the pile. They will be one of my first hardball settlement attempt. [/COLOR]
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[COLOR=black]In my case I only have two choices. come to a mutually agreeable settlement figure or file a BK. I intend to do my best to avoid the BK.[/COLOR]
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[COLOR=black]As far as our present positions with the creditors, Capitol One in particular for this discussion, do you really care how this may effect any business you may do with them in the future? [/COLOR]
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[COLOR=black]Not to be too cold about it but trade places. Although you ???may??? have the opportunity to talk or deal with a person who is employed by the creditor you not actually talking to the creditor, your taking to one of their employees. The fact is the creditors, in these cases, and companies not people. Companies make decisions based on what make the best sense to them on the bottom line, period. That is why they do not hesitate to slam you with a $39 late fee if you 1 cent shy on the required min payment. That is why they will actively look for opportunities to drive your interest rate as high as possible at the first chance they can. Its not personnel, it???s not moral or immoral, it???s not fair or unfair, Its business.[/COLOR]
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[COLOR=black]The sooner we realize ???Its business??? and start thinking that way the sooner we will shed some of our shame and start playing the game according to the rules they play by. [/COLOR]
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[COLOR=black]Someone once said ???don???t bring a knife to a gunfight??? The creditors bring their guns to the table each and every time, its high time we do the same. [/COLOR]
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[COLOR=black]I for one plan not to ever find myself in this situation again, to be sure of that I need to do all that I can do to not allow myself to climb into bed with the CC companies again. So how will this effect my relationship with CC companies in the future? I don???t plan to have any.[/COLOR]
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[COLOR=black]Bill [/COLOR]