New Member - Chase & a daily call with "an offer" from Capital One
Date: Fri, 02/19/2010 - 16:21
I'm just starting on the road to settlement. I have quiet a bit of debt and it's getting very difficult to manage. These are the ones I want to deal with first:
Capital One CC $14,000
Chase CC $ 22,000
Chase CC $1,200
The ones I may keep paying:
Capital One Unsecured Loan $21,000
BofA CC $7,000
Discover CC $10,000
Two of my cards, BofA and Discover, have not jacked me around by hiking my interest rates or minimum payments and I am going to try to keep paying those minimums are they are reasonable and affordable. The Cap One unsecured loan I don't think I can have enough funds to settle.
Cap One and Chase have both make my life difficult. In August Chase informed me that my minimum payment was going up to 5% ($1200/mo. payments). On another forum I found the correct department to call and they were very nice about putting me on a DMP for 6 years at 6%, however payments are still at $500/mo. Then my other card, which had a very small balance, they just up and decided not to "renew" it.
Cap One, decided to increase my rate from 7% to 17.5% on my entire balance on my CC and I had never missed a payment or been late--they are the ones that upset me the most. So, although I know they are the hardest to deal with, I didn't pay the their CC bill last month. The unsecured loan is direct withdrawal from my checking account so sort of hard to stop that one, at the moment anyway.
So after 30 days, on a daily basis, I have been getting an automated call from "Linda" from Capital One with a "special offer" for me. Does anyone know what that might be? It just leaves an 800 # to call. I'm a little worried about Capital One from what I've read on here and thinking I may pay them something to hold them off and stop paying Chase as they appear to be easier to deal with. Does that sound like a better strategy? I think in about a month I can get my hands on some funds to negotiate paying off at least Chase and maybe working on at least the CC I have with Cap One if I can get them both negotiated down low enough.
Do you think that is risky knowing that they have direct withdrawal from my checking account for the personal loan? If I can just get rid of a few of the payments I could still manage the personal loan, but I know they can get sort of pissy if you pay one and not the other. Any ever done anything like this?
To me, you dont solve the problem if you keep some current. You
To me, you dont solve the problem if you keep some current. Your credit will suffer just about the same. BOA is the easiest to settle with, at about 20% at 180 days late. I would settle all I could and take hardship plans on any that dont.
you have a unique portfolio of debt honestly! some of your maj
you have a unique portfolio of debt honestly!
some of your major creditors are not so good to deal with. this being said MAYBE debt settlement is a good thing and maybe BK is an option, if youve already seen a BK attorney and they have told you that BK is an option and you still have to pay back your debts, you need to re think things!
id really like to talk to you to help, ive spoken with many members here on a one on one call, just to help! like i said your debt portfolio is unique!
i hope some people here come around to defend my honesty and help. for nothing.
I don't understand why you are paying Capital One on one loan, a
I don't understand why you are paying Capital One on one loan, and not another. That just tells them you can pay. If they see hardship across the board, it will make your hardship claim more valid, in their eyes. I don't know about Discover. I think they can be a bit difficult. Good wishes.
Thanks all. Capital one, for the unsecured loan, it is auto d
Thanks all.
Capital one, for the unsecured loan, it is auto deduction from my checking (which was a requirement) so I guess the only way I can stop paying them is to close my checking account and open another. Honestly I kind of hope they would be willing to work something out between the two debts. I don't mind paying my debts...I did spend the $; however them raising my interest to more than double on my CC raised my minimum payments significantly and I had never been late or missed a payment. If I can even get them to lower my interest and keep my total payments between the two debts the same or lower than what I am paying on the unsecured loan right now...I would be happy.
Chase is the one I really would like to settle on.
Discover and BofA, like I said in my OP, their minimum payments are manageable, they have actually been good to me and not raised my interest or minimum payments, I'd like to keep them as is for now.
I guess the dilemma is, is it better to do all or nothing? We own a home so really don't want to go the Bankruptcy route. Our mortgagement payment is pretty high, but we are managing.
Thanks.