Do you think Beneficial will settle?
Date: Thu, 03/04/2010 - 13:31
We have barely stayed afloat trying to pay minimum balances for a year now. We took any bonus money or other large amounts we received and applied them directly to our loans. My husband has taken on a 2nd job and we make it off very little. Minimun payments take everything he makes on his first job. A year ago we had approx. $30,000 debt and now we have paid it down to about 22,000. We have paid off the smaller credit cards and we are left with the bigger ones. One is with beneficial for $15,000 and we are current on our loan with a hardship plan. It only lasts for 6 months and when it is over our minimun payment will double and the interest rate will sky rocket again. Bank of America is the other and they gave us a permanent interest and lower monthly payments. We are only going to settle with one. BOA is in my name so his creditors will not see that. We recieved our income taxes and we want to try to settle with Beneficial. We now have half of what we owe and we are going to put it in a savings account in my name only. Beneficial is in my husband name and we want to call them and ask them to settle before we just stop making payments. From what I've read they won't. At that point we are going to stop making payments. Do we just ignore the calls untill it has been 4 months? If we talk to them what do we say? I would just like some advise on how to handle them. Any suggestions will be appreciated. Also, if anyone has had any luck with them I would like to hear their story.
Often banks would consider your interest rate when you maintain
Often banks would consider your interest rate when you maintain a good payment record during the hardship program. You can check if they would keep the interest rate unchanged at lower rate. I personally haven't had to deal with Beneficial so can't comment on their take on settlement. Hope someone with experience with the bank would soon come along to help you.
