Can anything be done when you are not late on any bills?
Date: Mon, 05/24/2010 - 11:18
Quote:Originally Posted by AnonymousBetween my wife and I we pro
Quote:
Originally Posted by Anonymous Between my wife and I we probably have around $30,000 in debt. I had some short late payments in the past and my intrest rate went up. I am not late on any bills for awhile now but I am just making it by with minimum payments which are not doing any damage at all. Can anything really be done in this scenirio as I know they do not work with you unless you are 60+ days late. These are primarily with BOA and Citi. |
more than likely nothing will be done at 60 days past due. not saying its impossible, but don't hold your breath! they want to drag it out as long as possible to get the late fees, interest, and any over the limit fees that they can.
Call Bank of Am and tell them you cannot afford monthly payment.
Call Bank of Am and tell them you cannot afford monthly payment. Try to get in hardship plan. I was able to get 4% before I stopped paying and settled. Good thing was interest rate stayed at 4%.
I called today BOA and they spoke to me about the hardship but t
I called today BOA and they spoke to me about the hardship but then asked me the amount of payments for all my bills and showed that I would still have to much cash available. Then I remembered I forgot to add the mortage for two vacation homes then they said I was to negative. Does anyone know the secret number to be at in order to get approved for the hardship?
I got hardship and I don't belive I was negative. Not sure ther
I got hardship and I don't belive I was negative. Not sure there is a magic number.
I don't think there is a "magic number." If you show too negati
I don't think there is a "magic number." If you show too negative, they don't want to work with you because they think you won't be able to make the payments anyway. If you show too positive, you won't qualify because, on paper it looks like you can afford your payments.Did you ask them for an APR reduction? That could help. Do you qualify for a consolidation loan? If you could consolidate all the bills at a similar (or even lower) APR, you could make the same payments you're making now but make a dent in the principal.Do you have a home equity line of credit? That can be a good option to pay down debt. You could pay everything off and only have the one monthly payment. You're usually at a lower APR and it can be tax deductible.