So I pushed the settlement button finally
Date: Tue, 07/20/2010 - 04:56
First a little background....
A while back ago I got caught in the trap of all the rate jacking/CL decreasing/term changing that was going on during our "meltdown". Called the companies in shock at rates going from 7% on average to 25-29% despite never being late. Asked to please return rates to previous because of never being late. Was told to basically grin and bear it. Hung up. Thought about it a second and the thought came to me "hmm....wonder what happens if I QUIT paying?" A completely new thought to me. Started google-ing. Ended here and some other sites and began to read....and read.....and read.
So now Ive begun to get late. Oddly, they are being extremely helpful. "sir we see that you seem to be having some trouble keeping up with payments....just let us know if you need help and there are programs that can help you, we can lower rates, change payment length etc etc."....
Isnt that odd that when you had a 20 year history of perfect payments I could go jump off a cliff but now that im getting behind you are Mr. Helpful.
Thats all the update I have right now. Ill do my best to keep you guys posted. Especially when the lawsuits start. My third largest acct is with Crap one and you know how THEY are.
P.S. am in S.C. so their biggest hammer (garnishment) is a no go for them im just aiming at protecting bank accts from levy.
Any asset prot advice welcome. Ive done a TON of research into that venue as well but its impossible to know everything so bring on some knowledge if ya got it.
:)
You most likely won't get sued - most people don't. One stat th
You most likely won't get sued - most people don't. One stat that I found stated that cc companies only sue 10% of their delinquent borrowers. The problem is that there doesn't seem to be any reason for why they sue some and not others. But that is something I simply wouldn't worry about - unless you don't have a true hardship and they will think you are strategically defaulting - meaning you can pay the payments you just don't want to.
What happen to you is what happened to me. I was able to barely make the minimums when they jacked my interest rates up to 30% - but then my income fell 70%. they would not budge on interest rates and their hardship programs didn't drop the payments back to where they were. I have settled three of my four cards and you can too.
good luck and keep us posted!
Greetings rown, "Thats all the update I have right now. Ill do
Greetings rown,
"Thats all the update I have right now. Ill do my best to keep you guys posted. Especially when the lawsuits start. My third largest acct is with Crap one and you know how THEY are. "
I concur with Debt Free to Be regarding the lawsuits.
My 2 cents worth.
Get organized, log the information and communicate with the cc's at least once a week.
I concur with your remarks on carp.
Please keep us informed on your journey.
regards,
King "Kash" Jabba Labba
"unless you don't have a true hardship and they will think you a
"unless you don't have a true hardship and they will think you are strategically defaulting - meaning you can pay the payments you just don't want to."
Technically this is whats happening. Could I continue to make just the minimum payments and make no headway on these accts? Possibly (if they keep all my rates the same as now which is not likely at all). If they continue to jack me around then no. THis was the decision maker for me. I saw the "writing on the wall"as it were. So I had a decision to makeAm I going to just continue to do this and spin my wheels desperately paying stuff while they just change the rules anytime they want to? No. Absolutely not.
So yes it is a "strategic default" and Im sorry if that offends anyone but I think its by far the best decision for me with the way that they've been "playing" with me.
I decided to change the rules.
It's not offensive at all. The credit card companies have jacke
It's not offensive at all. The credit card companies have jacked people with rate and payment increases so you are not alone in your decision. Mine wasn't strategic but I can understand how you feel.
But if I were you, I would try to make up some hardship otherwise you could be opening yourself up for lawsuits. For instance, if you are still working at the same job then they may be able to figure out that you can make your payments and could put you into into a lawsuit lineup. Heck I don't think the cc companies are owed honesty when they will use every deceptive practice out there to collect from you.
"But if I were you, I would try to make up some hardship otherwi
"But if I were you, I would try to make up some hardship otherwise you could be opening yourself up for lawsuits"
I have some stuff ready. I in fact DO have some things I consider "hardships" that led me here its just not what they consider "hardships". Had a total loss house non insured house fire a few years ago. Have parents with many financial problems Ive been helping them pay on. I just dont have job loss or devastating health problems (yet). This is about all they listen to it seems Ive seen but to me thats just B.S. as someone with these problems is in NO position to pay them anything really and would almost certainly just push the BK Nuke button.
In fact Ive been told im an excellent candidate for a very little assett ch 7 and if things go incredibly bad with lawsuits I'll just push that button and be done with the whole affair. I dont think its really necessary though and want to try this first to settle them (or if they wont settle wait out my states short SOL) and be done with them that way.